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<SEC-DOCUMENT>0001137171-05-000430.txt : 20050401
<SEC-HEADER>0001137171-05-000430.hdr.sgml : 20050401
<ACCEPTANCE-DATETIME>20050331193712
ACCESSION NUMBER:		0001137171-05-000430
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050401
DATE AS OF CHANGE:		20050331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALAMOS GOLD INC
		CENTRAL INDEX KEY:			0001178819
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49946
		FILM NUMBER:		05722557

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1400
		STREET 2:		400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046431787
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>main6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>Filed by Filing Services Canada Inc.  403-717-3898</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>

<p style="line-height: 12pt; padding-right: 0pt"><font size="2"><br>
</font>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="left"><font size="2">OMB
APPROVAL</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">OMB
Number: 3235-0116</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Expires:
August 31, 2005</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Estimated
average burden</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">hours
per response 6.2</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">UNITED
STATES</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Washington,
D.C. &nbsp;20549</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">FORM
6-K</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">REPORT
OF FOREIGN ISSUER PURSUANT TO</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">RULE
13a-16 AND 15d-16 UNDER THE</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">SECURITIES
EXCHANGE ACT OF 1934</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">For
the month of:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;March,
2005</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Commission
File Number:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;000-49946</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Alamos
Gold Inc.</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">(Translation
of registrant's name into English)</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Suite
1503, 110 Yong Street</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Toronto,
Ontario, Canada &nbsp;M5C 1T4</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">(Address
of principal executive offices)</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Suite
1400 - 400 Burrard Street</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Vancouver,
British Columbia, Canada &nbsp;V7X 1A6</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">(Former
Name or Former Address, if Changed Since Last Report)</font></p>
<p style="font-size: 11pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F. &nbsp;</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Form
20- F.....<b> Form 40-F..XXX</b></font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="justify"><font size="2"><b>Note:</b>
Regulation S-T Rule 101(b)(1) only permits the submission in paper of &nbsp;a
Form &nbsp;6-K if submitted solely &nbsp;to provide an attached annual report to
security holders.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt" align="justify"><font size="2"><b>Note:</b>
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's &quot;home country&quot;), or under the rules of the home country
exchange on which the registrant's securities are traded, as long as the report
or other document is not a &nbsp;press &nbsp;release, &nbsp;is &nbsp;not
required to be and has not been distributed to the registrant's security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="justify"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Yes
...... <b>No ..XXX...</b></font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt; padding-right: 0pt"><font size="2">SEC
1815 (11-2002)</font></p>
<p style="font-size: 8pt; width: 540pt; text-indent: 81pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><b><font size="2">Potential
persons who are to respond to the collection of information contained in this
form are not required to respond unless the &nbsp;form displays a currently
valid OMB control number.</font></b></p>
<p style="font-size: 12pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<font SIZE="2">
<p><a href="posttransition.htm">Articles and Constating Documents</a></p>
<p><a href="trustindenture.htm">Trust Indenture dated February 2, 2005</a></p>
<p><a href="underwritingagreement.htm">Underwriting Agreement dated October 18, 2004</a></p>
<p><a href="amendingagreement.htm">Amending Agreement dated October 26, 2004</a></p>
</font>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>posttransition.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc. 403-717-3898</title>
<META NAME="keywords" CONTENT="Company">
<META NAME="author" CONTENT="fvm">
<META NAME="date" CONTENT="03/29/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE width="689" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="32"></TD>
   <TD width="38">&nbsp;</TD>
   <TD width="318">&nbsp;</TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160" style="border-left: 1 solid #000000; border-right: 1 solid #000000; border-top: 1 solid #000000">
    <p align="center"><FONT face="serif" size="2">Incorporation Number</FONT></p>
   </TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32"></TD>
   <TD width="38">&nbsp;</TD>
   <TD width="318">&nbsp;</TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160" style="border-left: 1 solid #000000; border-right: 1 solid #000000; border-bottom: 1 solid #000000">
    <p align="center"><FONT face="serif" size="2"><u>664416</u></FONT></p>
   </TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="671" colspan="6" align="center"></TD>
</TR>
<TR>
   <TD width="671" colspan="6" align="center"><font size="2">&nbsp;<B><FONT face="serif">ALAMOS GOLD INC.</FONT></B>&nbsp;</font></TD>
</TR>
<TR>
   <TD width="32" align="center"></TD>
   <TD width="38" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="318" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="125" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="160" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="4" align="center"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="671" colspan="6" align="center"><font size="2">&nbsp;<FONT face="serif">(the &#147;Company&#148;)</FONT>&nbsp;</font></TD>
</TR>
<TR>
   <TD width="32" align="center"></TD>
   <TD width="38" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="318" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="125" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="160" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="4" align="center"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="671" colspan="6" align="center"><font size="2">&nbsp;<B><FONT face="serif">ARTICLES</FONT></B>&nbsp;</font></TD>
</TR>
<TR>
   <TD width="32" align="left"></TD>
   <TD width="38">&nbsp;</TD>
   <TD width="318">&nbsp;</TD>
   <TD width="125">&nbsp;</TD>
   <TD width="160">&nbsp;</TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"></TD>
   <TD width="38">&nbsp;</TD>
   <TD width="318">&nbsp;</TD>
   <TD width="125">&nbsp;</TD>
   <TD width="160">&nbsp;</TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left">
<B><FONT size=2 face="serif">1.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Interpretation</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">1</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">1.1</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Definitions</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">1.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Business Corporations Act and Interpretation Act Definitions Applicable</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">2.</FONT></B>
   </TD>
   <TD colspan=3 width="485"><B><FONT size=2 face="serif">Shares and Share Certificates</FONT></B></TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">1</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.1</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Authorized Share Structure</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">1</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Form of Share Certificate</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.3</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Shareholder Entitled to Certificate or Acknowledgment</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.4</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Delivery by Mail</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.5</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Replacement of Worn Out or Defaced Certificate or Acknowledgement</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.6</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.7</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Splitting Share Certificates</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">2</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.8</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Certificate Fee</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">2.9</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Recognition of Trusts</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">3.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Issue of Shares</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">3</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">3.1</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Directors Authorized</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">3.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Commissions and Discounts</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">3.3</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Brokerage</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">3.4</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Conditions of Issue</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">3</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">3.5</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Share Purchase Warrants and Rights</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">4.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Share Registers</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">4</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">4.1</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Central Securities Register</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">4.2</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Closing Register</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">5.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Share Transfers</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">4</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.1</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Registering Transfers</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Form of Instrument of Transfer</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.3</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Transferor Remains Shareholder</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.4</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Signing of Instrument of Transfer</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.5</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Enquiry as to Title Not Required</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">5.6</FONT></TD>
   <TD width="318"><FONT size=2 face="serif">Transfer Fee</FONT></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">6.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Transmission of Shares</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">5</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">6.1</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Legal Personal Representative Recognized on Death</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">6.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Rights of Legal Personal Representative</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD width="32" align="left"><B><FONT size=2 face="serif">7.</FONT></B>
   </TD>
   <TD colspan=2 width="358"><B><FONT size=2 face="serif">Purchase of Shares</FONT></B></TD>
   <TD width="125">&nbsp;</TD>
   <TD align="right" width="160"><B><FONT size=2 face="serif">5</FONT></B></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">7.1</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Company Authorized to Purchase Shares</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">7.2</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Purchase When Insolvent</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">6</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="32"></TD>
   <TD align="center" width="38"><FONT size=2 face="serif">7.3</FONT></TD>
   <TD colspan=2 width="445"><FONT size=2 face="serif">Sale and Voting of Purchased Shares</FONT></TD>
   <TD align="right" width="160"><FONT size=2 face="serif">6</FONT></TD>
   <TD width="4">&nbsp;</TD>
</TR>
</TABLE></center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">ii</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<div align="center">
  <center>

<TABLE width="685" border=0 cellspacing=0 cellpadding=0 height="986">
<TR>
   <TD width="38" height="20">&nbsp;</TD>
   <TD width="46" height="20">&nbsp;</TD>
   <TD width="520" height="20">&nbsp;</TD>
   <TD width="67" height="20">&nbsp;</TD>
   <TD width="4" height="20">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21">&nbsp;</TD>
   <TD width="520" height="21">&nbsp;</TD>
   <TD width="67" height="21">&nbsp;</TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21"><B><FONT size=2 face="serif">8.</FONT></B></TD>
   <TD colspan=2 width="568" height="21"><B><FONT size=2 face="serif">Borrowing Powers</FONT></B></TD>
   <TD align="right" width="67" height="21"><B><FONT size=2 face="serif">6</FONT></B></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21"><B><FONT size=2 face="serif">9.</FONT></B></TD>
   <TD colspan=2 width="568" height="21"><B><FONT size=2 face="serif">Alterations</FONT></B></TD>
   <TD align="right" width="67" height="21"><B><FONT size=2 face="serif">6</FONT></B></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">9.1</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Alteration of Authorized Share Structure</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">6</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">9.2</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Special Rights and Restrictions</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">9.3</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Change of Name</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">9.4</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Other Alterations</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21"><B><FONT size=2 face="serif">10.</FONT></B></TD>
   <TD colspan=2 width="568" height="21"><B><FONT size=2 face="serif">Meetings of Shareholders</FONT></B></TD>
   <TD align="right" width="67" height="21"><B><FONT size=2 face="serif">7</FONT></B></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.1</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Annual General Meetings</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.2</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Location of Meetings of Shareholders</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.3</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Resolution Instead of Annual General Meeting</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">7</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.4</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Calling of Meetings of Shareholders</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.5</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Notice for Meetings of Shareholders</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.6</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Record Date for Notice</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.7</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Record Date for Voting</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.8</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Failure to Give Notice and Waiver of Notice</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">10.9</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Notice of Special Business at Meetings of Shareholders</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">8</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21"><B><FONT size=2 face="serif">11.</FONT></B></TD>
   <TD colspan=2 width="568" height="21"><B><FONT size=2 face="serif">Proceedings at Meetings of Shareholders</FONT></B></TD>
   <TD align="right" width="67" height="21"><B><FONT size=2 face="serif">9</FONT></B></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.1</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Special Business</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.2</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Special Majority</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.3</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Quorum</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.4</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">One Shareholder May Constitute Quorum</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">9</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.5</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Other Persons May Attend</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.6</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Requirement of Quorum</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.7</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Lack of Quorum</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.8</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Lack of Quorum at Succeeding Meeting</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.9</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Chair</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.10</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Selection of Alternate Chair</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.11</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Adjournments</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">10</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.12</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Notice of Adjourned Meeting</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.13</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Decisions by Show of Hands or Poll</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.14</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Declaration of Result</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.15</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Motion Need Not be Seconded</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.16</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Casting Vote</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.17</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Manner of Taking Poll</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.18</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Demand for Poll on Adjournment</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">11</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.19</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Chair Must Resolve Dispute</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.20</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Casting of Votes</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.21</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Demand for Poll</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.22</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Demand for Poll Not to Prevent Continuance of Meeting</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">11.23</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Retention of Ballots and Proxies</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21"><B><FONT size=2 face="serif">12.</FONT></B></TD>
   <TD colspan=2 width="568" height="21"><B><FONT size=2 face="serif">Votes of Shareholders</FONT></B></TD>
   <TD align="right" width="67" height="21"><B><FONT size=2 face="serif">12</FONT></B></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">12.1</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Number of Votes by Shareholder or by Shares</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">12.2</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Votes of Persons in Representative Capacity</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
<TR>
   <TD width="38" height="21">&nbsp;</TD>
   <TD width="46" height="21" align="center"><FONT size=2 face="serif">12.3</FONT></TD>
   <TD width="520" height="21"><FONT size=2 face="serif">Votes by Joint Holders</FONT></TD>
   <TD align="right" width="67" height="21"><FONT size=2 face="serif">12</FONT></TD>
   <TD width="4" height="21">&nbsp;</TD>
</TR>
</TABLE></center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<font size="2">
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">iii</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<div align="center">
  <center>

<TABLE width="683" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45"></TD>
   <TD width="561"></TD>
   <TD width="18">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45">&nbsp;</TD>
   <TD width="561">&nbsp;</TD>
   <TD width="18">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Legal Personal Representatives as Joint Shareholders</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Representative of a Corporate Shareholder</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Proxy Provisions Do Not Apply to All Companies</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Appointment of Proxy Holders</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">13</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Alternate Proxy Holders</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.9</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">When Proxy Holder Need Not Be Shareholder</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.10</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Deposit of Proxy</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.11</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Validity of Proxy Vote</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.12</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Form of Proxy</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">14</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.13</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Revocation of Proxy</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.14</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Revocation of Proxy Must Be Signed</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">12.15</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Production of Evidence of Authority to Vote</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="38"><B><FONT size=2 face="serif">13.</FONT></B></TD>
   <TD colspan=2 width="608"><B><FONT size=2 face="serif">Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">15</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">First Directors; Number of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">15</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Change in Number of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Directors&#146; Acts Valid Despite Vacancy</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Qualifications of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Remuneration of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Reimbursement of Expenses of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Special Remuneration for Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">16</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">13.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Gratuity, Pension or Allowance on Retirement of Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">17</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="38"><B><FONT size=2 face="serif">14.</FONT></B></TD>
   <TD colspan=2 width="608"><B><FONT size=2 face="serif">Election and Removal of Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">17</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Election at Annual General Meeting</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">17</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Consent to be a Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">17</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Failure to Elect or Appoint Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">17</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Places of Retiring Directors Not Filled</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">17</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Directors May Fill Casual Vacancies</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Remaining Directors Power to Act</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Shareholders May Fill Vacancies</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Additional Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.9</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Ceasing to be a Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.10</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Removal of Director by Shareholders</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">18</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">14.11</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Removal of Director by Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="38"><B><FONT size=2 face="serif">15.</FONT></B></TD>
   <TD colspan=2 width="608"><B><FONT size=2 face="serif">Alternate Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">19</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Appointment of Alternate Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Notice of Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Alternate for More Than One Director Attending Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Consent Resolutions</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Alternate Director Not an Agent</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">19</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Revocation of Appointment of Alternate Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Ceasing to be an Alternate Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45" align="center"><FONT size=2 face="serif">15.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Remuneration and Expenses of Alternate Director</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="38"><B><FONT size=2 face="serif">16.</FONT></B></TD>
   <TD colspan=2 width="608"><B><FONT size=2 face="serif">Powers and Duties of Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">20</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="38">&nbsp;</TD>
   <TD width="45">
    <p align="center"><FONT size=2 face="serif">16.1</FONT></p>
   </TD>
   <TD width="561"><FONT size=2 face="serif">Powers of Management</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
</TABLE></center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">iv</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<div align="center">
  <center>

<TABLE width="683" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47"></TD>
   <TD width="561"></TD>
   <TD width="18">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47">&nbsp;</TD>
   <TD width="561">&nbsp;</TD>
   <TD width="18">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">16.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Appointment of Attorney of Company</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">16.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Setting Remuneration of the Auditor</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">20</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">17.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Disclosure of Interest of Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">21</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Obligation to Account for Profits</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Restrictions on Voting by Reason of Interest</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Interested Director Counted in Quorum</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Disclosure of Conflict of Interest or Property</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Director Holding Other Office in the Company</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">No Disqualification</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Professional Services by Director or Officer</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">21</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">17.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Director or Officer in Other Corporations</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">18.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Proceedings of Directors</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">22</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Meetings of Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Voting at Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Chair of Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Meetings by Telephone or Other Communications Medium</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Calling of Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">22</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.6</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Notice of Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.7</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">When Notice Not Required</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.8</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Meeting Valid Despite Failure to Give Notice</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.9</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Waiver of Notice of Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.10</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Quorum</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.11</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Validity of Acts Where Appointment Defective</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">18.12</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Consent Resolutions in Writing</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">23</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">19.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Executive and Other Committees</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">24</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">19.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Appointment and Powers of Executive Committee</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">19.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Appointment and Powers of Other Committees</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">19.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Obligations of Committees</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">19.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Powers of Board</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">19.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Committee Meetings</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">20.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Officers</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">25</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">20.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Directors May Appoint Officers</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">20.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Functions, Duties and Powers of Officers</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">20.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Qualifications</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">20.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Remuneration and Terms of Appointment</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">25</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">21.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Indemnification</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">26</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">21.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Definitions</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">21.2</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Mandatory Indemnification of Directors and Former Directors</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">21.3</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Indemnification of Other Persons</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">21.4</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Non-Compliance with </FONT><I><FONT size=2 face="serif">Business Corporations Act</FONT></I></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">21.5</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Company May Purchase Insurance</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">26</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">22.</FONT></B></TD>
   <TD colspan=2 width="610"><B><FONT size=2 face="serif">Dividends</FONT></B></TD>
   <TD align="center" width="18"><B><FONT size=2 face="serif">27</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47"><FONT size=2 face="serif">22.1</FONT></TD>
   <TD width="561"><FONT size=2 face="serif">Payment of Dividends Subject to Special Rights</FONT></TD>
   <TD align="center" width="18"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="11">&nbsp;</TD>
</TR>
</TABLE></center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">v</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<div align="center">
  <center>

<TABLE width="683" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47">&nbsp;</TD>
   <TD width="527"></TD>
   <TD width="11"></TD>
   <TD width="25"></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47">&nbsp;</TD>
   <TD width="527">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
   <TD width="25">&nbsp;</TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.2</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Declaration of Dividends</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.3</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">No Notice Required</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.4</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Record Date</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.5</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Manner of Paying Dividend</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.6</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Settlement of Difficulties</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.7</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">When Dividend Payable</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.8</FONT></TD>
   <TD colspan=2 width="540"><FONT size=2 face="serif">Dividends to be Paid in Accordance with Number of Shares</FONT></TD>
   <TD align="center" width="25"><FONT size=2 face="serif">27</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.9</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Receipt by Joint Shareholders</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.10</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Dividend Bears No Interest</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.11</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Fractional Dividends</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.12</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Payment of Dividends</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">22.13</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Capitalization of Surplus</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">23.</FONT></B></TD>
   <TD colspan=2 width="576"><B><FONT size=2 face="serif">Documents , Records and Reports</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><B><FONT size=2 face="serif">28</FONT></B></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">23.1</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Recording of Financial Afairs</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">23.2</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Inspection of Accounting Records</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">24.</FONT></B></TD>
   <TD colspan=2 width="576"><B><FONT size=2 face="serif">Notices</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><B><FONT size=2 face="serif">28</FONT></B></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">24.1</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Method of Giving Notice</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">28</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">24.2</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Deemed Receipt of Mailing</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">29</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">24.3</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Certificate of Sending</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">29</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">24.4</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Notice to Joint Shareholders</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">29</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">24.5</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Notice to Trustees</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">29</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">25.</FONT></B></TD>
   <TD width="47"><B><FONT size=2 face="serif">Seal</FONT></B></TD>
   <TD width="527">&nbsp;</TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><B><FONT size=2 face="serif">30</FONT></B></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">25.1</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Who May Attest Seal</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">25.2</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Sealing Copies</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">25.3</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Mechanical Reproduction of Seal</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="36"><B><FONT size=2 face="serif">26.</FONT></B></TD>
   <TD colspan=2 width="576"><B><FONT size=2 face="serif">Prohibitions</FONT></B></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><B><FONT size=2 face="serif">30</FONT></B></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">26.1</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Definitions</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">26.2</FONT></TD>
   <TD width="527"><FONT size=2 face="serif">Application</FONT></TD>
   <TD width="11">&nbsp;</TD>
   <TD align="center" width="25"><FONT size=2 face="serif">31</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
<TR>
   <TD width="36">&nbsp;</TD>
   <TD width="47" align="center"><FONT size=2 face="serif">26.3</FONT></TD>
   <TD colspan=2 width="540"><FONT size=2 face="serif">Consent Required for Transfer of Shares or Designated Securities</FONT></TD>
   <TD align="center" width="25"><FONT size=2 face="serif">31</FONT></TD>
   <TD width="25">&nbsp;</TD>
</TR>
</TABLE></center>
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<P style="page-break-before:always; margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt" align=center><B><U><font size="2">ALAMOS GOLD INC.</font></U></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font size="2">(the &#147;Company&#148;)</font></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt" align=center><B><U><font size="2">ARTICLES</font></U></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company has as its articles the following articles:</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2"><BR></font></P>
<A NAME="_Toc333043807"></A><A NAME="_Toc333044123"></A><A NAME="_Toc333049214"></A><A NAME="_Toc346426644"></A><A NAME="_Toc357409188"></A><A NAME="_Toc68095766"></A><A NAME="_Toc68106781"></A><A NAME="_Toc72049321"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">1.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">INTERPRETATION<A NAME="_Toc346426645"></A><A NAME="_Toc357409189"></A></font></B></P>
<A NAME="_Toc68106782"></A><A NAME="_Toc72049322"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">1.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Definitions</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In these Articles, unless the context otherwise requires:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&#147;board of directors&#148;, &#147;directors&#148; and &#147;board&#148; mean the directors or sole director of the Company for the time being;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;<I>Business Corporations Act</I>&#148; means the <I>Business Corporations Act </I>(British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&#147;<I>Interpretation Act</I>&#148; means the <I>Interpretation Act</I> (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;legal personal representative&#148; means the personal or other legal representative of the shareholder;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(e)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;registered address&#148; of a shareholder means the shareholder&#146;s address as recorded in the central securities register; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(f)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;seal&#148; means the seal of the Company, if any.</font></P>
<A NAME="_Toc346426648"></A><A NAME="_Toc357409192"></A><A NAME="_Toc68106783"></A><A NAME="_Toc72049323"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">1.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Business Corporations Act and Interpretation Act Definitions Applicable</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The definitions in the <I>Business Corporations Act</I> and the definitions and rules of construction in the <I>Interpretation Act</I>, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the <I>Business Corporations Act</I> and a definition or rule in the <I>Interpretation Act</I> relating to a term used in these Articles, the definition in the <I>Business Corporations Act</I> will prevail in relation to the use of the term in these Articles. If there is a conflict between these Articles and the <I>Business Corporations Act</I>, the <I>Business Corporations Act</I> will prevail.</font></P>
<A NAME="_Toc333043808"></A><A NAME="_Toc333044124"></A><A NAME="_Toc346426649"></A><A NAME="_Toc357409193"></A><A NAME="_Toc68095767"></A><A NAME="_Toc68106784"></A><A NAME="_Toc72049324"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">2.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">SHARES AND SHARE CERTIFICATES</font></B></P>
<A NAME="_Toc346426650"></A><A NAME="_Toc357409194"></A><A NAME="_Toc68106785"></A><A NAME="_Toc72049325"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Authorized Share Structure</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.</font></P>
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<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Form of Share Certificate</font></B></P>
<A NAME="_Toc346426652"></A><A NAME="_Toc357409196"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Each share certificate issued by the Company must comply with, and be signed as required by, the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc68106787"></A><A NAME="_Toc72049327"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Shareholder Entitled to Certificate or Acknowledgment</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Each shareholder is entitled, without charge, to:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">one share certificate representing the shares of each class or series of shares registered in the shareholder&#146;s name; or</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a non-transferable written acknowledgment of the shareholder&#146;s right to obtain such a share certificate;</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders&#146; duly authorized agents will be sufficient delivery to all.</font></P>
<A NAME="_Toc346426654"></A><A NAME="_Toc357409198"></A><A NAME="_Toc68106788"></A><A NAME="_Toc72049328"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Delivery by Mail</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any share certificate or non-transferable written acknowledgment of a shareholder&#146;s right to obtain a share certificate may be sent to the shareholder by mail at the shareholder&#146;s registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.</font></P>
<A NAME="_Toc346426655"></A><A NAME="_Toc357409199"></A><A NAME="_Toc68106789"></A><A NAME="_Toc72049329"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Replacement of Worn Out or Defaced Certificate or Acknowledgement</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder&#146;s right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">order the share certificate or acknowledgment, as the case may be, to be cancelled; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">issue a replacement share certificate or acknowledgment, as the case may be.</font></P>
<A NAME="_Toc68106790"></A><A NAME="_Toc72049330"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a share certificate or a non-transferable written acknowledgment of a shareholder&#146;s right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, as the case may be, if the directors receive:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any indemnity the directors consider adequate.</font></P>
<A NAME="_Toc68106791"></A><A NAME="_Toc72049331"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Splitting Share Certificates</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder&#146;s name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.</font></P>
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<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
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<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Certificate Fee</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount if any, determined by the directors, which must not exceed the amount prescribed under the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc346426656"></A><A NAME="_Toc357409200"></A><A NAME="_Toc68106793"></A><A NAME="_Toc72049333"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">2.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Recognition of Trusts</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.</font></P>
<A NAME="_Toc333043809"></A><A NAME="_Toc333044125"></A><A NAME="_Toc333049219"></A><A NAME="_Toc346426658"></A><A NAME="_Toc357409202"></A><A NAME="_Toc68095768"></A><A NAME="_Toc68106794"></A><A NAME="_Toc72049334"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">3.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">ISSUE OF SHARES</font></B></P>
<A NAME="_Toc346426660"></A><A NAME="_Toc357409204"></A><A NAME="_Toc68106795"></A><A NAME="_Toc72049335"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">3.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Directors Authorized</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I> and the rights of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.</font></P>
<A NAME="_Toc346426662"></A><A NAME="_Toc357409206"></A><A NAME="_Toc68106796"></A><A NAME="_Toc72049336"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">3.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Commissions and Discounts</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.</font></P>
<A NAME="_Toc346426663"></A><A NAME="_Toc357409207"></A><A NAME="_Toc68106797"></A><A NAME="_Toc72049337"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">3.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Brokerage</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.</font></P>
<A NAME="_Toc346426664"></A><A NAME="_Toc357409208"></A><A NAME="_Toc68106798"></A><A NAME="_Toc72049338"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">3.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Conditions of Issue</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Except as provided for by the <I>Business Corporations Act</I>, no share may be issued until it is fully paid. A share is fully paid when:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">consideration is provided to the Company for the issue of the share by one or more of the following:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">past services performed for the Company;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">property;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">money; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3.1.</font></P>
<font size="2">
<A NAME="_Toc346426666"></A><A NAME="_Toc357409210"></A><A NAME="_Toc68106799"></A><A NAME="_Toc72049339"></A><BR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">4</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<font size="2">
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<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">3.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Share Purchase Warrants and Rights</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, the Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.</font></P>
<A NAME="_Toc333043810"></A><A NAME="_Toc333044126"></A><A NAME="_Toc333049220"></A><A NAME="_Toc346426667"></A><A NAME="_Toc357409211"></A><A NAME="_Toc68095769"></A><A NAME="_Toc68106800"></A><A NAME="_Toc72049340"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">4.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">SHARE REGISTERS</font></B></P>
<A NAME="_Toc346426668"></A><A NAME="_Toc357409212"></A><A NAME="_Toc68106801"></A><A NAME="_Toc72049341"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">4.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Central Securities Register</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">As required by and subject to the <I>Business Corporation Act</I>, the Company must maintain in British Columbia a central securities register. The directors may, subject to the <I>Business Corporation Act</I>, appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.</font></P>
<A NAME="_Toc346426670"></A><A NAME="_Toc357409214"></A><A NAME="_Toc68106802"></A><A NAME="_Toc72049342"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">4.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Closing Register</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company must not at any time close its central securities register.</font></P>
<A NAME="_Toc333043811"></A><A NAME="_Toc333044127"></A><A NAME="_Toc333049221"></A><A NAME="_Toc346426671"></A><A NAME="_Toc357409215"></A><A NAME="_Toc68095770"></A><A NAME="_Toc68106803"></A><A NAME="_Toc72049343"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">5.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">SHARE TRANSFERS</font></B></P>
<A NAME="_Toc68106804"></A><A NAME="_Toc72049344"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Registering Transfers</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A transfer of a share of the Company must not be registered unless:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a duly signed instrument of transfer in respect of the share has been received by the Company;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if a non-transferable written acknowledgment of the shareholder&#146;s right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company.</font></P>
<A NAME="_Toc68106805"></A><A NAME="_Toc72049345"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Form of Instrument of Transfer</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company&#146;s share certificates or in any other form that may be approved by the directors from time to time.</font></P>
<A NAME="_Toc68106806"></A><A NAME="_Toc72049346"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Transferor Remains Shareholder</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Except to the extent that the <I>Business Corporations Act</I> otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.</font></P>
<A NAME="_Toc68106807"></A><A NAME="_Toc72049347"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Signing of Instrument of Transfer</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and</font> </P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">5</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<font size="2">
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<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in the name of the person named as transferee in that instrument of transfer; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.</font></P>
<A NAME="_Toc346426675"></A><A NAME="_Toc357409219"></A><A NAME="_Toc68106808"></A><A NAME="_Toc72049348"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Enquiry as to Title Not Required</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.</font></P>
<A NAME="_Toc346426676"></A><A NAME="_Toc357409220"></A><A NAME="_Toc68106809"></A><A NAME="_Toc72049349"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">5.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Transfer Fee</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.</font></P>
<A NAME="_Toc333043812"></A><A NAME="_Toc333044128"></A><A NAME="_Toc333049222"></A><A NAME="_Toc346426677"></A><A NAME="_Toc357409221"></A><A NAME="_Toc68095771"></A><A NAME="_Toc68106810"></A><A NAME="_Toc72049350"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">6.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">TRANSMISSION OF SHARES</font></B></P>
<A NAME="_Toc346426678"></A><A NAME="_Toc357409222"></A><A NAME="_Toc68106811"></A><A NAME="_Toc72049351"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">6.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Legal Personal Representative Recognized on Death</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder&#146;s interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.</font></P>
<A NAME="_Toc346426679"></A><A NAME="_Toc357409223"></A><A NAME="_Toc68106812"></A><A NAME="_Toc72049352"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">6.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Rights of Legal Personal Representative</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the <I>Business Corporations Act</I> and the directors have been deposited with the Company.</font></P>
<A NAME="_Toc333043814"></A><A NAME="_Toc333044130"></A><A NAME="_Toc333049224"></A><A NAME="_Toc346426685"></A><A NAME="_Toc357409229"></A><A NAME="_Toc68095772"></A><A NAME="_Toc68106813"></A><A NAME="_Toc72049353"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">7.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">PURCHASE OF SHARES</font></B></P>
<A NAME="_Toc346426686"></A><A NAME="_Toc357409230"></A><A NAME="_Toc68106814"></A><A NAME="_Toc72049354"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">7.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Company Authorized to Purchase Shares</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to Article 7.2, the special rights and restrictions attached to the shares of any class or series and the <I>Business Corporations Act</I>, the Company may, if authorized by a resolution of the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution.</font></P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">6</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
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<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">7.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Purchase When Insolvent</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the Company is insolvent; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">making the payment or providing the consideration would render the Company insolvent.</font></P>
<A NAME="_Toc346426688"></A><A NAME="_Toc357409232"></A><A NAME="_Toc68106816"></A><A NAME="_Toc72049356"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">7.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Sale and Voting of Purchased Shares</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is not entitled to vote the share at a meeting of its shareholders;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">must not pay a dividend in respect of the share; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">must not make any other distribution in respect of the share.</font></P>
<A NAME="_Toc333043815"></A><A NAME="_Toc333044131"></A><A NAME="_Toc333049225"></A><A NAME="_Toc346426689"></A><A NAME="_Toc357409233"></A><A NAME="_Toc68095773"></A><A NAME="_Toc68106817"></A><A NAME="_Toc72049357"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">8.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">BORROWING POWERS</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company, if authorized by the directors, may:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they consider appropriate;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">guarantee the repayment of money by any other person or the performance of any obligation of any other person; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.</font></P>
<A NAME="_Toc333043816"></A><A NAME="_Toc333044132"></A><A NAME="_Toc333049226"></A><A NAME="_Toc346426694"></A><A NAME="_Toc357409238"></A><A NAME="_Toc333043813"></A><A NAME="_Toc333044129"></A><A NAME="_Toc333049223"></A><A NAME="_Toc346426681"></A><A NAME="_Toc357409225"></A><A NAME="_Toc68095774"></A><A NAME="_Toc68106818"></A><A NAME="_Toc72049358"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">9.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">ALTERATIONS</font></B></P>
<A NAME="_Toc346426682"></A><A NAME="_Toc357409226"></A><A NAME="_Toc68106819"></A><A NAME="_Toc72049359"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">9.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Alteration of Authorized Share Structure</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to Article 9.2 and the <I>Business Corporations Act</I>, the Company may by special resolution:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">subdivide or consolidate all or any of its unissued, or fully paid issued, shares;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the Company is authorized to issue shares of a class of shares with par value:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">decrease the par value of those shares; or</font></P>
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<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(e)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(f)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">alter the identifying name of any of its shares; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(g)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">otherwise alter its shares or authorized share structure when required or permitted to do so by the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc68106820"></A><A NAME="_Toc72049360"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">9.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Special Rights and Restrictions</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, the Company may by special resolution:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.</font></P>
<A NAME="_Toc68106821"></A><A NAME="_Toc72049361"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">9.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Change of Name</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may by special resolution authorize an alteration of its Notice of Articles in order to change its name.</font></P>
<A NAME="_Toc68106822"></A><A NAME="_Toc72049362"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">9.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Other Alterations</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the <I>Business Corporations Act</I> does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.</font></P>
<A NAME="_Toc68095775"></A><A NAME="_Toc68106823"></A><A NAME="_Toc72049363"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">10.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">MEETINGS OF SHAREHOLDERS</font></B></P>
<A NAME="_Toc346426695"></A><A NAME="_Toc357409239"></A><A NAME="_Toc68106824"></A><A NAME="_Toc72049364"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Annual General Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Unless an annual general meeting is deferred or waived in accordance with the <I>Business Corporations Act</I>, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.</font></P>
<A NAME="_Toc72049365"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Location of Meetings of Shareholders</font> </B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may in their sole discretion designate any location, either within or outside of British Columbia, unless otherwise prescribed by statute, as the location of any meeting of the shareholders of the Company.</font></P>
<A NAME="_Toc346426696"></A><A NAME="_Toc357409240"></A><A NAME="_Toc68106825"></A><A NAME="_Toc72049366"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Resolution Instead of Annual General Meeting</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the <I>Business Corporations Act</I> to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.3, select as the Company&#146;s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.</font></P>
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</font>
<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Calling of Meetings of Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, whenever they think fit, call a meeting of shareholders.</font></P>
<A NAME="_Toc346426698"></A><A NAME="_Toc357409242"></A><A NAME="_Toc68106827"></A><A NAME="_Toc72049368"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice for Meetings of Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if and for so long as the Company is a public company, 21 days;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">otherwise, 10 days.</font></P>
<A NAME="_Toc68106828"></A><A NAME="_Toc72049369"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Record Date for Notice</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the <I>Business Corporations Act</I>, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if and for so long as the Company is a public company, 21 days;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">otherwise, 10 days.</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If no record date is set, the record date is 5 p.m. Pacific Standard Time on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.</font></P>
<A NAME="_Toc68106829"></A><A NAME="_Toc72049370"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Record Date for Voting</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the <I>Business Corporations Act</I>, by more than four months. If no record date is set, the record date is 5 p.m. Pacific Standard Time on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.</font></P>
<A NAME="_Toc68106830"></A><A NAME="_Toc72049371"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Failure to Give Notice and Waiver of Notice</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.</font></P>
<A NAME="_Toc346426700"></A><A NAME="_Toc357409244"></A><A NAME="_Toc68106831"></A><A NAME="_Toc72049372"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">10.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice of Special Business at Meetings of Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">state the general nature of the special business; and</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">9</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the Company&#146;s records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">during statutory business hours on any one or more specified days before the day set for the holding of the meeting.</font></P>
<A NAME="_Toc333043817"></A><A NAME="_Toc333044133"></A><A NAME="_Toc333049227"></A><A NAME="_Toc346426701"></A><A NAME="_Toc357409245"></A><A NAME="_Toc68095776"></A><A NAME="_Toc68106832"></A><A NAME="_Toc72049373"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">11.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">PROCEEDINGS AT MEETINGS OF SHAREHOLDERS</font></B></P>
<A NAME="_Toc346426702"></A><A NAME="_Toc357409246"></A><A NAME="_Toc68106833"></A><A NAME="_Toc72049374"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Special Business</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">At a meeting of shareholders, the following business is special business:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at an annual general meeting, all business is special business except
for the following:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">business relating to the conduct of or voting at the meeting;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">consideration of any financial statements of the Company presented to the meeting;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">consideration of any reports of the directors or auditor;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iv)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the setting or changing of the number of directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(v)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the election or appointment of directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(vi)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the appointment of an auditor;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(vii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(viii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any other business which, under these Articles or the <I>Business Corporations Act</I>, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.</font></P>
<A NAME="_Toc346426703"></A><A NAME="_Toc357409247"></A><A NAME="_Toc68106834"></A><A NAME="_Toc72049375"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Special Majority</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.</font></P>
<A NAME="_Toc68106835"></A><A NAME="_Toc72049376"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Quorum</font></B></P>
<A NAME="_Toc346426704"></A><A NAME="_Toc357409248"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting.</font></P>
<A NAME="_Toc68106836"></A><A NAME="_Toc72049377"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">One Shareholder May Constitute Quorum</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the Company has only one shareholder:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the quorum is one person who is, or who represents by proxy, that shareholder, and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">that shareholder, present in person or by proxy, may constitute the meeting.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">10</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106837"></A><A NAME="_Toc72049378"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Other Persons May Attend</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.</font></P>
<A NAME="_Toc68106838"></A><A NAME="_Toc72049379"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Requirement of Quorum</font></B></P>
<A NAME="_Toc346426705"></A><A NAME="_Toc357409249"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.</font></P>
<A NAME="_Toc68106839"></A><A NAME="_Toc72049380"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Lack of Quorum</font></B></P>
<A NAME="_Toc346426706"></A><A NAME="_Toc357409250"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.</font></P>
<A NAME="_Toc68106840"></A><A NAME="_Toc72049381"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Lack of Quorum at Succeeding Meeting</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If, at the meeting to which the meeting referred to in Article 11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.</font></P>
<A NAME="_Toc68106841"></A><A NAME="_Toc72049382"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Chair<BR>
</font>
</B></P>
<A NAME="_Toc346426707"></A><A NAME="_Toc357409251"></A><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">The following individual is entitled to preside as chair at a meeting of shareholders:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the chair of the board, if any; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.</font></P>
<A NAME="_Toc68106842"></A><A NAME="_Toc72049383"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.10</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Selection of Alternate Chair</font></B></P>
<A NAME="_Toc346426708"></A><A NAME="_Toc357409252"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If, at any meeting of shareholders, there is no chair of the board or president present within&nbsp;15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.</font></P>
<A NAME="_Toc68106843"></A><A NAME="_Toc72049384"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.11</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Adjournments</font></B></P>
<A NAME="_Toc346426709"></A><A NAME="_Toc357409253"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">11</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106844"></A><A NAME="_Toc72049385"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.12</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice of Adjourned Meeting</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.</font></P>
<A NAME="_Toc68106845"></A><A NAME="_Toc72049386"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.13</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Decisions by Show of Hands or Poll</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.</font></P>
<A NAME="_Toc68106846"></A><A NAME="_Toc72049387"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.14</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Declaration of Result</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.</font></P>
<A NAME="_Toc346426710"></A><A NAME="_Toc357409254"></A><A NAME="_Toc68106847"></A><A NAME="_Toc72049388"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.15</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Motion Need Not be Seconded</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.</font></P>
<A NAME="_Toc346426711"></A><A NAME="_Toc357409255"></A><A NAME="_Toc68106848"></A><A NAME="_Toc72049389"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.16</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Casting Vote</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.</font></P>
<A NAME="_Toc346426712"></A><A NAME="_Toc357409256"></A><A NAME="_Toc68106849"></A><A NAME="_Toc72049390"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.17</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Manner of Taking Poll</font></B></P>
<A NAME="_Toc346426713"></A><A NAME="_Toc357409257"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to Article 11.8, if a poll is duly demanded at a meeting of shareholders:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the poll must be taken:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in the manner, at the time and at the place that the chair of the meeting directs;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the demand for the poll may be withdrawn by the person who demanded it.</font></P>
<A NAME="_Toc68106850"></A><A NAME="_Toc72049391"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.18</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Demand for Poll on Adjournment</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">12</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106851"></A><A NAME="_Toc72049392"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.19</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Chair Must Resolve Dispute</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.</font></P>
<A NAME="_Toc68106852"></A><A NAME="_Toc72049393"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.20</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Casting of Votes</font></B></P>
<A NAME="_Toc346426714"></A><A NAME="_Toc357409258"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.</font></P>
<A NAME="_Toc68106853"></A><A NAME="_Toc72049394"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.21</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Demand for Poll</font></B></P>
<A NAME="_Toc346426715"></A><A NAME="_Toc357409259"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.</font></P>
<A NAME="_Toc68106854"></A><A NAME="_Toc72049395"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.22</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Demand for Poll Not to Prevent Continuance of Meeting</font></B></P>
<A NAME="_Toc346426716"></A><A NAME="_Toc357409260"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.</font></P>
<A NAME="_Toc68106855"></A><A NAME="_Toc72049396"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">11.23</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Retention of Ballots and Proxies</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.</font></P>
<A NAME="_Toc68095777"></A><A NAME="_Toc68106856"></A><A NAME="_Toc72049397"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">12.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">VOTES OF SHAREHOLDERS</font></B></P>
<A NAME="_Toc346426719"></A><A NAME="_Toc357409263"></A><A NAME="_Toc68106857"></A><A NAME="_Toc72049398"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Number of Votes by Shareholder or by Shares</font></B></P>
<A NAME="_Toc346426720"></A><A NAME="_Toc357409264"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.</font></P>
<A NAME="_Toc68106858"></A><A NAME="_Toc72049399"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Votes of Persons in Representative Capacity</font></B></P>
<A NAME="_Toc346426721"></A><A NAME="_Toc357409265"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.</font></P>
<A NAME="_Toc68106859"></A><A NAME="_Toc72049400"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Votes by Joint Holders</font></B></P>
<A NAME="_Toc346426722"></A><A NAME="_Toc357409266"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If there are joint shareholders registered in respect of any share:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">13</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.</font></P>
<A NAME="_Toc68106860"></A><A NAME="_Toc72049401"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Legal Personal Representatives as Joint Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.</font></P>
<A NAME="_Toc68106861"></A><A NAME="_Toc72049402"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Representative of a Corporate Shareholder</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">for that purpose, the instrument appointing a representative must:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">be received at the registered office of the Company or at any other place specified in the notice calling the meeting for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if a representative is appointed under this Article 12.5:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.</font></P>
<A NAME="_Toc346426723"></A><A NAME="_Toc357409267"></A><A NAME="_Toc68106862"></A><A NAME="_Toc72049403"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Proxy Provisions Do Not Apply to All Companies</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Articles 12.7 to 12.15 do not apply to the Company if and for so long as it is:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a public company; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.</font></P>
<A NAME="_Toc346426724"></A><A NAME="_Toc357409268"></A><A NAME="_Toc68106863"></A><A NAME="_Toc72049404"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Appointment of Proxy Holders</font></B></P>
<A NAME="_Toc346426725"></A><A NAME="_Toc357409269"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">14</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106864"></A><A NAME="_Toc72049405"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Alternate Proxy Holders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.</font></P>
<A NAME="_Toc68106865"></A><A NAME="_Toc72049406"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">When Proxy Holder Need Not Be Shareholder</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.</font></P>
<A NAME="_Toc346426726"></A><A NAME="_Toc357409270"></A><A NAME="_Toc68106866"></A><A NAME="_Toc72049407"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.10</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Deposit of Proxy</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A proxy for a meeting of shareholders must:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting.</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.</font></P>
<A NAME="_Toc346426727"></A><A NAME="_Toc357409271"></A><A NAME="_Toc68106867"></A><A NAME="_Toc72049408"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.11</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Validity of Proxy Vote</font></B></P>
<A NAME="_Toc346426728"></A><A NAME="_Toc357409272"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">by the chair of the meeting, before the vote is taken.</font></P>
<A NAME="_Toc68106868"></A><A NAME="_Toc72049409"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.12</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Form of Proxy</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2"><BR></font></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=644.4><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font size="2"><B>(NAME OF COMPANY)<BR>
</B>(the &#147;Company&#148;)</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the shareholder): _____________________</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Signed [month, day, year]</font></P>
<P style="margin:0pt; padding-left:252pt; text-indent:220.5pt; font-family:Times New Roman; font-size:11pt"><U><font size="2"><BR></font></U></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">[Signature of shareholder]</font></P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">[Name of shareholder&#151;printed]</font></P>
</TD><A NAME="_Toc346426729"></A><A NAME="_Toc357409273"></A><A NAME="_Toc68106869"></A><A NAME="_Toc72049410"></A></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">15</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.13</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Revocation of Proxy</font></B></P>
<A NAME="_Toc346426730"></A><A NAME="_Toc357409274"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">provided, at the meeting, to the chair of the meeting.</font></P>
<A NAME="_Toc68106870"></A><A NAME="_Toc72049411"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.14</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Revocation of Proxy Must Be Signed</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">An instrument referred to in Article 12.13 must be signed as follows:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.</font></P>
<A NAME="_Toc68106871"></A><A NAME="_Toc72049412"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">12.15</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Production of Evidence of Authority to Vote</font></B></P>
<A NAME="_Toc333043819"></A><A NAME="_Toc333044135"></A><A NAME="_Toc333049229"></A><A NAME="_Toc346426731"></A><A NAME="_Toc357409275"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.</font></P>
<A NAME="_Toc68095778"></A><A NAME="_Toc68106872"></A><A NAME="_Toc72049413"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">13.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">DIRECTORS</font></B></P>
<A NAME="_Toc346426732"></A><A NAME="_Toc357409276"></A><A NAME="_Toc68106873"></A><A NAME="_Toc72049414"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">First Directors; Number of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the <I>Business Corporations Act</I>. The number of directors, excluding additional directors appointed under Article 14.8, is set at:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">subject to paragraphs 13.1(b)and 13.1(c), the number of directors that is equal to the number of the Company&#146;s first directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the Company is a public company, the greater of three and the most recent set of:</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">16</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the number of directors set under Article 14.4:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the Company is not a public company, the most recent set of:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the number of directors set under Article 14.4.</font></P>
<A NAME="_Toc346426733"></A><A NAME="_Toc357409277"></A><A NAME="_Toc68106874"></A><A NAME="_Toc72049415"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Change in Number of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the number of directors is set under Articles 13.1(b)(i) or 13.1(c)(i):</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font size="2">(a)</font></U></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font size="2">(b)</font></U></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.</font></P>
<A NAME="_Toc68106875"></A><A NAME="_Toc72049416"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Directors&#146; Acts Valid Despite Vacancy</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.</font></P>
<A NAME="_Toc68106876"></A><A NAME="_Toc72049417"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Qualifications of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director is not required to hold a share of the Company as qualification for his or her office but must be qualified as required by the <I>Business Corporations Act </I>to become, act or continue to act as a director.</font></P>
<A NAME="_Toc346426734"></A><A NAME="_Toc357409278"></A><A NAME="_Toc68106877"></A><A NAME="_Toc72049418"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Remuneration of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.</font> </P>
<A NAME="_Toc68106878"></A><A NAME="_Toc72049419"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Reimbursement of Expenses of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.</font> </P>
<A NAME="_Toc68106879"></A><A NAME="_Toc72049420"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Special Remuneration for Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company&#146;s business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">17</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106880"></A><A NAME="_Toc72049421"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">13.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Gratuity, Pension or Allowance on Retirement of Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.</font></P>
<A NAME="_Toc333043820"></A><A NAME="_Toc333044136"></A><A NAME="_Toc333049230"></A><A NAME="_Toc346426735"></A><A NAME="_Toc357409279"></A><A NAME="_Toc68095779"></A><A NAME="_Toc68106881"></A><A NAME="_Toc72049422"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">14.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">ELECTION AND REMOVAL OF DIRECTORS</font></B></P>
<A NAME="_Toc346426736"></A><A NAME="_Toc357409280"></A><A NAME="_Toc68106882"></A><A NAME="_Toc72049423"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Election at Annual General Meeting</font></B></P>
<A NAME="_Toc346426737"></A><A NAME="_Toc357409281"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">At every annual general meeting and in every unanimous resolution contemplated by Article 10.3:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">all the directors cease to hold office immediately before the election or appointment of directors under paragraph 14.1(b), but are eligible for re-election or re-appointment.</font></P>
<A NAME="_Toc68106883"></A><A NAME="_Toc72049424"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Consent to be a Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No election, appointment or designation of an individual as a director is valid unless:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">that individual consents to be a director in the manner provided for in the <I>Business Corporations Act</I>;</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">with respect to first directors, the designation is otherwise valid under the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc346426739"></A><A NAME="_Toc357409283"></A><A NAME="_Toc68106884"></A><A NAME="_Toc72049425"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Failure to Elect or Appoint Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.3, on or before the date by which the annual general meeting is required to be held under the <I>Business Corporations Act</I>; or</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.3, to elect or appoint any directors;</font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">then each director then in office continues to hold office until the earlier of:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the date on which his or her successor is elected or appointed; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the date on which he or she otherwise ceases to hold office under the <I>Business Corporations Act</I> or these Articles.</font></P>
<A NAME="_Toc68106885"></A><A NAME="_Toc72049426"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Places of Retiring Directors Not Filled</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">18</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.</font></P>
<A NAME="_Toc346426740"></A><A NAME="_Toc357409284"></A><A NAME="_Toc68106886"></A><A NAME="_Toc72049427"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Directors May Fill Casual Vacancies</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any casual vacancy occurring in the board of directors may be filled by the directors.</font></P>
<A NAME="_Toc346426741"></A><A NAME="_Toc357409285"></A><A NAME="_Toc68106887"></A><A NAME="_Toc72049428"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Remaining Directors Power to Act</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the <I>Business Corporations Act</I>, for any other purpose.</font></P>
<A NAME="_Toc68106888"></A><A NAME="_Toc72049429"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Shareholders May Fill Vacancies</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.</font></P>
<A NAME="_Toc346426742"></A><A NAME="_Toc357409286"></A><A NAME="_Toc68106889"></A><A NAME="_Toc72049430"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Additional Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.3, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.</font> </P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.</font></P>
<A NAME="_Toc346426744"></A><A NAME="_Toc357409288"></A><A NAME="_Toc68106890"></A><A NAME="_Toc72049431"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Ceasing to be a Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director ceases to be a director when:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the term of office of the director expires;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the director dies;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the director is removed from office pursuant to Articles 14.10 or &nbsp;14.11.</font></P>
<A NAME="_Toc333043821"></A><A NAME="_Toc333044137"></A><A NAME="_Toc333049231"></A><A NAME="_Toc346426745"></A><A NAME="_Toc357409289"></A><A NAME="_Toc68106891"></A><A NAME="_Toc72049432"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.10</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Removal of Director by Shareholders</font> </B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">19</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106892"></A><A NAME="_Toc72049433"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">14.11</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Removal of Director by Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.</font></P>
<A NAME="_Toc68095780"></A><A NAME="_Toc68106893"></A><A NAME="_Toc72049434"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">15.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">ALTERNATE DIRECTORS</font></B></P>
<A NAME="_Toc68106894"></A><A NAME="_Toc72049435"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Appointment of Alternate Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any director (an &#147;appointor&#148;) may by notice in writing received by the Company appoint any person (an &#147;appointee&#148;) who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.</font> </P>
<A NAME="_Toc68106895"></A><A NAME="_Toc72049436"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice of Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.</font> </P>
<A NAME="_Toc68106896"></A><A NAME="_Toc72049437"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Alternate for More Than One Director Attending Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A person may be appointed as an alternate director by more than one director, and an alternate director:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.</font></P>
<A NAME="_Toc68106897"></A><A NAME="_Toc72049438"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Consent Resolutions</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.</font> </P>
<A NAME="_Toc68106898"></A><A NAME="_Toc72049439"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Alternate Director Not an Agent</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Every alternate director is deemed not to be the agent of his or her appointor.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">20</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106899"></A><A NAME="_Toc72049440"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Revocation of Appointment of Alternate Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by him or her.</font> </P>
<A NAME="_Toc68106900"></A><A NAME="_Toc72049441"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Ceasing to be an Alternate Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The appointment of an alternate director ceases when:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">his or her appointor ceases to be a director and is not promptly re-elected or re-appointed;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the alternate director dies;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the alternate director ceases to be qualified to act as a director; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(e)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">his or her appointor revokes the appointment of the alternate director.</font></P>
<A NAME="_Toc68106901"></A><A NAME="_Toc72049442"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">15.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Remuneration and Expenses of Alternate Director</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.</font></P>
<A NAME="_Toc68095781"></A><A NAME="_Toc68106902"></A><A NAME="_Toc72049443"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">16.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">POWERS AND DUTIES OF DIRECTORS</font></B></P>
<A NAME="_Toc346426747"></A><A NAME="_Toc357409291"></A><A NAME="_Toc68106903"></A><A NAME="_Toc72049444"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">16.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Powers of Management</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors must, subject to the <I>Business Corporations Act</I> and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the <I>Business Corporations Act </I>or by these Articles, required to be exercised by the shareholders of the Company.</font></P>
<A NAME="_Toc333043822"></A><A NAME="_Toc333044138"></A><A NAME="_Toc333049232"></A><A NAME="_Toc346426748"></A><A NAME="_Toc357409292"></A><A NAME="_Toc68106904"></A><A NAME="_Toc72049445"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">16.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Appointment of Attorney of Company</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by th
e directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.</font> </P>
<A NAME="_Toc72049446"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">16.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Setting Remuneration of the Auditor</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may from time to time determine the remuneration to be paid by the Company to the auditor, in such manner and upon such terms and conditions, as the directors, in their absolute discretion, may determine.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">21<BR></font></P>
<A NAME="_Toc68095782"></A><A NAME="_Toc68106905"></A><A NAME="_Toc72049447"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">17.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">DISCLOSURE OF INTEREST OF DIRECTORS</font></B></P>
<A NAME="_Toc346426750"></A><A NAME="_Toc357409294"></A><A NAME="_Toc68106906"></A><A NAME="_Toc72049448"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Obligation to Account for Profits</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director or senior officer who holds a disclosable interest (as that term is used in the <I>Business Corporations Act</I>) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc346426751"></A><A NAME="_Toc357409295"></A><A NAME="_Toc68106907"></A><A NAME="_Toc72049449"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Restrictions on Voting by Reason of Interest</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors&#146; resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.</font> </P>
<A NAME="_Toc346426752"></A><A NAME="_Toc357409296"></A><A NAME="_Toc68106908"></A><A NAME="_Toc72049450"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Interested Director Counted in Quorum</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.</font></P>
<A NAME="_Toc68106909"></A><A NAME="_Toc72049451"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Disclosure of Conflict of Interest or Property</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual&#146;s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc68106910"></A><A NAME="_Toc72049452"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Director Holding Other Office in the Company</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.</font></P>
<A NAME="_Toc68106911"></A><A NAME="_Toc72049453"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">No Disqualification</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.</font></P>
<A NAME="_Toc346426753"></A><A NAME="_Toc357409297"></A><A NAME="_Toc68106912"></A><A NAME="_Toc72049454"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Professional Services by Director or Officer</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">22</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc333043823"></A><A NAME="_Toc333044139"></A><A NAME="_Toc333049233"></A><A NAME="_Toc346426754"></A><A NAME="_Toc357409298"></A><A NAME="_Toc68106913"></A><A NAME="_Toc72049455"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">17.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Director or Officer in Other Corporations</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the <I>Business Corporations Act</I>, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.</font></P>
<A NAME="_Toc68095783"></A><A NAME="_Toc68106914"></A><A NAME="_Toc72049456"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">18.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">PROCEEDINGS OF DIRECTORS</font></B></P>
<A NAME="_Toc346426755"></A><A NAME="_Toc357409299"></A><A NAME="_Toc68106915"></A><A NAME="_Toc72049457"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Meetings of Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.</font></P>
<A NAME="_Toc68106916"></A><A NAME="_Toc72049458"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Voting at Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.</font></P>
<A NAME="_Toc346426756"></A><A NAME="_Toc357409300"></A><A NAME="_Toc68106917"></A><A NAME="_Toc72049459"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Chair of Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The following individual is entitled to preside as chair at a meeting of directors:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the chair of the board, if any;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in the absence of the chair of the board, the president, if any, if the president is a director; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any other director chosen by the directors if:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(e)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">neither the chair of the board nor the president, if a director, is willing to chair the meeting; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(f)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.</font></P>
<A NAME="_Toc346426758"></A><A NAME="_Toc357409302"></A><A NAME="_Toc68106918"></A><A NAME="_Toc72049460"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Meetings by Telephone or Other Communications Medium</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such participation. A director who participates in a meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of the <I>Business Corporations Act</I> and these Articles to be present at the meeting and to have agreed to p
articipate in that manner<B>.</B></font></P>
<A NAME="_Toc346426759"></A><A NAME="_Toc357409303"></A><A NAME="_Toc68106919"></A><A NAME="_Toc72049461"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Calling of Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">23</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68106920"></A><A NAME="_Toc72049462"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice of Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 25.1 or orally or by telephone.</font></P>
<A NAME="_Toc68106921"></A><A NAME="_Toc72049463"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">When Notice Not Required</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">It is not necessary to give notice of a meeting of the directors to a director or an alternate director if:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the director or alternate director, as the case may be, has waived notice of the meeting.</font></P>
<A NAME="_Toc68106922"></A><A NAME="_Toc72049464"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Meeting Valid Despite Failure to Give Notice</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting.</font></P>
<A NAME="_Toc346426760"></A><A NAME="_Toc357409304"></A><A NAME="_Toc68106923"></A><A NAME="_Toc72049465"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Waiver of Notice of Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director or alternate director.</font></P>
<A NAME="_Toc346426761"></A><A NAME="_Toc357409305"></A><A NAME="_Toc68106924"></A><A NAME="_Toc72049466"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.10</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Quorum</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The quorum necessary for the transaction of the business of the directors may be set by resolution of the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.</font></P>
<A NAME="_Toc346426763"></A><A NAME="_Toc357409307"></A><A NAME="_Toc68106925"></A><A NAME="_Toc72049467"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.11</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Validity of Acts Where Appointment Defective</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.</font></P>
<A NAME="_Toc333043824"></A><A NAME="_Toc333044140"></A><A NAME="_Toc333049234"></A><A NAME="_Toc346426764"></A><A NAME="_Toc357409308"></A><A NAME="_Toc68106926"></A><A NAME="_Toc72049468"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">18.12</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Consent Resolutions in Writing</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 18.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had 
been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the <I>Business Corporations Act</I> and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">24</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc68095784"></A><A NAME="_Toc68106927"></A><A NAME="_Toc72049469"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">19.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">EXECUTIVE AND OTHER COMMITTEES</font></B></P>
<A NAME="_Toc346426765"></A><A NAME="_Toc357409309"></A><A NAME="_Toc68106928"></A><A NAME="_Toc72049470"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">19.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Appointment and Powers of Executive Committee</font></B></P>
<A NAME="_Toc346426767"></A><A NAME="_Toc357409311"></A><P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors&#146; powers, except:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to fill vacancies in the board of directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to remove a director;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to change the membership of, or fill vacancies in, any committee of the directors; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">such other powers, if any, as may be set out in the resolution or any subsequent directors&#146; resolution.</font></P>
<A NAME="_Toc68106929"></A><A NAME="_Toc72049471"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">19.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Appointment and Powers of Other Committees</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, by resolution:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">delegate to a committee appointed under paragraph 19.2(a) any of the directors&#146; powers, except:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to fill vacancies in the board of directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to remove a director;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to change the membership of, or fill vacancies in, any committee of the directors; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iv)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the power to appoint or remove officers appointed by the directors; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">make any delegation referred to in paragraph 19.2(b) subject to the conditions set out in the resolution or any subsequent directors&#146; resolution.</font></P>
<A NAME="_Toc68106930"></A><A NAME="_Toc72049472"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">19.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Obligations of Committees</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">conform to any rules that may from time to time be imposed on it by the directors; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">report every act or thing done in exercise of those powers at such times as the directors may require.</font></P>
<A NAME="_Toc68106931"></A><A NAME="_Toc72049473"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">19.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Powers of Board</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">terminate the appointment of, or change the membership of, the committee; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">fill vacancies in the committee.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">25</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc333043825"></A><A NAME="_Toc333044141"></A><A NAME="_Toc333049235"></A><A NAME="_Toc346426768"></A><A NAME="_Toc357409312"></A><A NAME="_Toc68106932"></A><A NAME="_Toc72049474"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">19.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Committee Meetings</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to Article 19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 19.1 or 19.2:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the committee may meet and adjourn as it thinks proper;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a majority of the members of the committee constitutes a quorum of the committee; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.</font></P>
<A NAME="_Toc68095785"></A><A NAME="_Toc68106933"></A><A NAME="_Toc72049475"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">20.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">OFFICERS</font></B></P>
<A NAME="_Toc346426770"></A><A NAME="_Toc357409314"></A><A NAME="_Toc68106934"></A><A NAME="_Toc72049476"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">20.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Directors May Appoint Officers</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.</font> </P>
<A NAME="_Toc68106935"></A><A NAME="_Toc72049477"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">20.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Functions, Duties and Powers of Officers</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may, for each officer:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">determine the functions and duties of the officer;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.</font></P>
<A NAME="_Toc346426771"></A><A NAME="_Toc357409315"></A><A NAME="_Toc68106936"></A><A NAME="_Toc72049478"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">20.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Qualifications</font> </B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No officer may be appointed unless that officer is qualified in accordance with the <I>Business Corporations Act</I>. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other officer need not be a director.</font> </P>
<A NAME="_Toc68106937"></A><A NAME="_Toc72049479"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">20.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Remuneration and Terms of Appointment</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">26</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc333043826"></A><A NAME="_Toc333044142"></A><A NAME="_Toc333049236"></A><A NAME="_Toc346426773"></A><A NAME="_Toc357409317"></A><A NAME="_Toc68095786"></A><A NAME="_Toc68106938"></A><A NAME="_Toc72049480"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">21.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">INDEMNIFICATION</font></B></P>
<A NAME="_Toc346426774"></A><A NAME="_Toc357409318"></A><A NAME="_Toc68106939"></A><A NAME="_Toc72049481"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">21.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Definitions</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In this Article 21:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;eligible penalty&#148; means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;eligible proceeding&#148; means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (an &#147;eligible party&#148;) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or alternate director of the Company:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is or may be joined as a party; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;expenses&#148; has the meaning set out in the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc68106940"></A><A NAME="_Toc72049482"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">21.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Mandatory Indemnification of Directors and Former Directors</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 21.2.</font></P>
<A NAME="_Toc346426775"></A><A NAME="_Toc357409319"></A><A NAME="_Toc68106941"></A><A NAME="_Toc72049483"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">21.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Indemnification of Other Persons</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to any restrictions in the <I>Business Corporations Act</I>, the Company may indemnify any person.</font></P>
<A NAME="_Toc346426776"></A><A NAME="_Toc357409320"></A><A NAME="_Toc68106942"></A><A NAME="_Toc72049484"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">21.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Non-Compliance with <I>Business Corporations Act</I></font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The failure of a director, alternate director or officer of the Company to comply with the <I>Business Corporations Act </I>or these Articles does not invalidate any indemnity to which he or she is entitled under this Part.</font></P>
<A NAME="_Toc346426777"></A><A NAME="_Toc357409321"></A><A NAME="_Toc68106943"></A><A NAME="_Toc72049485"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">21.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Company May Purchase Insurance</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is or was a director, alternate director, officer, employee or agent of the Company;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the request of the Company, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the request of the Company, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">27</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">against any liability incurred by him or her as such derector, alternate director, officer, employee or agent or person who holds or held such equivalent position.</font></P>
<A NAME="_Toc333043827"></A><A NAME="_Toc333044143"></A><A NAME="_Toc333049237"></A><A NAME="_Toc346426778"></A><A NAME="_Toc357409322"></A><A NAME="_Toc68095787"></A><A NAME="_Toc68106944"></A><A NAME="_Toc72049486"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">22.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">DIVIDENDS</font></B></P>
<A NAME="_Toc346426779"></A><A NAME="_Toc357409323"></A><A NAME="_Toc68106945"></A><A NAME="_Toc72049487"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Payment of Dividends Subject to Special Rights</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The provisions of this Article 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.</font></P>
<A NAME="_Toc346426780"></A><A NAME="_Toc357409324"></A><A NAME="_Toc68106946"></A><A NAME="_Toc72049488"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Declaration of Dividends</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Subject to the <I>Business Corporations Act</I>, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.</font></P>
<A NAME="_Toc68106947"></A><A NAME="_Toc72049489"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">No Notice Required</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors need not give notice to any shareholder of any declaration under Article 22.2.</font></P>
<A NAME="_Toc68106948"></A><A NAME="_Toc72049490"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Record Date</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. Pacific Standard Time on the date on which the directors pass the resolution declaring the dividend.</font></P>
<A NAME="_Toc68106949"></A><A NAME="_Toc72049491"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Manner of Paying Dividend</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.</font></P>
<A NAME="_Toc68106950"></A><A NAME="_Toc72049492"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.6</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Settlement of Difficulties</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">set the value for distribution of specific assets;</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and</font> </P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">vest any such specific assets in trustees for the persons entitled to the dividend.</font></P>
<A NAME="_Toc346426781"></A><A NAME="_Toc357409325"></A><A NAME="_Toc68106951"></A><A NAME="_Toc72049493"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.7</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">When Dividend Payable</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any dividend may be made payable on such date as is fixed by the directors.</font></P>
<A NAME="_Toc68106952"></A><A NAME="_Toc72049494"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.8</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Dividends to be Paid in Accordance with Number of Shares</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">28</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<A NAME="_Toc346426783"></A><A NAME="_Toc357409327"></A><A NAME="_Toc68106953"></A><A NAME="_Toc72049495"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.9</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Receipt by Joint Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.</font></P>
<A NAME="_Toc346426784"></A><A NAME="_Toc357409328"></A><A NAME="_Toc68106954"></A><A NAME="_Toc72049496"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.10</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Dividend Bears No Interest</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No dividend bears interest against the Company.</font></P>
<A NAME="_Toc68106955"></A><A NAME="_Toc72049497"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.11</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Fractional Dividends</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.</font></P>
<A NAME="_Toc346426785"></A><A NAME="_Toc357409329"></A><A NAME="_Toc68106956"></A><A NAME="_Toc72049498"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.12</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Payment of Dividends</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.</font></P>
<A NAME="_Toc68106957"></A><A NAME="_Toc72049499"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">22.13</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Capitalization of Surplus</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.</font></P>
<A NAME="_Toc333043828"></A><A NAME="_Toc333044144"></A><A NAME="_Toc333049238"></A><A NAME="_Toc346426786"></A><A NAME="_Toc357409330"></A><A NAME="_Toc68095788"></A><A NAME="_Toc68106958"></A><A NAME="_Toc72049500"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">23.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">DOCUMENTS, RECORDS AND REPORTS</font></B></P>
<A NAME="_Toc346426789"></A><A NAME="_Toc357409333"></A><A NAME="_Toc68106959"></A><A NAME="_Toc72049501"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">23.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Recording of Financial Afairs</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the <I>Business Corporations Act</I>.</font></P>
<A NAME="_Toc68106960"></A><A NAME="_Toc72049502"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">23.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Inspection of Accounting Records</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.</font></P>
<A NAME="_Toc333043829"></A><A NAME="_Toc333044145"></A><A NAME="_Toc333049239"></A><A NAME="_Toc346426792"></A><A NAME="_Toc357409336"></A><A NAME="_Toc68095789"></A><A NAME="_Toc68106961"></A><A NAME="_Toc72049503"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">24.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">NOTICES</font></B></P>
<A NAME="_Toc346426793"></A><A NAME="_Toc357409337"></A><A NAME="_Toc68106962"></A><A NAME="_Toc72049504"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">24.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Method of Giving Notice</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Unless the <I>Business Corporations Act</I> or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the <I>Business Corporations Act</I> or these Articles to be sent by or to a person may be sent by any one of the following methods:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">29</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">mail addressed to the person at the applicable address for that person as follows:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">for a record mailed to a shareholder, the shareholder&#146;s registered address;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in any other case, the mailing address of the intended recipient;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">delivery at the applicable address for that person as follows, addressed to the person:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">for a record delivered to a shareholder, the shareholder&#146;s registered address;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">in any other case, the delivery address of the intended recipient;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class; and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(e)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">physical delivery to the intended recipient.</font></P>
<A NAME="_Toc68106963"></A><A NAME="_Toc72049505"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">24.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Deemed Receipt of Mailing</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing.</font></P>
<A NAME="_Toc68106964"></A><A NAME="_Toc72049506"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">24.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Certificate of Sending</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 24.1, prepaid and mailed or otherwise sent as permitted by Article 24.1 is conclusive evidence of that fact.</font></P>
<A NAME="_Toc346426795"></A><A NAME="_Toc357409339"></A><A NAME="_Toc68106965"></A><A NAME="_Toc72049507"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">24.4</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice to Joint Shareholders</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.</font></P>
<A NAME="_Toc346426796"></A><A NAME="_Toc357409340"></A><A NAME="_Toc68106966"></A><A NAME="_Toc72049508"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">24.5</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Notice to Trustees</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">mailing the record, addressed to them:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">30</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if an address referred to in paragraph 24.5(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.</font></P>
<A NAME="_Toc333043831"></A><A NAME="_Toc333044147"></A><A NAME="_Toc333049241"></A><A NAME="_Toc346426800"></A><A NAME="_Toc357409344"></A><A NAME="_Toc68095790"></A><A NAME="_Toc68106967"></A><A NAME="_Toc72049509"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">25.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">SEAL</font></B></P>
<A NAME="_Toc346426802"></A><A NAME="_Toc357409346"></A><A NAME="_Toc68106968"></A><A NAME="_Toc72049510"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">25.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Who May Attest Seal</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Except as provided in Articles 26.2 and 26.3, the Company&#146;s seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any two directors;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any officer, together with any director;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">if the Company only has one director, that director; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(d)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">any one or more directors or officers or persons as may be determined by the directors.</font></P>
<A NAME="_Toc68106969"></A><A NAME="_Toc72049511"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">25.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Sealing Copies</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer.</font></P>
<A NAME="_Toc68106970"></A><A NAME="_Toc72049512"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">25.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Mechanical Reproduction of Seal</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the <I>Business Corporations Act </I>or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretar
y-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.</font></P>
<A NAME="_Toc68095791"></A><A NAME="_Toc68106971"></A><A NAME="_Toc72049513"></A><P style="margin-top:7.2pt; margin-bottom:-9.2pt; padding-left:36pt; text-indent:-36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">26.</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:9.2pt; font-family:Times New Roman Bold; font-size:7.2pt" align=justify><B><font size="2">PROHIBITIONS</font></B></P>
<A NAME="_Toc68106972"></A><A NAME="_Toc72049514"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">26.1</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Definitions</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">In this Article 26:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(a)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;designated security&#148; means:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a voting security of the Company;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><font size="2">31</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman; font-size:12pt"><font size="2"><BR></font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(iii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">a security of the Company convertible, directly or indirectly, into a security described in paragraph 26.1(a)(i) and 26.1(a)(ii);</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(b)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;security&#148; has the meaning assigned in the <I>Securities Act</I> (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(c)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">&nbsp;&#147;voting security&#148; means a security of the Company that:</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(i)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">is not a debt security, and</font></P>
<P style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">(ii)</font></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.</font></P>
<A NAME="_Toc68106973"></A><A NAME="_Toc72049515"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">26.2</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Application</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Article 26.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.</font></P>
<A NAME="_Toc68106974"></A><A NAME="_Toc72049516"></A><P style="margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">26.3</font></B></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=justify><B><font size="2">Consent Required for Transfer of Shares or Designated Securities</font></B></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.</font></P>
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<P style="margin-top:9.15pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2"><BR></font></P>
<P style="margin-top:9.15pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font size="2">Approved by Shareholders on June 21, 2004.</font> </P>
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<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Carrie">
<META NAME="date" CONTENT="03/29/2005">
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<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><I>as Issuer</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:18pt"><BR></P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>AND</B></P>
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<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>PACIFIC CORPORATE TRUST COMPANY</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><I>as Trustee</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; padding-left:72pt; padding-right:72pt; line-height:19pt; font-family:Times New Roman; font-size:17pt" align=center>INDENTURE</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:17pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; padding-right:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Dated as of February 2, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; padding-left:103.5pt; padding-right:94.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>providing for the issue of 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TABLE OF CONTENTS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>Page&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 1 INTERPRETATION</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:386pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Definitions</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:386pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Interpretation</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Accounting Terms</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Headings and Table of Contents</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Section and Schedule References</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Governing Law</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Currency</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Non-Business Days</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Time</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Independence of Covenants</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.11</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Form of Documents Delivered to Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.12</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Acts of Holders</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.13</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Interest Payments and Calculations</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.14</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;English Language</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.15</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Successors and Assigns</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.16</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Severability Clause</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.17</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Benefits of Indenture</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">17</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.18</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Unclaimed Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">18</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.19</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Schedules</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">18</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>1.20</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Benefits of Indenture through Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">18</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 2 THE DEBENTURES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>18</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Limit of Issue and Designation of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">18</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Form and Terms of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">19</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Interest</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">19</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Prescription</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">20</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Issue of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">20</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Execution</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">20</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Certification by Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">21</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Registration of Exchanges</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">21</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Persons Entitled to Payment</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">22</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Payment of Principal and Interest on Definitive Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">22</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.11</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Book-Based System</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.12</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Payments of Principal and Interest for Book-Entry Only Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.13</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Rank and Subordination</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.14</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Register and Transfer</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.15</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Additional Amount</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">26</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.16</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Cancellation of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">27</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.17</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Mutilated, Lost, Stolen or Destroyed Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">27</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.18</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Access to Lists of Holders</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">28</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>2.19</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Legends on Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">29</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 3 REDEMPTION, REPURCHASE AND CANCELLATION OF DEBENTURES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>30</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Optional Redemption of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">30</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Partial Redemption of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">30</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Places of Payment</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">31</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice of Redemption</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">31</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Debentures Due on Redemption Date</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">31</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Deposit of Redemption Monies</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">32</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Right to Repay the Redemption Amount in Common Shares on Redemption</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">32</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Purchase of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">34</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Repurchase of Debentures upon a Change of Control</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">35</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>3.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Cancellation of Purchased Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">37</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 4 CONVERSION</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>37</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>4.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Conversion Right</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">37</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>4.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Completion of Conversion</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">38</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>4.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Fractional Shares</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">39</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>4.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Relating to the Issue of Common Shares</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">39</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>4.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Legends on Common Shares</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">39</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 5 MATURITY</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>40</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>5.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Payment of Principal and Interest at Maturity</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">40</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>5.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Right to Repay Principal Amount in Common Shares at Maturity</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">40</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 6 ADJUSTMENTS</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>42</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Adjustment of Conversion Price</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">42</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Other Adjustment of Conversion Price</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">46</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Rules Regarding Calculation of Adjustment of Conversion Price</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">47</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Certificate as to Adjustment</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">48</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice of Special Matters</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">48</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice of Expiry of Conversion Right</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">48</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>6.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Protection of Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">49</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 7 COMMON SHARE INTEREST PAYMENT ELECTION</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>49</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>7.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Common Share Interest Payment Election</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">49</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 8 CREATION AND INVESTMENT OF ESCROW</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>52</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>8.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Creation of Escrow</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">52</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>8.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Investment of Escrow</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">52</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>8.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Disbursements of Escrow</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">52</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 9 SUBORDINATION OF DEBENTURES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>53</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Agreement to Subordinate</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">53</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Distribution on Insolvency or Winding-up</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">53</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Subrogation of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">54</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.4</B></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B>&nbsp;No Payment to Debentureholders if Event of Default under the Senior&nbsp;</B></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6; padding-left: 72pt; padding-right: 36pt"><B>Indebtedness</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
55</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Authorization of Debentureholders to Trustee to Effect Subordination</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Knowledge of Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Trustee May Hold Senior Indebtedness</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Rights of Holders of Senior Indebtedness Not Impaired</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Altering the Senior Indebtedness</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Additional Indebtedness</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">56</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>9.11</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Right of Debentureholder to Convert Not Impaired</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">57</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 10 COVENANTS OF THE COMPANY</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>57</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Payment of Principal, Premium and Interest</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">57</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Maintenance of Office or Agency</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">57</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Corporate Existence; Books of Account</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">58</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Compliance Certificate</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">58</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice of Default</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">58</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Securities Laws</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">58</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Reporting</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">59</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>10.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Performance of Covenants by Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">59</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 11 EVENTS OF DEFAULT AND REMEDIES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>59</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Events of Default and Enforcement</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">59</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice of Event of Default</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">61</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Waiver of Declaration</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">61</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Waiver</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">62</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Other Remedies</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">62</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Application of Money Collected</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">62</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Control by Holders</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">63</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Limitation on Suits</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">63</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Collection Suit by Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">63</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Indenture Trustee May File Proofs of Claim</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">63</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.11</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Undertaking for Costs</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">64</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.12</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Delay or Omission Not Waiver</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">64</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.13</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Remedies Cumulative</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">64</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>11.14</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Judgement Against the Company</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">64</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 12 SATISFACTION AND DISCHARGE</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>64</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>12.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Non-Presentation of Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">64</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>12.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Discharge</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">65</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 13 THE INDENTURE TRUSTEE</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>65</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Duties of Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">65</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Employ Agents</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">66</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Reliance on Evidence of Compliance</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">66</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Provision of Evidence of Compliance to Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">66</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Contents of Evidence of Compliance</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">67</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.6</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Advice of Experts</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">67</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Indenture Trustee May Deal in Debentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">67</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Conditions Precedent to Indenture Trustee&#146;s Obligation to Act</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">67</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Indenture Trustee Not Required to Give Security</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">68</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.10</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Resignation or Removal of Indenture Trustee; Conflict of Interest</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">68</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.11</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Authority to Carry on Business; Resignation</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">69</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.12</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Protection of Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">70</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.13</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Additional Representations and Warranties of Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">71</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>13.14</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Compensation</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">72</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 14 MEETINGS OF HOLDERS OF DEBENTURES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>72</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Purposes for Which Meetings May be Called</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">72</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Call, Notice and Place of Meetings</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">72</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Proxies</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">73</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Persons Entitled to Vote at Meetings</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">73</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Quorum; Action</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">74</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.6</B></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B>&nbsp;Determination of Voting Rights; Chairman; Conduct and Adjournment&nbsp;</B></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B> of Meetings</B></P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: -16; margin-bottom: 6pt; padding-left: 72pt; padding-right: 36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
74</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.7</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Counting Votes and Recording Action of Meetings</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">75</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.8</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Instruments in Writing</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">75</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>14.9</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Holdings by the Company Disregarded</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">76</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before: always; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=right><BR></P>
<P style="text-indent: -72pt; line-height: 14pt; font-family: Times New Roman Bold; font-size: 12pt; margin-top: 0; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B>ARTICLE 15 AMALGAMATION, CONSOLIDATION, CONVEYANCE, TRANSFER&nbsp;</B></P>
<P style="text-indent: -72pt; line-height: 14pt; font-family: Times New Roman Bold; font-size: 12pt; margin-top: 0; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B> OR LEASE</B></P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman Bold; font-size: 12pt; margin-top: -16; margin-bottom: 0; padding-left: 72pt; padding-right: 36pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
76</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>15.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Amalgamation and Consolidations of Company and Conveyances Permitted Subject to Certain Conditions</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">76</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>15.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Rights and Duties of Successor Company</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">76</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>15.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Officers&#146; Certificate and Opinion of Counsel</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">77</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 16 NOTICES</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>77</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>16.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice to Company</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">77</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>16.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice to Holders</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">78</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>16.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Notice to Indenture Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">78</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 17 SUPPLEMENTAL INDENTURES AND AMENDMENTS</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>79</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>17.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Supplemental Indentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">79</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>17.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Execution of Supplemental Indentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">81</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>17.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Effect of Supplemental Indentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">81</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>17.4</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Reference in Debentures to Supplemental Indentures</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">81</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>17.5</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Prior Approval of Recognized Stock Exchange</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">81</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>ARTICLE 18 MISCELLANEOUS PROVISIONS</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt"><B>82</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>18.1</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Acceptance of Trusts</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">82</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>18.2</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Protection of Trustee</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">82</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>18.3</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; padding-right:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>&nbsp;Counterparts and Formal Date</B></P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:380pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">82</P>
<P style="margin-top:0pt; margin-bottom:6pt; padding-left:72pt; padding-right:36pt; text-indent:-72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>THIS INDENTURE</B> dated as of February 2, 2005</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B E T W E E N:</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:108pt; padding-right:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>ALAMOS GOLD INC.</B>, a corporation amalgamated under the laws of British Columbia having its head office at 1503-110 Yonge Street, Toronto, Ontario, Canada, M5C 1T4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:108pt; padding-right:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(hereinafter called the &#147;<B>Company</B>&#148;)</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- and -</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:108pt; padding-right:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>PACIFIC CORPORATE TRUST COMPANY</B>, a trust company incorporated under the laws of British Columbia, having an office in the City of Vancouver, in the Province of British Columbia, Canada.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:108pt; padding-right:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(hereinafter called the &#147;<B>Indenture</B> <B>Trustee</B>&#148;)</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>WHEREAS:</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</B>the Company desires to provide for the creation and issue of convertible unsecured subordinated debentures with the designation of &#147;5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010&#148; (the &#147;<B>Debentures</B>&#148;), all upon the terms and conditions set forth in this Indenture (as hereinafter defined);</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to authorize the execution and delivery of this Indenture by the Company, to make the same effective and binding upon the Company, and to make the Debentures, when certified by the Indenture Trustee and issued as provided in this Indenture, valid, binding and legal obligations of the Company with the benefit and subject to the terms of this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>C.</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></B>all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to authorize the issuance of the Common Shares (as hereinafter defined) that may be issued upon conversion, redemption or maturity of the Debentures; and</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>2</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>D.</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></B>the foregoing recitals are made as representations and statements of fact by the Company and not by the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>NOW, THEREFORE, THIS INDENTURE WITNESSES</B>, and it is hereby agreed and declared, as follows:</P>
<A NAME="_Toc94602475"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 1<BR>
<A NAME="_Toc38792042"></A>INTERPRETATION</B></P>
<A NAME="_Toc94602476"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Definitions</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following meanings:</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>1933 Act</B>&#148; means the United States Securities Act of 1933, as amended from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>1934 Act</B>&#148; means the United States Securities Exchange Act of 1934, as amended from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Act</B>&#148; or &#147;<B>Act of Holder(s)</B>&#148;, when used with respect to any Holder(s), shall have the meaning specified in section 1.12.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Additional Amount</B>&#148; has the meaning ascribed thereto in subsection 2.15.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Additional Shares&#148; </B>has the meaning ascribed thereto in subsection 3.9.8;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Affiliate</B>&#148; shall have the meaning ascribed thereto in the <I>Securities Act</I> (British Columbia), as amended from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Agent&#148; </B>means a Person appointed to act on behalf of another Person; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Applicable Law</B>&#148; shall mean, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes, regulations, treaties, orders, judgements and decrees, and all official requests, directives, rules, guidelines, orders, policies, practices and other requirements of any Governmental Authority relating or applicable at such time to such Person, property, transaction, event or other matter, and shall also include any interpretation thereof by any Person having jurisdiction over it or charged with its administration or interpretation;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Applicable Securities Law&#148;</B> shall mean any Applicable Law in any jurisdiction regulating, or regulating disclosure with respect to, any sale or distribution of securities in, or to residents of, such jurisdiction;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Applicants&#148;</B> has the meaning ascribed thereto in subsection 2.18.2;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>3</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Articles of the Company</B>&#148; means the Notice of Articles of the Company issued by the Registrar on October 15, 2004 and Articles of the Company approved by the shareholders of the Company on June 21, 2004, as amended from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Beneficial Holder</B>&#148; means a Person being the beneficial owner of a Debenture, as shown on a list maintained by a Participant or the Depository;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Board of Directors&#148;</B> shall mean either the board of directors of the Company, or any committee of that board duly authorized to make a decision on the matter in question;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Board Resolution&#148;</B> shall mean a copy of a resolution certified by the Chairman, President and Chief Executive Officer or any Vice-President or the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect and unamended on the date of such certification;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Book-Based System&#148;</B> shall mean, in relation to the Global Debenture, the debt clearing, record entry, transfer and pledge systems and services established and operated by or on behalf of the Depository for the Debentures (including where applicable pursuant to one or more agreements between such Depository and its Participants establishing the rules and procedures for such systems and services) or any successor systems or services thereof;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Book-Entry Only Debentures</B>&#148; means Debentures issued pursuant to the Book-Based System of the Depository;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Business Day</B>&#148; shall mean any day of the week, other than Saturday, Sunday or a statutory holiday in the Province of British Columbia, on which banking institutions are open for business in the City of Vancouver, Province of British Columbia and in the City of Toronto, Province of Ontario;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Canadian Dollar</B>&#148; or &#147;<B>Dollar</B>&#148; or &#147;<B>$</B>&#148; shall mean lawful currency of Canada;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Canadian generally accepted accounting principles</B>&#148; shall mean generally accepted accounting principles established from time to time by the Canadian Institute of Chartered Accountants;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Canadian Government Obligations</B>&#148; means securities that are (i) direct obligations of Canada for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of Canada, the payment of which is unconditionally guaranteed as a full faith and credit obligation by Canada, and shall also include a depository receipt issued by a bank or trust corporation as custodian with respect to any such Canadian Government Obligation or a specific payment of interest on or principal of any such Canadian Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount removed by the
 custodian in respect of the Canadian Government Obligation or the specific payment of interest on or principal of the Canadian Government Obligation evidenced by such depository receipt;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>4</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Capital Reorganization</B>&#148; has the meaning ascribed thereto in subsection 6.1.5;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Cash Transaction&#148;</B> means a transaction in respect of which the consideration for Common Shares is received wholly or Partially in Cash;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>CDS</B>&#148; shall mean The Canadian Depository for Securities Limited, together with its successors from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Certificate of the Company</B>&#148; shall mean a certificate signed by a Responsible Officer of the Company;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Change of Control</B>&#148; means the acquisition of voting control or direction over 66 2/3% or more of the aggregate voting rights attached to the Common Shares then outstanding; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Shares</B>&#148; means the Common Shares in the capital of the Company;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Bid Request</B>&#148; means a request for bids to purchase Common Shares (to be issued by the Company on the Common Share Delivery Date) made by the Indenture Trustee in accordance with the Common Share Interest Payment Election Notice;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Delivery Date</B>&#148; means a date, not more than 90 days and not less than seven Business Days prior to the applicable Interest Payment Date, upon which Common Shares are issued by the Company and delivered to the Indenture Trustee for sale pursuant to Common Share Purchase Agreements;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Interest Payment Election</B>&#148; means an election by the Company to issue and deliver Common Shares to the Indenture Trustee for sale in the open market or pursuant to acceptable bids obtained pursuant to the Common Share Bid Requests in order to satisfy all or a part of an Interest Obligation in the manner described in the Common Share Interest Payment Election Notice;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Interest Payment Election Amount</B>&#148; means the aggregate net proceeds resulting from the sale of Common Shares on or about the Common Share Delivery Date on the open market or pursuant to acceptable bids obtained pursuant to the Common Share Bid Requests;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Interest Payment Election Notice</B>&#148; means a written notice made by the Company to the Indenture Trustee specifying:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Interest Obligation to which the election relates;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the amount of proceeds which the Company wishes to raise;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the investment banks, brokers or dealers through which the Indenture Trustee shall seek bids to purchase the Common Shares and the conditions of such bids, which may include the minimum number of Common Shares, minimum price per Common Share, timing for closing for bids and such other matters as the Company may specify; and</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>5</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>that the Indenture Trustee shall either sell on the open market or solicit and accept through the investment banks, brokers or dealers selected by the Company only those bids which comply with such notice;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Proceeds Investment</B>&#148; has the meaning ascribed thereto in subsection 7.1.10;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Common Share Price&#148;</B> means the per Common Share consideration paid to holders of Common Shares in respect of the Cash Transaction.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Purchase Agreement</B>&#148; means an agreement in customary form among the Company, the Indenture Trustee and the Persons making acceptable bids pursuant to a Common Share Bid Request, which complies with all Applicable Laws and the rules and regulations of any Recognized Stock Exchange;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Common Share Reorganization</B>&#148; has the meaning ascribed thereto in subsection 6.1.2;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Company</B>&#148; shall mean Alamos Gold Inc. until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter, &#147;Company&#148; shall mean such successor corporation;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Company Request</B>&#148; or &#147;<B>Company Order</B>&#148; shall mean a written request or order signed in the name of the Company by any Responsible Officer of the Company and delivered to the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Conversion Date</B>&#148; has the meaning ascribed thereto in subsection 4.1.2;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Conversion Notice</B>&#148; has the meaning ascribed thereto in subsection 4.1.2;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Conversion Number</B>&#148;, as of the applicable Conversion Date, means the number obtained when dividing $1,000 principal amount, of Debentures by the Conversion Price and rounding to four decimal places;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Conversion Price</B>&#148; means $5.30 per Common Share, subject to adjustment from time to time pursuant to article 6;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Conversion Value</B>&#148; means, for each $1,000 principal amount of Debentures, the amount equal to the Conversion Number multiplied by the Current Market Price;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Corporate Trust Office</B>&#148; shall mean the principal office or offices of the Indenture Trustee in the City of Vancouver, Province of British Columbia, at which at any particular time its corporate trust business shall be administered;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Counsel</B>&#148; shall mean, in the case of Counsel to the Indenture Trustee, any barrister, solicitor or other lawyer or firm of barristers, solicitors or other lawyers retained or employed by the Indenture Trustee (who may, except as otherwise expressly provided in this Indenture, also be Counsel to the Company) and, in the case of Counsel to the Company, any barrister, solicitor or other lawyer or firm of barristers, solicitors or other lawyers retained or employed by the Company;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>6</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Credit Watch</B>&#148; means, in respect of a rating, the potential direction of a short or long-term rating which is based on identifiable events and short-term trends that cause ratings to be placed under special surveillance by S&amp;P;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Current Market Price</B>&#148; means, in respect of the Common Shares on any Date of Determination, except as otherwise provided, an amount equal to the Weighted Average Trading Price of such shares on a Recognized Stock Exchange for 20 consecutive Trading Days ending five Trading Days prior to such Date of Determination, provided that if the Common Shares are listed on more than one Recognized Stock Exchange, the Current Market Price shall be calculated on the Recognized Stock Exchange on which the volume of transactions on the Common Shares was the highest during such 20 consecutive Trading Days, or if the Common Shares are not listed on any Recognized Stock Exchange, then on the over-the-counter market;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Date of Determination</B>&#148; means, as applicable, the Conversion Date, the Redemption Date, the Payment Date or the Maturity Date;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Debentureholder(s)</B>&#148; or &#147;<B>Holder(s)</B>&#148; means the registered holder(s) of Debentures for the time being, and including, for greater certainty, in the case of any Global Debenture, the Depository or its nominee in whose name such Registered Global Debenture is registered, as the case may be;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Debentures</B>&#148; means the 5.50% convertible unsecured subordinated debentures due February 15, 2010 issued under this Indenture and certified pursuant to this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Definitive Debentures</B>&#148; means Debentures in the form of individual certificates in definitive fully registered form issued pursuant to section 2.2 and substantially in the form of Schedule &#147;A&#148;;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Depository</B>&#148;, in respect of the Book-Entry Only Debentures, means CDS and includes any successor corporation or any other depository subsequently appointed by the Company as the depository in respect of Book-Entry Only Debentures;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Dividends Paid in the Ordinary Course&#148;</B> means dividends paid on the Common Shares in any financial year of the Company, whether in (i) cash, (ii) shares of the Company, or (iii) rights, options or warrants to purchase any shares, property or other assets of the Company (but excluding rights, options or warrants referred to in subsections 6.1.2(c) or (d)), in each case to the extent that the amount or value of such dividends paid in such financial year in the aggregate does not exceed the greater of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>150% of the aggregate amount or value of dividends paid by the Company on the Common Shares in its immediately preceding financial year; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>100% of the consolidated net income of the Company (before extraordinary items but after dividends payable on all shares ranking prior to or on a parity with the Common Shares with respect to the payment of dividends) for its immediately preceding financial year, determined in accordance with Canadian generally accepted accounting principles,</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>7</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt" align=justify>and for the purpose of the foregoing where any dividend is paid otherwise than in cash, any securities so distributed by way of dividend shall be valued at the Fair Market Value of such securities;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Effective Date&#148;</B> means the date that the Cash Transaction has become or been declared unconditional in all respects and the Company becomes aware that the right to cast more than 66 2/3% of the votes which may ordinarily be cast on a poll at a general meeting of the shareholders has or will become unconditionally vested in the offeror and/or any associate(s) of the offeror.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Escrow Account</B>&#148; means the segregated, interest bearing trust account established by the Indenture Trustee in to which the Escrowed Funds shall be deposited and which is established in accordance with article 8<B> </B>of this Trust Indenture;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Escrowed Funds</B>&#148; means an amount equal to $2,848,000 deposited with and held by the Indenture Trustee pursuant to the terms hereof:</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;&#147;<B>Event of Default</B>&#148; shall mean any of the events identified in section 11.1.1 as being an Event of Default;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Extraordinary Resolution</B>&#148; means a resolution at a meeting of Holders of Debentures duly convened and held in accordance with the provisions of article 14 passed by the favourable votes of the Holders of not less than 66 <SUP>2/3</SUP>% of the principal amount of Outstanding Debentures represented in person or by proxy at such meeting or signed in the manner contemplated by section 14.8;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Fair Market Value</B>&#148;, as at any date, means:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>with respect to a security listed and posted for trading on a stock exchange, the Weighted Average Trading Price of such security on such stock exchange for the 20 consecutive Trading Days immediately preceding such date on the stock exchange on which the greatest volume of trading in the security occurred during such 20 Trading Day period;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>with respect to a security not listed and posted for trading on a stock exchange but traded in an over-the-counter market, the Weighted Average Trading Price of such security on such over-the-counter market for the 20 consecutive Trading Days immediately preceding such date; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>with respect to a security not listed and posted for trading on a stock exchange and not traded in an over-the-counter market, the fair market value thereof at such date as determined by the Board of Directors; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>for any other security or property, the fair market value thereof at such date as determined by the Board of Directors or an independent member of the Investment Dealers Association of Canada selected from time to time by the Board of Directors for such purpose;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>8</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Freely Tradeable</B>&#148; means, in respect of shares of any class in the capital of any corporation, shares which (i) are issuable by a corporation without the necessity of filing a prospectus or any other similar offering document (other than such prospectus or similar offering document that has already been filed) under Applicable Securities Laws and such issue does not constitute a distribution (other than a distribution already qualified by prospectus or similar offering document) or constitutes an exempt distribution under Applicable Securities Laws; and (ii) can be traded by the holder thereof without any restriction under Applicable Securities Laws, such as hold periods, except in the case of a &#147;control distribution&#148; as defined under Applicable Securities Laws and except in respect of shares required to carry legends pursuant to sections 2.19, 3.7.10 and 4.5 h
ereto;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Global Debenture</B>&#148; means one or more fully registered global Debentures as described in subsection 2.11.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Governmental Authority</B>&#148; shall mean, when used with respect to any Person, any government, parliament, legislature, regulatory authority, agency, tribunal, department, commission, board, instrumentality, court, arbitration board or arbitrator or other law, regulation or rule-making entity (including a Minister of the Crown, any central bank, Superintendent of Financial Institutions, Recognized Stock Exchange, or other comparable authority or agency) having or purporting to have jurisdiction on behalf of, or pursuant to the laws of, Canada or any country in which such Person is residing, incorporated, continued, amalgamated, merged or otherwise created or established or in which such Person carries on business or holds property, or any province, territory, state, municipality, district or political subdivision of any such country or of any such province, territory or stat
e of such country;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Indenture</B>&#148; means or refers to this Indenture as amended or supplemented by any indenture, deed or instrument supplemental or ancillary thereto;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Indenture Trustee</B>&#148; shall mean Pacific Corporate Trust Company until a successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter, &#147;Indenture Trustee&#148; shall mean or include each Person who is then an Indenture Trustee hereunder;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Independent Member of the Investment Dealers Association of Canada</B>&#148; means a member firm of the Investment Dealers Association of Canada that, in the determination of the Board of Directors acting reasonably, is independent of the Company and the issuer of any securities that are the subject matter of the engagement, having regard to, among other things, the considerations set out in National Instrument 33-105 Underwriting Conflicts or any successor instrument;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Interest Obligation</B>&#148; means the obligation of the Company to pay interest on the Debentures, as and when the same becomes due;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>9</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Interest Payment Date</B>&#148; means August 15 and February 15 in each year until all interest has been paid, the first Interest Payment Date being August 15, 2005 and the last Interest Payment Date being February 15, 2010;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Investment Grade</B>&#148; means a rating equal to or higher than BBB- (or the equivalent) by S&amp;P, or BBB (low) or higher by Dominion Bond Rating Service Limited (or the equivalent rating by any of their respective successor rating agency businesses);</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Issue Date&#148;</B> means the date on which the Debentures are issued by the Company pursuant to this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Legended Debentures</B>&#148; means Debentures bearing the legend provided for in section 2.19;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Maturity</B>&#148; shall mean the date on which principal becomes due and payable under the Debentures;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Maturity Date</B>&#148; means February 15, 2010 or such other date on which the Debentures become due and payable;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Maturity Notice</B>&#148; has the meaning attributed thereto in subsection 5.2.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Mulatos Project&#148;</B> means the mineral exploration and development project carried out on the concessions (including Salamandra) owned or leased by the Company and located at or near the village of Mulatos in the state of Sonora in the United Mexican States as described in the Issuer&#146;s annual information form for the year ended December 31, 2003, as amended and supplemented from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Notice</B>&#148; shall mean any notice, document or other communication required or permitted to be given under this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Offering Document</B>&#148; shall mean, with respect to the Debentures, the prospectus, offering memorandum or similar disclosure document prepared by or on behalf of the Company for delivery to purchasers, or prospective purchasers, of the Debentures or any part of the Debentures in connection with the initial sale of the Debentures; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Offer to Purchase</B>&#148; means an offer to purchase in cash Debentures by the Company from the Debentureholders commenced by mailing a notice to the Indenture Trustee and the Indenture Trustee mailing a notice to and each Debentureholder specifying the material terms of the Offer to Purchase and any other information required in such notice by the Indenture;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Office</B>&#148; or &#147;<B>Agency</B>&#148; shall mean an office or agency of the Company, the Indenture Trustee, the Registrar or the Paying Agent, as the case may be, maintained or designated in the Place of Payment pursuant to this Indenture or any other office or agency of the Company, the Indenture Trustee, the Registrar or the Paying Agent, as the case may be, maintained or designated pursuant to this Indenture;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>10</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Officers&#146; Certificate</B>&#148; shall mean a written certificate signed by any Responsible Officer of the Company ,
 and delivered to the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Opinion of Counsel</B>&#148; shall mean a written opinion addressed to the Indenture Trustee (among other addressees) by Counsel who shall be reasonably satisfactory to the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Outstanding</B>&#148; when used with respect to Debentures shall mean, as of the date of determination, all Debentures theretofore certified and delivered by the Indenture Trustee under this Indenture, except:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures theretofore cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures for whose payment, purchase, repurchase or redemption money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent (other than the Company) under gratuitous deposit or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Debentures; provided, however, that if such Debentures are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Indenture Trustee has been made; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures that have been surrendered to the Indenture Trustee pursuant to section 2.16 or in exchange for or in lieu of which other Debentures have been certified and delivered pursuant to this Indenture, other than any such Debentures in respect of which there shall have been presented to the Indenture Trustee proof satisfactory to it that such Debentures are held by a <I>bona fide</I> purchaser in whose hands such Debentures are valid obligations of the Company;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>provided, however, that in determining whether the Holders of the requisite principal amount of Debentures then Outstanding have taken any Act of Holders hereunder, Debentures owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be then Outstanding; provided further that, in determining whether the Indenture Trustee shall be protected in acting and relying upon such Act of Holders, only Debentures of which the Indenture Trustee has actual notice that they are so owned shall be so disregarded; and provided further that Debentures so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee&#146;s right to act with respect to such Debentures and that the pledgee is not the Company or any Affiliate of the Company;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Partially in Cash&#148;</B> means in respect of consideration received for Common Shares, consideration which includes (i) cash, (ii) other property or (iii) equities that are not traded or scheduled to be traded immediately following such transaction on a Recognized Stock Exchange where the fair market value of such cash, other property or equities is 10% or more of the aggregate fair market value of the consideration;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>11</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Participant</B>&#148; shall mean, in relation to a Depository, a broker, dealer, bank or other financial institution or other Person on whose behalf such Depository or its nominee holds Debentures pursuant to a Book-Based System operated by such Depository;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Paying Agent</B>&#148; shall mean the Indenture Trustee (in such capacity) or other Person or Persons authorized by the Company to pay the principal (and premium, if any) or interest on any Debentures on behalf of the Company, together with such Person&#146;s successors from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Payment Date</B>&#148; has the meaning ascribed thereto in subsection 3.9.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Person</B>&#148; shall mean any natural person, corporation, firm, partnership, joint venture, trustee, executor, liquidator of a succession, administrator, legal representative or other unincorporated association, trust, unincorporated organization, government or Governmental Authority and pronouns relating thereto have a similar extended meaning;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Place of Payment</B>&#148; shall mean the place or places where the principal of and any premium, if any, interest and other amounts on Debentures are payable;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Proceeding</B>&#148; shall mean any suit, action or other judicial or administrative proceeding;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Property</B>&#148; shall mean any asset, revenue or any other property or property right or interest, whether tangible or intangible, real or personal, including, without limitation, any right to receive income;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Property Account</B>&#148; means a segregated trust account with a &#147;financial institution&#148; as that term is defined in the <I>Bank Ac</I>t (Canada);</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Recognized Stock Exchange</B>&#148; means the TSX or any other stock exchange on which the Common Shares are then listed and posted for trading;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Redemption Amount</B>&#148; has the meaning ascribed thereto in section 3.4;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Redemption Date</B>&#148; means the later of (i) February 15, 2008 and (ii) the date selected by the Company for redemption pursuant to section 3.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Redemption Notice</B>&#148; has the meaning ascribed thereto in section 3.4;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Redemption Price</B>&#148; shall mean, when used with respect to any Debenture to be redeemed, the price at which it is to be redeemed;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Registrar</B>&#148; shall mean the Indenture Trustee (in such capacity) or other Person authorized by the Company to act as registrar for the Debentures, together with such Persons&#146; successors from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Regular Interest Record Date</B>&#148; means, with respect to an Interest Payment Date, the date determined as the record date for the determination of the Holders to which interest on Debentures is payable on such Interest Payment Date, which date shall be the fifteenth Business Day of the month immediately preceding the month in which such Interest Payment Date occurs for the Debentures;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>12</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Regulation S Resale&#148;</B> has the meaning ascribed thereto in subsection 2.14.2;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Responsible Officer of the Company</B>&#148; means the Chairman, President and Chief Executive Officer, any Vice-President, the Secretary, any Assistant Secretary, or any other officer of the Company customarily performing functions similar to those performed by any of the above designated officers; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Rights Period</B>&#148;<B> </B>and &#147;<B>Rights Offering</B>&#148; have the meanings ascribed thereto in subsection 6.1.3;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Rights Offering Price</B>&#148;<B> </B>has the meaning ascribed thereto in subsection 6.1.6;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Rule 144 Sale&#148;</B> has the meaning ascribed thereto in subsection 2.14.2;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>S&amp;P</B>&#148; means Standard &amp; Poor&#146;s Ratings Group, a division of the McGraw-Hill Companies, together with its successors from time to time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Security</B>&#148; shall mean any mortgage, pledge, hypothec, lien, security interest, charge or other encumbrance of any kind;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Senior Indebtedness&#148;</B> means the principal of, the premium (if any) and interest and other obligations on all indebtedness of the Company, other than indebtedness represented by the Debentures which, presently or in the future: &nbsp;(i) is secured; (ii) is owed to a bank or other financial institution, whether or not secured; (iii) subject to section 8.10 is incurred for the purpose of financing the development of the Mulatos Project; or (iv) renewals, extensions and refundings of any such indebtedness, unless, in any of the cases specified above, it is provided by the terms of the instrument creating or evidencing such indebtedness that such indebtedness is not to be superior in right of payment to the Debentures; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Share Redemption Right</B>&#148; has the meaning ascribed thereto in subsection 3.7.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Share Repayment Right</B>&#148; has the meaning ascribed thereto in subsection 5.2.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Special Distribution</B>&#148;<B> </B>has the meaning ascribed thereto in subsection 6.1.4;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Stated Maturity</B>&#148; shall mean, with respect to any principal of or accrued interest on a Debenture, the fixed date or dates specified on which such principal or interest is due and payable;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Subsidiary</B>&#148; in relation to any body corporate, shall mean a corporation a majority of the outstanding voting securities of which are beneficially owned, directly or indirectly, by or for such body corporate and/or by or for any corporation in like relation to such body corporate and includes any corporation in like relation to a Subsidiary and, for purposes of this definition, &#147;voting securities&#148; means securities having under all circumstances voting power to elect at least a majority of the board of directors, provided that, securities which only carry the</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>13</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;right to vote conditionally on the happening of an event shall not be considered to be voting securities nor shall any securities be deemed to cease to be voting securities solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such event;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Successor Company</B>&#148; shall have the meaning ascribed thereto in subsection 15.1.1(a);</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Supplemental Indenture</B>&#148; shall have the meaning ascribed thereto in section 17.1.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Taxes</B>&#148; has the meaning ascribed thereto in section 2.15;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Trading Day</B>&#148; means, with respect to any Recognized Stock Exchange or any other market for securities, any day on which such exchange or market is open for trading or quotation;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Transfer Agent</B>&#148; shall mean the Indenture Trustee or other Person or Persons appointed as the transfer agent for the Debentures, in such capacity, together with such Persons&#146; or Person&#146;s successor from time to time in such capacity;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>United States</B>&#148; has the meaning ascribed to that term in Regulation S under the 1933 Act;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>U.S. Legend</B>&#148; has the meaning attributed thereto in subsection 2.19.1;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Voting Shares</B>&#148; means a share conferring a right to vote in all circumstances or by reason of an event which occurred or is occurring, and includes a security convertible into such a share, as well as an option or a right which may be exercised to acquire such a share or security and in particular the Common Shares of the Company;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Weighted<I> </I>Average Trading Price</B>&#148; means, with respect to any security on a stock exchange or quotation service during a specified period, the quotient obtained by dividing (i) the aggregate sale price of all such securities sold on such stock exchange or quotation service during such period by (ii)<B><I> </I></B>the total number of such securities sold on such stock exchange or quotation service during such period, as determined from time to time by the Board of Directors, or upon request of the Board of Directors, as determined by an Independent Member of the Investment Dealers Association of Canada for such purpose; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Wholly-Owned Subsidiary</B>&#148; means any corporation of which the Company beneficially owns, directly or indirectly, all the Voting Shares and equity shares and a corporation shall be deemed to beneficially own Voting Shares and equity shares beneficially owned by a Wholly-Owned Subsidiary and so on indefinitely; </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Written Order</B>&#148; or &#147;<B>Written Request</B>&#148; means a written order or request, respectively, signed in the name of the Company by an authorized officer or director of the Company; and</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all other terms which are used herein but not otherwise defined herein, and that are defined in the <I>Securities Act</I> (British Columbia), either directly or by reference therein, shall have the meanings assigned to them therein.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>14</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602477"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Interpretation</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Words importing the singular number shall include the plural and vice versa and words importing gender shall include the masculine, feminine and neuter genders.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The words &#147;<B><U>hereto</U></B>&#148;, &#147;<B><U>herein</U></B>&#148;, &#147;<B><U>hereof</U></B>&#148;, &#147;<B><U>hereby</U></B>&#148;, &#147;<B><U>hereunder</U></B>&#148;, and other words of similar import refer to this Indenture as a whole and not to any particular article, section, subsection, paragraph, clause or other part of this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Except as otherwise provided herein, any reference in this Indenture to any act, statute, regulation, policy statement, instrument, agreement, or section hereof shall be deemed to be a reference to such act, statute, regulation, policy statement, instrument, agreement or section thereof as amended, re-enacted or replaced from time to time.</P>
<A NAME="_Toc94602478"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Accounting Terms</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></B>As used in this Indenture and in any certificate or other document made or delivered pursuant to this Indenture, accounting terms not defined in this Indenture, or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under Canadian generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture, or in any such certificate or other document are inconsistent with the meanings of such terms under Canadian generally accepted accounting principles, the definitions contained in this Indenture, or in any such certificate or other document shall prevail.</P>
<A NAME="_Toc94602479"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Headings and Table of Contents</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></B>The division of this Indenture, or any related document, into articles, sections, subsections, paragraphs, clauses and other subdivisions, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or any such related document.</P>
<A NAME="_Toc94602480"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Section and Schedule References</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless something in the subject matter or context is inconsistent therewith, references in this Indenture to articles, sections, subsections, paragraphs, clauses, other subdivisions, exhibits, appendices or schedules are to articles, sections, subsections, paragraphs, clauses, other subdivisions, exhibits, appendices or schedules of or to this Indenture.</P>
<A NAME="_Toc94602481"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Governing Law</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Indenture and each Debenture issued hereunder shall be governed by, and construed with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>15</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602482"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Currency</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless expressly provided to the contrary in this Indenture or in any Debenture, all monetary amounts in this Indenture or in such Debenture refer to Canadian Dollars.</P>
<A NAME="_Toc94602483"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Non-Business Days</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless expressly provided to the contrary in this Indenture or in any Debenture, whenever any payment shall be due, any period of time shall begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall be made and such other actions shall be taken, as the case may be, on, or as of, or from a period ending on, the next succeeding Business Day.</P>
<A NAME="_Toc94602484"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.9</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Time</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless otherwise expressly stated in this Indenture or in any Debenture, all references to a time will mean Pacific Standard Time. Time shall be of the essence in this Indenture.</P>
<A NAME="_Toc94602485"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Independence of Covenants</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each covenant contained in this Indenture shall be construed (absent an express provision to the contrary) as being independent of each other covenant, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.</P>
<A NAME="_Toc94602486"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.11</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Documents Delivered to Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.11.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.11.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.</P>
<A NAME="S112"></A><A NAME="_Toc94602487"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.12</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Acts of Holders</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.12.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may, alternatively, be embodied in and evidenced by the record of Holders of Debentures</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>16</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;voting in favour thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Debentures duly called and held in accordance with the provisions of article 14, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such requisite instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;Act of Holders&#148; or the &#147;Act&#148; of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and, subject to subsection 13.1.1, conclusive in 
favour of the Indenture Trustee and the Company, if made in the manner provided in this section 1.12. The record of any meeting of Holders of Debentures shall be provided in the manner specified in section 14.7.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.12.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such instrument or writing acknowledged to such notary public or other officer the execution thereof. Where such execution is by a signer acting in a capacity, other than such signer&#146;s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer&#146;s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any manner that the Indenture Trustee deems sufficient.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.12.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company or the Indenture Trustee shall solicit from the Holders of Debentures any Act, the Company or the Indenture Trustee, as the case may be, may, at its option, fix in advance a record date for the determination of Holders of Debentures entitled to take such Act, but the Company or the Indenture Trustee, as the case may be, shall have no obligation to do so. Any such record date shall be fixed at the Company&#146;s or the Indenture Trustee&#146;s discretion, as the case may be, provided that such record date shall be fixed on a date not more than 60 days prior to the Act. If such a record date is fixed, such Act may be sought or taken before or after the record date, but only the Holders of Debentures of record at the close of business on such record date shall be deemed to be Holders of Debentures for the purpose of determining whether Holders of the requisite proportion of Debentu
res Outstanding have authorized or agreed or consented to such Act, and for that purpose the Debentures Outstanding shall be computed as of such record date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.12.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Act of the Holder of any Debenture shall bind every future holder of the same Debenture and the Holder of every Debenture issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, suffered or omitted by the Indenture Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Debenture.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>17</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602488"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.13</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Interest Payments and Calculations</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.13.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All interest payments to be made under this Indenture or any Debenture shall be paid without allowance or deduction for deemed re-investment or otherwise, both before and after Maturity and before and after default and/or judgement, if any, until payment of the amount on which such interest is accruing, and, to the extent permitted by Applicable Law, interest will accrue on overdue interest.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.13.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For the purposes of the <I>Interest Act</I> (Canada), if in this Indenture or in any Debenture a rate of interest is or is to be calculated on the basis of a period which is less than a full calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the calendar year for which such calculation is made and divided by 365 days.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.13.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The rate of interest stipulated in this Indenture or in any Debenture will be calculated using the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the principle of deemed re-investment of interest.</P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.13.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In calculating interest under this Indenture or under a Debenture for any period, unless otherwise specifically stated, the first day of such period shall be included and the last day of such period shall be excluded.</P>
<A NAME="_Toc94602489"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.14</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>English Language</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company, the Indenture Trustee and, by their acceptance of Debentures and the benefits of this Indenture, the Holders acknowledge that this Indenture, each Debenture and each document related hereto and thereto has been drawn up in English at the express will of such Persons. </P>
<A NAME="_Toc94602490"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.15</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Successors and Assigns</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether expressed or not.</P>
<A NAME="_Toc94602491"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.16</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Severability Clause</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>
<A NAME="_Toc94602492"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.17</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Benefits of Indenture</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Nothing in this Indenture and in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Paying Agent, any Registrar and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>18</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602493"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.18</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unclaimed Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to Applicable Law, all Debentures together with any interest thereon which remain unclaimed after a period of three calendar years from the date on which they are redeemed or mature shall be forfeited and shall revert to the Company. </P>
<A NAME="_Toc94602494"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.19</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedules</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The following Schedules form part of this Indenture:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;A&#148; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>- </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Debenture</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;B&#148; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>- </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Redemption Notice</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;C&#30;1&#148; - </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Conversion Notice</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;C&#30;2&#148; - </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Maturity Notice</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;D&#148; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>- </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Principal Amount Grid</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;E&#148; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>- </P>
<P style="margin:0pt; padding-left:72pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form of Declaration for Removal of U.S. Legend</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Schedule &#147;F&#148; - </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Table for Determining the Number of Additional Shares in </P>
<P style="margin:0pt; padding-left:72pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Event of a Cash Transaction</P>
<A NAME="_Toc94602495"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.20</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Benefits of Indenture through Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For greater certainty, this Indenture is being entered into with the Indenture Trustee for the benefit of the Holders and the Indenture Trustee declares that it holds all rights, benefits and interests of this Indenture on behalf of and as the person holding the power of attorney of, the Holders and each such person who becomes a Holder of the Debentures from time to time.</P>
<A NAME="_Toc94602496"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 2<BR>
THE DEBENTURES</B></P>
<A NAME="_Toc94602497"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Limit of Issue and Designation of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures authorized to be issued hereunder shall consist of, and be limited to $50,000,000 aggregate principal amount and shall be designated as &#147;5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010.&#148;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>19</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S22"></A><A NAME="_Toc94602498"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Form and Terms of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures shall be dated as of the Issue Date. The Debentures shall bear interest from and including the Issue Date at the rate of 5.50% per annum (after as well as before Maturity, default and judgement, with interest on overdue interest at the said rate), payable in equal semi-annual instalments in arrears on each Interest Payment Date, and the Debentures shall mature on the Maturity Date.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to the Share Redemption Right pursuant to subsection 3.7.1 and the Share Repayment Right pursuant to subsection 5.2.1, the principal of the Debentures will be payable on the Maturity Date in lawful money of Canada against surrender thereof by the Holder at any of the places at which a register is maintained pursuant to section 2.14 or at such place or places as may be designated by the Company for that purpose.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures shall be issued as fully registered Debentures in denominations of $1,000 and integral multiples of $1,000, or as a Global Debenture, shall be redeemable as provided for in article 3 and shall be convertible as provided for in article 4.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures and the certificate of the Indenture Trustee endorsed thereon shall be substantially in the form set forth in Schedule &#147;A&#148; hereto, provided that if a Debenture is issued as a Global Debenture in accordance with section 2.11, it shall have appended thereto a principal amount grid in the form of Schedule &#147;D&#148; which shall be appropriately adjusted at such times as Debentures are converted, redeemed or repurchased in accordance with the terms hereof.</P>
<A NAME="_Toc94602499"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Interest</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each Debenture issued hereunder, whether issued originally or in exchange for another Debenture, shall bear interest daily from and including the Issue Date or from and including the last Interest Payment Date on which interest shall have been paid or made available for payment on the Debentures then Outstanding, whichever shall be the later, to but excluding the earlier of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the following Interest Payment Date;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if called for redemption pursuant to section 3.1, the Redemption Date;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if purchased in accordance with section 3.8, the date of payment;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if repurchased in accordance with section 3.9, the Payment Date;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if converted in accordance with section 4.1, the Conversion Date; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Maturity Date;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>unless such payment is improperly withheld or refused, upon due presentation and surrender thereof for payment on or after the appropriate date. Interest will be computed on the basis of a 365-day year. The first Interest Payment Date shall be August 15, 2005 and the payment will amount to $29.46 per $1,000 principal amount of Debenture. Each subsequent payment on an Interest Payment Date will amount to $27.50 per $1,000 principal amount of Debenture.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>20</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S24"></A><A NAME="_Toc94602500"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prescription</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The right of the Debentureholders to exercise their rights under this Indenture shall become void unless the Debentures are presented for payment within a period of three years from the Maturity Date, after which payment thereof shall be governed by the provisions of article 12 hereof. The Company shall have satisfied its obligations under the Debentures upon remittance to the Indenture Trustee for the account of the Debentureholders, upon redemption, repurchase, conversion or at the Maturity Date, of any and all consideration due hereunder in cash or by the delivery of Freely Tradeable Common Shares, subject to and in accordance with the provisions of this Indenture, and such remittance shall for all purposes be deemed a payment to the Debentureholders, and to that extent such Debentures shall thereafter not be considered as Outstanding and the Debentureholders shall h
ave no right, except to receive payment out of the moneys so paid and deposited or Freely Tradeable Common Shares deposited upon surrender of its Debentures.</P>
<A NAME="_Toc38792068"></A><A NAME="_Toc94602501"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Issue of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures in such aggregate principal amounts as the Board of Directors shall determine and in lawful money of Canada<B> </B>shall be executed by the Company from time to time and, forthwith after such execution, shall be delivered to the Indenture Trustee and shall be certified by the Indenture Trustee and delivered to the Company in accordance with the terms of section 2.7. Other than as contemplated by section 13.14, the Indenture Trustee shall receive no consideration for the certification of Debentures.</P>
<A NAME="_Toc94602502"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Execution</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.6.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures shall be executed on behalf of the Company by any two Responsible Officers of the Company. The Debentures may, but need not, be under the corporate seal of the Company or a reproduction thereof (which reproduction shall for such purposes be deemed to be the corporate seal of the Company). The signature of any of these officers on the Debentures may be manual or facsimile. Debentures bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Debentures.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.6.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If Debentures are issued as Definitive Debentures, the Company shall provide to the Indenture Trustee, the Registrar and the Paying Agent a supply of certificates to evidence such Definitive Debentures in such form, in such amounts, bearing such distinguishing letters and numbers, and as at such times as are necessary to enable the Indenture Trustee, the Registrar and the Paying Agent to fulfil their respective responsibilities under this Indenture.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>21</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S27"></A><A NAME="_Toc94602503"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Certification by Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debentures executed on behalf of the Company to the Indenture Trustee for certification, pursuant to a Company Order applicable thereto and evidence of compliance, if requested by the Indenture Trustee, in accordance with section 13.4 and Applicable Law. Upon receipt by the Indenture Trustee of a Company Order applicable to such Debentures and such evidence of compliance, the Indenture Trustee shall certify and deliver such Debentures in the manner specified in such Company Order, without receiving any consideration for such certification and delivery.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.7.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No Holder shall be entitled to any right or benefit under this Indenture with respect to a Debenture, and such Debenture shall not be valid or binding for any purpose, unless such Debenture has been certified by the Indenture Trustee, as evidenced by the manual signature of an authorized officer of the Indenture Trustee. Such certification upon any Debenture shall be conclusive evidence, and the only evidence, that such Debenture has been issued under this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.7.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures bearing the manual signature of an individual who was, at the time that such signature was affixed, an authorized signing officer of the Indenture Trustee, shall be valid and binding on the Indenture Trustee notwithstanding that such individual ceased to be an authorized signing officer of the Indenture Trustee prior to the delivery of such Debentures.</P>
<A NAME="S274"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.7.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The certification by the Indenture Trustee on the Debentures shall not be construed as a representation or warranty by the Indenture Trustee as to the validity of this Indenture or of the Debentures (except in respect of the due certification thereof and any other warranties implied by law) or as to the performance by the Company of its obligations under this Indenture and the Indenture Trustee shall in no respect be liable or answerable for the use made of the Debentures or any of them or of the proceeds thereof.</P>
<A NAME="_Toc94602504"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Registration of Exchanges</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.8.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures may be exchanged for one or more Debentures in an equal aggregate principal amount upon surrender of the Debentures to be exchanged at the specified office of the Transfer Agent; provided, however, that each Debenture issued in exchange for such original Debenture shall have a principal amount in an authorized denomination as provided for herein.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.8.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Registrar and the Indenture Trustee may make a charge to reimburse themselves for any stamp taxes or governmental charges required to be paid and a reasonable charge for their services and a reasonable sum per Debenture created and issued upon any exchange or transfer of Debentures effected by them. Payment of such charges will be made by the Person requesting the exchange or transfer as a condition precedent to such exchange or transfer.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>22</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602505"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Persons Entitled to Payment</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.9.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prior to due presentment for registration of transfer of any Debenture, the Company, the Indenture Trustee, the Registrar, the Paying Agent, the Transfer Agent and any other Person, as the case may be, may treat the Person, as the case may be, in whose name any Debenture is registered in the applicable register (including in the case of a Global Debenture, the Depository or the nominee of such Depository in whose name such Global Debenture is registered) as the absolute and sole owner of such Debenture for all purposes including receiving payment of the principal of, and any premium, if any, interest or other amount on such Debenture, receiving any notice to be given to the Holder of such Debenture, and taking any Act of Holders with respect to such Debenture, whether or not any payment with respect to such Debenture shall be overdue, and none of the Company, the Indenture Trustee, the Registr
ar, the Paying Agent, the Transfer Agent or any other Person, as the case may be, shall be affected by notice to the contrary.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.9.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Delivery of a Debenture to the Indenture Trustee, the Registrar or the Paying Agent by or on behalf of the Holder thereof shall, upon payment of such Debenture, be a valid discharge to the Company of all obligations evidenced by such Debenture. None of the Company, the Indenture Trustee, the Registrar, the Paying Agent or any other Person shall be bound to inquire into the title of any such Holder.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.9.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the case of the death of one or more joint registered Holders of a Debenture, the principal of, and premium, if any, interest and any other amounts on such Debenture may be paid to the survivor or survivors of such registered Holders whose receipt of such payment, accompanied by the delivery of such Debenture, shall constitute a valid discharge to the Company, the Indenture Trustee, the Registrar, and the Paying Agent.</P>
<A NAME="S210"></A><A NAME="_Toc94602506"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Payment of Principal and Interest on Definitive Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.10.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to early redemption, repurchase or conversion pursuant to the terms hereof, as payments in respect of interest on the Definitive Debentures become due, interest payable on the Definitive Debentures on an Interest Payment Date will be paid by the Company to the Holders thereof as at the close of business on the Regular Interest Record Date for such Interest Payment Date. Payment of interest on a Definitive Debenture may be made by wire transfer, if agreed to by the Holder, to an account designated in writing by each Holder from time to time, or at the option of the Company, by cheque dated the Interest Payment Date mailed at least three Business Days prior to the applicable Interest Payment Date to the address of the Holder appearing in the relevant register maintained by the Registrar for the Definitive Debentures at the close of business on the fifteenth Business Day of the month imme
diately preceding the month of the applicable Interest Payment Date. Payment of principal on the Maturity Date to each Holder shall be made at the principal office of the Paying Agent in the City of Vancouver, Province of British Columbia, against surrender of the Definitive Debentures.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.10.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If a Debenture or a portion thereof is called or presented to the Company for redemption, repurchase or conversion and the Redemption Date, Payment Date or Conversion Date is subsequent to a</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>23</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;Regular Interest Record Date but prior to the related Interest Payment Date, interest accrued on such Debenture will be paid upon presentation and surrender of such Debenture up to but excluding the Redemption Date, the Payment Date or the Conversion Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.10.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to the foregoing provisions of this section, each Debenture delivered upon the transfer of or in exchange for or in lieu of any other Debenture shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Debenture.</P>
<A NAME="S211"></A><A NAME="_Toc94602507"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.11</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Book-Based System</B></P>
<A NAME="S2111"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.11.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures shall be issued as Book-Entry Only Debentures and shall be represented by one or more fully-registered permanent global security certificates in the form of the certificate set out in Schedule &#147;A&#148; hereto together with the legend provided for in subsection 2.11.2 and subsection 2.19, as applicable (the &#147;<B>Global Debenture(s)</B>&#148;). The Global Debenture(s) shall be held by, or on behalf of, the Depository as depository of the Participants in the Book-Based System and shall be registered in the name of &#147;CDS &amp; Co.&#148; (or such other name as the Depository may use from time to time as its nominee for the purposes of the Book-Based System). No Beneficial Holder will receive Definitive Debentures representing their beneficial ownership in Debentures unless the Company determines to terminate the Book-Entry Only Debentures.</P>
<A NAME="S2112"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.11.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Global Debenture(s) shall bear a legend in substantially the following form subject to modification as required by the Depository:</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED (&#147;CDS&#148;) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &amp; CO., HAS AN INTEREST HEREIN. THIS CERTIFICATE IS ISSUED PURSUANT TO A MASTER LETTER OF REPRESENTATIONS OF THE COMPANY TO CDS, AS SUCH LETTER MAY BE REPLACED OR AMENDED FROM TIME TO TIME.&#148;</P>
<A NAME="S212"></A><A NAME="_Toc94602508"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.12</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Payments of Principal and Interest for Book-Entry Only Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.12.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to sections 3.7, 3.9 and article 5, as payments in respect of principal and interest on the Debentures represented by the Global Debenture(s) become due, the Company shall (except in cases of payments on Maturity, redemption, repurchase or conversion which may, at the option of the Company, be made only upon presentation and surrender of the Global Debenture(s)), no later than on the applicable Interest Payment Date or on the Maturity Date, as the case may be, at the option of the Company:</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>24</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>deliver or cause to be delivered to the office of the Depository in the City of Vancouver, Province of British Columbia, at or before 10:00 a.m. three Business Days before such Interest Payment Date or Maturity Date, a certified cheque for the amount of such payment payable on such Interest Payment Date or Maturity Date, as the case may be, to the order of the Depository and negotiable at par; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>provide to the Depository such payment by electronic funds transfer to an account designated by the Depository, at or before 10:00 a.m. on such Interest Payment Date or Maturity Date, as the case may be,</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>for all amounts due in respect of such principal and interest on the Debentures represented by the Global Debenture(s) for credit by the Depository to Participants&#146; accounts. None of the Company and the Indenture Trustee for any Debenture issued as a Global Debenture will be liable or responsible to any Person for any aspect of the records related to or payments made on account of beneficial interests in any Global Debenture as for maintaining, reviewing or supervising any records relating to such beneficial interests. The Company will be deemed to have complied with the obligations mentioned in paragraphs (a) and (b) above if such obligations are performed by the Paying Agent, at the Company&#146;s request.</P>
<A NAME="_Toc94602509"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.13</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Rank and Subordination</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures certified and issued under this Indenture rank <I>pari passu</I> with one another, in accordance with their tenor without discrimination, preference or priority. The payment of the principal of and interest on the Debentures is expressly subordinated to the prior payment in full of Senior Indebtedness, as provided in article 9 .
</P>
<A NAME="S214"></A><A NAME="_Toc94602510"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.14</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Register and Transfer</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.14.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall cause to be kept by and at the principal office of the Indenture Trustee in the City of Vancouver, Province of British Columbia, a register, and in such other place or places by the Indenture Trustee or by such other registrar or registrars, if any, as the Company with the approval of the Indenture Trustee may designate, branch registers, in which shall be entered the names and latest known addresses of the Holders of Debentures and the other particulars prescribed by law of the Debentures held by them respectively and all transfers of Debentures. Such registration shall be noted on the Debentures by the Indenture Trustee or other registrar. No transfer of a Debenture shall be effective as against the Company unless made on one of the appropriate registers by the registered Holder or his executors or administrators or other legal representatives or his or their attorney duly 
appointed by an instrument in writing in form and execution satisfactory to the Indenture Trustee, upon compliance with such requirements as the Indenture Trustee and/or other registrar may prescribe, and unless such transfer shall have been duly noted on such Debenture by the Indenture Trustee or other registrar.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.14.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>With respect to Debentures issued as Book-Entry Only Debentures, the Company shall cause to be kept by and at the principal office of the Indenture Trustee in the City of Vancouver, Province of British</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>25</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;Columbia, a central register, and in such other place or places by the Indenture Trustee or by such other registrar or registrars, if any, as the Company with the approval of the Indenture Trustee may designate, branch registers in which shall be entered the name(s) and latest known address(es) of the Holder(s) of each Global Debenture (being the Depository, or its nominee, for such Global Debenture) and the other particulars prescribed by law of the Debentures held by it (them) and all transfers of Debentures. Global Debenture certificates representing Debentures originally sold in the United States will be identified by a CUSIP number different from the CUSIP number that identifies the Debentures originally sold outside the United States. &nbsp;Beneficial interest in a Global Debenture shall be represented through book-entry accounts, to be established and maintained by CDS or its no
minee for Participants acting on behalf of Beneficial Holders. If Debentures bearing a U.S. Legend are being sold (a) outside the United States in accordance with Rule 904 of Regulation S under the 1933 Act at the time the Company is a &#147;foreign issuer&#148; (as that term is defined in Regulation S under the 1933 Act) (a &#147;Regulation S Resale&#148;) or (b) inside the United States in accordance with Rule 144 of the 1933 Act with an opinion of counsel of recognized standing, such opinion and counsel to be reasonably satisfactory to the Company, the Indenture Trustee, CDS, and the transferee&#146;s designated Participant that the U.S. Legend is no longer required under applicable requirements of the 1933 Act or state securities laws, (a &#147;Rule 144 Sale&#148;) the Transfer Agent shall reduce the number of Debentures represented by the CUSIP number designated for the Debentures originally sold in the United States by the number of Debentures sold in a Regulation S Resale or Rule 144 Sale, as applicab
le, and increase the number of Debentures represented by the CUSIP number designated for Debentures sold outside the United States by the same number of shares. Notwithstanding any other provision of this Indenture, a Global Debenture may not be transferred by the registered holder thereof except through records maintained by CDS or its nominee in the following circumstances or as otherwise specified in a Board Resolution or Written Order:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Global Debenture may be transferred by a Depository to a nominee of such Depository or by a nominee of a Depository to such Depository or to another nominee of such Depository or by a Depository or its nominee to a successor Depository or its nominee;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Global Debenture may be transferred at any time after the Depository for such Global Debenture (i) has notified the Company that it is unwilling or unable to continue as Depository for such Global Debenture or (ii) ceases to be eligible to be a Depository provided that at the time of such transfer the Company has not appointed a successor Depository for such Global Debenture;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Global Debenture may be transferred at any time after the Company has determined, in its sole discretion, to terminate the Book-Based System in respect of such Global Debenture and has communicated such determination to the Indenture Trustee in writing; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Global Debenture may be transferred at any time after the Indenture Trustee has determined that an Event of Default has occurred and is continuing with respect to the Debentures issued as a Global Debenture, provided that at the time of such transfer the Indenture Trustee has not waived the Event of Default pursuant to article 11.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>26</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S215"></A><A NAME="_Toc94602511"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.15</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Additional Amount</B></P>
<A NAME="S2151"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.15.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any payments made by or on behalf of the Company under or with respect to the Debentures will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government of Canada or of any province or territory of Canada or by any authority or agency thereof or therein having power to tax (collectively, &#147;<B>Taxes</B>&#148;), unless the Company or any other payor is required to withhold or deduct Taxes by Applicable Law or by the interpretation or administration thereof by the relevant Governmental Authority. If the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Debentures, the Company will make such withholding or deduction and will remit the full amount wit
hheld or deducted to the relevant Governmental Authority as and when required by Applicable Law and the Company will pay such additional amounts (&#147;<B>Additional Amounts</B>&#148;) as may be necessary so that the net amount received by each Holder of Debentures (including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will be payable with respect to any payment to a Holder (an &#147;<B>Excluded Holder</B>&#148;) in respect of a Beneficial Holder who is liable for such Taxes in respect of such Debentures (i) by reason of such Holder or Beneficial Holder being a Person with whom the Company is not dealing at arm&#146;s length for the purposes of the <I>Income Tax Act</I> (Canada) at the time of making such payment, or (ii) by reason of the existence of any present or former connection between such Holder or Beneficial Holder and Canada or a
ny province or territory thereof other than solely by reason of the Holder&#146;s activity in connection with purchasing the Debentures, the mere holding, deemed holding, use or ownership of the Debentures, or receiving payments under or enforcing any rights in respect of such Debentures as a non-resident or deemed non-resident of Canada or any province or territory thereof.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.15.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Within 90 days after the date the payment of any Taxes is due pursuant to Applicable Law, the Company will furnish to the Indenture Trustee copies of tax receipts evidencing such payment by the Company.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.15.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At least 30 days prior to each date on which any payment under or with respect to the Debentures is due and payable, if the Company to its knowledge will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Indenture Trustee an Officers&#146; Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Indenture Trustee to pay such Additional Amounts to Holders on the date payment is due.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.15.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Whenever in the Indenture or in any Debenture there is mentioned, in any context, the payment of principal (and premium, if any), Redemption Amount, a purchase price pursuant to an Offer to Purchase, interest or any other amount payable under or with respect to any Debenture, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>27</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.15.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company will indemnify and hold harmless each Holder of Debentures (other than an Excluded Holder) and upon written request reimburse each of the Holders for the amount of (i) any Canadian Taxes so levied or imposed and paid by the Holder as a result of payments made under or with respect to the Debentures, (ii) any liability (including penalties and interest) arising therefrom or with respect thereto paid by the Holder as a result of payments made under or with respect to the Debentures, and (iii) any Canadian Taxes levied or imposed and paid by the Holder with respect to reimbursement under (i) and (ii) above, but excluding any Canadian Taxes on such Holder's net income or capital.</P>
<A NAME="S216"></A><A NAME="_Toc94602512"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.16</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Cancellation of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.16.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All Debentures surrendered for payment of the final amount required to be paid thereon or that have been redeemed by the Company as contemplated by article 3, or that have been surrendered to the Indenture Trustee for registration of exchange or transfer, shall be promptly cancelled by the Indenture Trustee and if surrendered to the Registrar or the Paying Agent, shall be delivered by it to the Indenture Trustee for cancellation and shall be cancelled by the Indenture Trustee on receipt. The Indenture Trustee shall give prompt written notice to the Company, the Registrar and the Paying Agent of the particulars of any Debentures cancelled by it.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.16.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company may, in its discretion at any time, deliver to the Indenture Trustee for cancellation any Debentures which the Company has purchased as provided for in this Indenture, and all such Debentures so delivered shall be cancelled by the Indenture Trustee.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.16.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All Debentures which have been cancelled by the Indenture Trustee shall be destroyed by the Indenture Trustee in accordance with its standard practices, and the Indenture Trustee shall furnish to the Company, the Registrar and the Paying Agent a destruction certificate setting forth the numbers and denominations of the Debentures so destroyed.</P>
<A NAME="_Toc94602513"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.17</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Mutilated, Lost, Stolen or Destroyed Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any Debenture has been mutilated or defaced or has or has been alleged to have been lost, stolen or destroyed, then, on application by the applicable Holder to the Registrar, the Company may, in its discretion, execute, and upon such execution the Indenture Trustee shall certify and deliver, a new Debenture of the same date and amount as the defaced, mutilated, lost, stolen or destroyed Debenture in exchange for and in place of the defaced or mutilated Debenture, and in lieu of and in substitution for the lost, stolen or destroyed Debenture. Notwithstanding the foregoing, no Debenture shall be delivered as a replacement for any Debenture which has been mutilated or defaced otherwise than upon surrender of the mutilated or defaced Debenture, and no Debenture shall be delivered as a replacement for any Debenture which has been lost, stolen or destroyed unless the applicant for the replacement
 Debenture has furnished to the Company and the Indenture Trustee</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>28</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;evidence, satisfactory in form and substance to the Company and the Indenture Trustee, of its ownership of, and of such loss, theft or destruction of, such Debenture and has provided such security or indemnity (including an indemnity bond, if so required) to the Company, the Indenture Trustee, the Registrar in amount, form and substance satisfactory to each of them. Any instructions by the Company to a Registrar under this section shall include such indemnity for the protection of such Registrar as such Registrar may reasonably require.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any mutilated, defaced, lost, stolen or destroyed Debenture has become or is about to become due and payable, the Company, in its discretion, may, instead of executing a replacement Debenture, pay to the Holder thereof the full amount outstanding on such mutilated, defaced, lost, stolen or destroyed Debenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon the issuance of a replacement Debenture, the Company may require the applicant for such replacement Debenture to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to such issuance and any other expenses (including the fees and expenses of the Indenture Trustee, the Registrar and the Company) connected with such issuance.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each replacement Debenture shall bear a unique serial number and be in a form otherwise identical to the Debenture it replaces and shall be entitled to the benefits of this Indenture to the same extent and in the same manner as the Debenture it replaces.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Registrar shall promptly deliver to the Indenture Trustee for cancellation each mutilated or defaced Debenture surrendered to it and in respect of which a replacement Debenture has been delivered or moneys have been paid.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.17.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless the Company instructs otherwise, the Indenture Trustee shall, in accordance with its practice, destroy each mutilated or defaced Debenture surrendered to and cancelled by it and in respect of which a replacement Debenture has been delivered or moneys have been paid and shall, as soon as reasonably practicable, furnish to the Company and the related Registrar a certificate as to such destruction specifying in numerical sequence the serial numbers of the Debentures so destroyed.</P>
<A NAME="_Toc94602514"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.18</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Access to Lists of Holders</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.18.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The register of Holders of Debentures maintained by the Registrar will, at all reasonable times, be open for inspection by the Company, the Indenture Trustee, the Registrar and the Paying Agent.</P>
<A NAME="S2182"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.18.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any Beneficial Holder or group of Beneficial Holders of Debentures, or such one or more Holders as may be permitted by Applicable Law (in each case, the &#147;<B>Applicants</B>&#148;) apply to the Registrar (with a copy to the Company and the Indenture Trustee), then such Registrar, after having been funded and indemnified to its reasonable satisfaction by such Applicants for its related costs and expenses, shall afford or shall cause the Company to afford the Applicants access during normal business hours to the most recent list of Holders of Debentures within 10 Business Days after the receipt of such application by the Registrar. Such list shall be as of a date no more than 10 days (or such other date as may be mandated by Applicable Law) prior to the date of receipt of the Applicants&#146; request. </P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>29</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S219"></A><A NAME="_Toc94602515"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.19</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Legends on Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.19.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each Global Debenture certificate representing the Debentures originally sold in the United States, the Common Shares issuable upon conversion, redemption, repurchase or maturity of such Debentures and each certificate issued in exchange therefor or in substitution therefor shall bear the following U.S. legend (&#147;<B>U.S. Legend</B>&#148;), as applicable, unless otherwise directed by the Company:</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &quot;U.S. SECURITIES ACT&quot;). &nbsp;THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, OR (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF APPLICABLE. &nbsp;DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &quot;GOOD DELIVERY&quot; IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. &nbsp;IF THESE SECURITIES ARE SOLD IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AT A TIME WHE
N THE CORPORATION IS A &#147;FOREIGN ISSUER&#148; WITHIN THE MEANING OF REGULATION S, A NEW CERTIFICATE, BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE &quot;GOOD DELIVERY&quot; MAY BE OBTAINED FROM THE CORPORATION&#146;S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION&#146;S TRANSFER AGENT AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.&#148;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>provided, that</I> if the Debentures or Common Shares bearing such U.S. Legend are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S under the 1933 Act at a time when the Company is a &#147;Foreign Issuer&#148; (as such term is defined in Regulation S under the 1933 Act), the Debentures or the Common Shares may be reissued as part of a global certificate not including such legend by delivering to the Company, the Registrar and transfer agent, CDS, and the transferee&#146;s designated Participant a declaration as set forth in Schedule &#147;E&#148; hereto (or as the Company may prescribe from time to time); and provided, further, that if any such securities are being sold under paragraph (C)(1) or (C)(2) of the legends above, the legends may be removed by delivery to the Company, the Registrar and Transfer Agent, CDS
, and the transferee&#146;s designated Participant an opinion of counsel of recognized standing, such opinion and counsel to be reasonably satisfactory to the Company, that such legend is not longer required under applicable requirements of the 1933 Act or state securities laws.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>30</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.19.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prior to the issuance of Debentures, the Company shall notify the Indenture Trustee, the Registrar and CDS in writing, concerning which Debentures are to bear the legend in subsection 2.19.1. Global Debenture certificates representing Debentures originally sold in the United States will be identified by a CUSIP number different from the CUSIP number that identifies the Debentures originally sold outside the United States The Indenture Trustee, the Registrar and CDS will thereafter maintain the list of all registered Holders of Debentures bearing the U.S. Legend and the list of all registered Holders of Debentures bearing no U.S. Legend.</P>
<A NAME="Article3"></A><A NAME="_Toc94602516"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 3<BR>
<A NAME="_Toc38792083"></A>REDEMPTION, REPURCHASE AND CANCELLATION OF DEBENTURES</B></P>
<A NAME="_Toc38792084"></A><A NAME="S31"></A><A NAME="_Toc94602517"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Optional Redemption of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures are not redeemable prior to February 15, 2008. The Company shall have the right at its option to redeem the Debentures, in whole at any time or in part from time to time, on or after February 15, 2008, on not more than 60 days&#146; and not less than 30 days&#146; prior notice to the Holders at a redemption price equal to the principal amount of the Debentures to be redeemed, plus accrued and unpaid interest thereon, if any, up to but excluding the Redemption Date, provided that the Weighted Average Trading Price of the Common Shares on a Recognized Stock Exchange for the 20 consecutive Trading Days ending five Trading Days prior to the date on which the Redemption Notice is given is at least 125% of the Conversion Price.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.1.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Concurrently with providing the Redemption Notice, the Company shall provide the Indenture Trustee with an Officer&#146;s Certificate setting forth the details of any redemption contemplated by this section 3.1 (including the Current Market Price, the eligibility and interest calculations, if necessary) which the Indenture Trustee may rely upon without any independent obligation to verify the accuracy of information set out therein.</P>
<A NAME="_Toc94602518"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Partial Redemption of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If less than all the Outstanding Debentures are to be redeemed pursuant to section 3.1, the Company shall in each such case, at least 15 days before the date upon which the Redemption Notice is to be given, notify the Indenture Trustee by a Company Order of its intention to redeem such Debentures and of the aggregate principal amount of Debentures to be redeemed. At any time prior to the date upon which the Redemption Notice is to be given, the Company may revoke such Company Order by delivering a second Company Order to the Indenture Trustee stating that the Company no longer intends to make a partial redemption of the Debentures.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures to be so redeemed shall:</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>31</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the case of Book-Entry Only Debentures, be redeemed on a <I>pro rata</I> basis to </P>
<P style="margin:0pt; text-indent:540pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the nearest multiple of $1,000 in accordance with the principal amount of the Debentures Outstanding; or</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the case of Definitive Debentures, be selected by the Indenture Trustee (i) on a </P>
<P style="margin:0pt; text-indent:540pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>pro rata</I> basis to the nearest multiple of $1,000 in accordance with the principal amount of the Debentures registered in the name of each Holder, (ii) by lot in such manner as the Indenture Trustee may deem equitable, or (iii) in such other manner as the Indenture Trustee may deem equitable.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures in denominations in excess of $1,000 may be selected and called for redemption in part only (such part being $1,000 or an integral multiple thereof) and, unless the context otherwise requires, references to Debentures in this article 3 shall be deemed to include any such part of the principal amount of Debentures which shall have been so selected and called for redemption. The Holder of any Debenture called for redemption in part only, upon surrender of such Debenture for payment, shall be entitled to receive, without expense to such Holder, a new Debenture for the unredeemed part of the Debenture so surrendered, and the Company shall execute and the Indenture Trustee shall certify and deliver, at the expense of the Company, such new Debenture upon receipt of the Debenture so surrendered.</P>
<A NAME="_Toc38792086"></A><A NAME="S33"></A><A NAME="_Toc94602519"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Places of Payment</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Redemption Amount will be payable upon presentation and surrender of the Debentures called for redemption at any of the places where the register is maintained pursuant to section 2.14 or at any other places specified in the Redemption Notice.</P>
<A NAME="S35"></A><A NAME="_Toc94602520"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of Redemption</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of redemption of the Debentures (the &#147;<B>Redemption Notice</B>&#148;) shall be given by the Company to the Indenture Trustee and Holders in the form set forth in Schedule &#147;B&#148; hereof and in the manner provided in sections 16.2 and 16.3. Every such notice shall specify the aggregate principal amount of Debentures called for redemption, the redemption amount relating thereto determined in accordance with the foregoing (the &#147;<B>Redemption Amount</B>&#148;), the Redemption Date, the places of payment and any right of the Holders to convert such Debentures as provided in article 4 and shall state that interest upon the principal amount of Debentures called for redemption shall cease to be payable from and after the Redemption Date.</P>
<A NAME="_Toc94602521"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures Due on Redemption Date</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon a Redemption Notice being given in accordance with section 3.4, the Redemption Amount shall be and become due and payable on the Redemption Date specified in such Redemption Notice and with the same effect as if it were the Maturity Date of such Debentures, the provisions hereof or of any such Debentures notwithstanding, and, from and after such Redemption Date, interest shall cease, unless payment of the Redemption Amount shall not be made on presentation for surrender of such Debentures at any of the places specified in section 3.4 on or after the Redemption Date.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>32</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602522"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Deposit of Redemption Monies</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon the Debentures being called for redemption as provided for in section 3.4, but subject to section 3.7, the Company shall deposit with the Indenture Trustee or any Paying Agent to the order of the Indenture Trustee or for the account of the Indenture Trustee, on or prior to the Redemption Date specified in the Redemption Notice, such sums as are sufficient to pay the Redemption Amount of the Debentures. From the sums so deposited, the Indenture Trustee shall pay or cause to be paid to the Holders, upon surrender of the Debentures, the Redemption Amount thereof.</P>
<A NAME="_Toc38792091"></A><A NAME="S38"></A><A NAME="_Toc94602523"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Right to Repay the Redemption Amount in Common Shares on Redemption</B></P>
<A NAME="S381"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provided that the Company is entitled to redeem the Debentures pursuant to section 3.1 and that no Event of Default shall have occurred and be continuing, the Company, subject to receiving all applicable regulatory approvals, shall have the right, in respect of a Redemption Date, to elect to satisfy its obligation to pay the Redemption Amount by issuing and delivering to Holders on the Redemption Date, for each $1,000 principal amount of Debentures, that number of Freely Tradeable, fully paid and non-assessable Common Shares obtained by dividing such principal amount by 95% of the Current Market Price of the Common Shares on the Redemption Date (the &#147;<B>Share Redemption Right</B>&#148;).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall exercise the Share Redemption Right by so specifying in the Redemption Notice not less than 40 days and not more than 60 days prior to the Redemption Date.</P>
<A NAME="S383"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company&#146;s right to exercise the Share Redemption Right shall be conditional upon the following conditions being met on the Business Day preceding the Redemption Date:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Common Shares to be issued on exercise of the Share Redemption Right shall be issued from treasury of the Company and shall be Freely Tradeable and fully paid and non-assessable;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the listing or quoting of such additional Common Shares on each Recognized Stock Exchange;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company being a reporting issuer or equivalent in good standing or equivalent under Applicable Securities Laws in the Provinces of Canada in which the Company is a reporting issuer;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no Event of Default shall have occurred and be continuing;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Officers&#146; Certificate stating that conditions (a), (b), (c) and (d) above have been satisfied and setting forth the number of Common Shares to be delivered for each $1,000 principal amount of Debentures and the Current Market Price of the Common Shares on the Redemption Date; and</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>33</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Opinion of Counsel to the effect that such Common Shares have been duly authorized and, when issued and delivered pursuant to the terms of this Indenture in payment of the Redemption Amount of the Debentures outstanding, will be validly issued as fully paid and non-assessable, that conditions (a) and (b) above have been satisfied and that, relying exclusively on certificates of good standing or no default issued by the relevant securities regulatory authorities, condition (c) above is satisfied, except that the opinion in respect of condition (c) need not be expressed with respect to those provinces where such certificates are not issued.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the foregoing conditions are not satisfied prior to the close of business on the Business Day preceding the Redemption Date, the Company shall pay in cash the Redemption Amount that would otherwise have been satisfied in Common Shares, unless the Debentureholder waives the conditions which are not satisfied or extends the time by which the Company is to satisfy such conditions. </P>
<A NAME="S384"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event that the Company exercises its Share Redemption Right, the Company shall on the Redemption Date deliver to the Indenture Trustee for delivery to and on account of the Holders, certificates representing the Freely Tradeable Common Shares to which such Holders are entitled and a cheque representing accrued and unpaid interest. Upon presentation and surrender of the Debentures by a Holder at any place where the register is maintained or any other place specified in the Redemption Notice, the Indenture Trustee shall deliver the certificates representing such Common Shares and any such interest payment to the Holder.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No fractional Common Shares shall be delivered upon the exercise of the Share Redemption Right but, in lieu thereof, the Company shall pay to the Indenture Trustee for the account of the Holders, at the time contemplated in subsection 3.7.4, the cash equivalent thereof determined on the basis of the Current Market Price of the Common Shares on the Redemption Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A Holder shall be treated as the shareholder of record of the Common Shares issued on due exercise by the Company of its Share Redemption Right effective immediately after the close of business on the Redemption Date, and shall be entitled to all substitutions therefor, all income earned thereon or accretions thereto and all dividends or distributions (including stock dividends and dividends or distributions in kind) thereon and arising thereafter, and in the event that the Indenture Trustee receives the same, it shall hold the same under gratuitous deposit for the benefit of such Holder.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall at all times reserve and keep available out of its authorized Common Shares (if the number thereof becomes limited) solely for the purpose of issue and delivery upon the exercise of the Share Redemption Right as provided herein, and shall issue to Debentureholders to whom Common Shares will be issued pursuant to the exercise of the Share Redemption Right, such number of Common Shares as shall be issuable in such event.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.8</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall comply with all Applicable Securities Laws regulating the issue and delivery of Freely Tradeable Common Shares upon exercise of the Share Redemption Right, shall obtain any regulatory approval in respect thereof as may be required pursuant to Applicable Securities Laws and shall cause to be listed and posted for trading such Common Shares on each Recognized Stock Exchange.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>34</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.9</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company elects to satisfy its obligation to pay the Redemption Amount by issuing Common Shares in accordance with this section 3.7 and if the Redemption Amount (or any portion thereof) to which a Holder is entitled is subject to withholding taxes, the Company shall satisfy the payment of such withholding taxes pursuant to section 2.15. </P>
<A NAME="S3810"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.7.10</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each certificate representing Common Shares issued in payment of the Redemption Amount of Legended Debentures, as well as all certificates issued in exchange for or in substitution of the foregoing Common Shares, shall bear the U.S. Legend set forth in section 2.19; provided that if such securities are being sold pursuant to Rule 904 of Regulation S under the 1933 Act, the legend may be removed by providing a declaration to the Registrar and Transfer Agent of the Company, as set forth in Schedule &#147;E&#148; hereto (or as the Company may prescribe from time to time); and provided, further, that, if any such securities are being sold in accordance with Rule 144 of the 1933 Act or in accordance with another exemption, if available, from the registration requirements of the 1933 Act, the legends may be removed by delivery to the Registrar and Transfer Agent and to the Company of an opinion of c
ounsel of recognized standing, such opinion and counsel to be reasonably satisfactory to the Company, that such legend is no longer required under applicable requirements of the 1933 Act or state securities laws. Provided that the Registrar and Transfer Agent of the Company for such securities obtains confirmation from the Company that such opinion or other documentation is satisfactory to the Company, it shall be entitled to rely and act on such opinion of counsel or other documentation without further inquiry.</P>
<A NAME="S39"></A><A NAME="_Toc94602524"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Purchase of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provided that no Event of Default has occurred and is continuing, the Company may purchase all or any of the Debentures in the open market (which shall include purchase from or through an investment dealer or a firm holding membership on a Recognized Stock Exchange) or by tender or by private contract at any price, subject to compliance with Applicable Securities Laws. If an Event of Default has occurred and is continuing, the Company may purchase all or any of the Debentures as aforesaid with the exception of by private contract.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If, upon an invitation for tenders, more Debentures than the Company is prepared to accept are tendered at the same lowest price, the Debentures to be purchased by the Company will be selected by the Indenture Trustee in such manner (which may include <I>pro rata</I>) as the Indenture Trustee may deem equitable, from the Debentures tendered by each tendering Debentureholder who tendered at such lowest price. For this purpose, the Indenture Trustee may make, and from time to time amend, regulations with respect to the manner in which Debentures may be so selected and regulations so made shall be valid and binding upon all</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>35</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;Debentureholders and, notwithstanding the fact that, as a result thereof, one or more of such Debentures become subject to purchase in part only. The Holder of any Debenture of which a part only is purchased, upon surrender of such Debenture for payment, shall be entitled to receive, without expense to such Holder, a replacement Debenture for and evidencing the same obligation as the unpurchased part so surrendered and the Indenture Trustee shall certify and deliver such replacement Debenture upon receipt of the Debenture so surrendered.</P>
<A NAME="S310"></A><A NAME="_Toc94602525"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Repurchase of Debentures upon a Change of Control</B></P>
<A NAME="S3101"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company must commence, within 30 days of the occurrence of a Change of Control, an offer to purchase (the &#147;<B>Offer to Purchase</B>&#148;) for all Debentures then Outstanding. The Offer to Purchase shall be made at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon (if any) to but excluding the date of purchase (the &#147;<B>Payment Date</B>&#148;). An Offer to Purchase shall be open for 30 days and the Payment Date shall be the 30th day following the mailing of the Offer to Purchase to the Indenture Trustee.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>An Offer to Purchase shall be commenced by the Company mailing said Offer to Purchase to the Indenture Trustee and by the Indenture Trustee mailing a notice to each Debentureholder, which notice shall specify: (i) the covenant contained herein pursuant to which the offer is being made and that all Debentures validly tendered will be accepted for payment; (ii) the purchase price and the Payment Date; (iii) that any Debenture not tendered will continue to accrue interest pursuant to its terms; (iv) that, unless the Company defaults on the payment of the purchase price, any Debenture accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on and after the Payment Date; (v) that Holders electing to have a Debenture purchased pursuant to the Offer to Purchase will be required to surrender the Debenture to the Paying Agent at the address specified in the notice prior to
 the close of business on the Business Day immediately preceding the Payment Date; (vi) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Debentures delivered for purchase and a statement that such Holder is withdrawing his election to have such Debentures purchased; and (vii) that Holders whose Debentures are being purchased only in part will be issued replacement Debentures equal in principal amount to and as evidence of the same underlying indebtedness as was evidenced by the unpurchased portion of the Debentures surrendered; provided that each Debenture purchased and each replacement Debenture issued shall be in a principal amount of $1,000 or integral multiples thereof. </P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On the Payment Date, the Company shall (i) accept for payment Debentures or portions thereof tendered pursuant to the Offer to Purchase; (ii) deposit with the Paying Agent money sufficient to pay the purchase price of all Debentures or portions thereof so accepted; and (iii) deliver, or cause to be delivered, to the Indenture Trustee all Debentures or portions thereof so accepted together with an Officers&#146; Certificate specifying the Debentures or portions thereof accepted for payment by the Company. </P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Paying Agent shall as soon as practicable mail to the Holders of Debentures who have so accepted payment in an amount equal to the purchase price, and the Indenture Trustee shall promptly authenticate and mail to such Holders a replacement Debenture equal in principal amount to any unpurchased portion of the Debenture surrendered; provided that each Debenture purchased and each replacement Debenture issued shall be in a principal amount of $1,000 or integral multiples thereof. </P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>36</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall act as the Paying Agent in connection with an Offer to Purchase.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company will comply with all Applicable Securities Laws in the event that the Company is required to repurchase the Debentures pursuant to an Offer to Purchase in connection with a Change of Control.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.9.8</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If a Change of Control that is a Cash Transaction occurs, the Company shall give written notice to the Indenture Trustee and all Debentureholders at least 20 days prior to the anticipated Effective Date of such Cash Transaction. &nbsp;In that event, each Debentureholder converting any Debenture pursuant to article 4 at anytime prior to the Effective Date shall be entitled to receive, in addition to the number of Common Shares such Debentureholder would otherwise have been entitled to receive pursuant to article 4, an additional number of Common Shares (&#147;<B>Additional Shares</B>&#148;) as set forth below:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the number of Additional Shares to which the Debentureholder shall be entitled for every $100 of principal amount of the Debentures being converted shall be determined by reference to the table set out in Schedule &#147;F&#148; hereto, based on the Effective Date of the Cash Transaction and the Common Share Price; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if the Common Share Price is equal to or in excess of $25.00 per Common Share or if the Common Share Price is less than $3.96 per Common Share, no Additional Shares shall be issued upon conversion;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if the Common Share Price is between two Common Share Price amounts in the table set out in Schedule &#147;F&#148; or the Effective Date is between two dates in said table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Common Share Price amounts and the two dates, as applicable, based on a 365-day year;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Common Share Prices set forth in the first row of the table in Schedule &#147;F&#148; hereto and set forth in the paragraph (b) above shall be adjusted as of any date on which the Conversion Number is adjusted pursuant to article 6. The adjusted Common Share Price shall equal the Common Share Price applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Number immediately prior to the adjustment giving rise to the Common Share Price adjustment and the denominator of which is the Conversion Number as so adjusted. &nbsp;The Company's obligation to deliver Additional Shares shall be subject to adjustment in the same manner as the Conversion Number as set forth in article 6;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>and the Company shall provide the Indenture Trustee with an Officer&#146;s Certificate calculating the Additional Shares issuable, upon which the Indenture Trustee may rely.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>37</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602526"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Cancellation of Purchased Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All Debentures redeemed, purchased or repurchased in whole or in part pursuant to this article 3 shall be forthwith delivered to and cancelled by the Indenture Trustee and may not be reissued or resold and no Debentures shall be issued in substitution therefor.</P>
<A NAME="Article4"></A><A NAME="_Toc94602527"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 4<BR>
CONVERSION</B></P>
<A NAME="S41"></A><A NAME="_Toc94602528"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Conversion Right</B></P>
<A NAME="S411"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each Holder shall have the right at any time prior to the close of business on the Business Day immediately preceding the Maturity Date or, if called for redemption under section 3.4, the Business Day immediately preceding the Redemption Date or if called for repurchase pursuant to section 3.9, the Business Day immediately preceding the Payment Date, at his option to convert each $1,000 principal amount of his Debentures into that number of Common Shares equal to the Conversion Number, all on the terms and subject to the conditions provided in this article 4, provided that the only shares issuable on conversion of the Debentures shall be shares that are &#147;prescribed securities&#148; as defined in Regulation 6208 of the <I>Income Tax Act</I> (Canada).</P>
<A NAME="S412"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.1.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In order to exercise his option to convert provided pursuant to subsection 4.1.1, a Holder will be required to deliver to the Indenture Trustee at any of the places at which a register is maintained pursuant to section 2.14 or any other place specified in the Maturity Notice or the Redemption Notice or the Offer to Purchase, as the case may be, on or prior to the Business Day immediately preceding the Maturity Date, the Redemption Date or the Payment Date, as the case may be, a conversion notice in the form set forth in Schedule &#147;C&#30;1&#148; (the &#147;<B>Conversion Notice</B>&#148;) (with a copy to the Company), duly completed and executed by the Holder or his executors or administrators or other legal representatives or his or their attorney duly appointed by instrument in form and execution satisfactory to the Indenture Trustee, together with the related Debentures. The Conversion No
tice shall specify the date of conversion (the &#147;<B>Conversion Date</B>&#148;) of the Debentures, which Conversion Date shall not be earlier than the date the Conversion Notice is delivered to the Indenture Trustee and shall not be later than the close of business on the Business Day immediately preceding the Maturity Date, the Redemption Date or the Payment Date.</P>
<A NAME="S413"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.1.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon receipt of a Conversion Notice from the Holder, the Company shall ensure that the following conditions are met:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Common Shares to be issued on conversion by the Holder shall be issued from treasury of the Company and shall be Freely Tradeable and fully paid and non-assessable Common Shares;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the listing or quoting of such additional Common Shares on each Recognized Stock Exchange;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>38</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company being a reporting issuer or equivalent in good standing or equivalent under Applicable Securities Laws in the Provinces of Canada in which the Company is a reporting issuer;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no Event of Default shall have occurred and be continuing;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Officers&#146; Certificate stating that conditions (a), (b), (c) and (d) above have been satisfied and setting forth the number of Common Shares to be delivered for each $1,000 principal amount of Debentures, plus the accrued and unpaid interest thereon, and the calculation of the Conversion Number; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Opinion of Counsel to the effect that such Common Shares have been duly authorized and, when issued and delivered pursuant to the terms of this Indenture in payment of the Conversion Value of the Debentures outstanding, will be validly issued as fully paid and non-assessable, that conditions (a) and (b) above have been satisfied and that, relying exclusively on certificates of good standing or no default issued by the relevant securities regulatory authorities, condition (c) above is satisfied, except that the opinion in respect of condition (c) need not be expressed with respect to those provinces where such certificates are not issued.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the foregoing conditions are not satisfied prior to the close of business on the Business Day preceding the Conversion Date, the Company shall pay in cash the Conversion Value of the Debentures in lieu of delivery of the Conversion Number of Common Shares, unless the Debentureholder waives the conditions which are not satisfied or extends the time by which the Company is to satisfy such conditions.</P>
<A NAME="_Toc94602529"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Completion of Conversion</B></P>
<A NAME="S421"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to section 4.1, within five Business Days of the Conversion Date, the Company shall deliver to the Indenture Trustee on account of the Holder for delivery to each Holder who has elected to convert his Debentures pursuant to section 4.1, for each $1,000 principal amount of Debentures, plus the accrued and unpaid interest thereon, which the Holder has elected to convert: (a) certificates for the Common Shares to which the Holder is entitled; (b) a certified cheque or bank draft in the amount of the value of a fractional Common Share, if any; and (c) if the Holder has elected to convert a principal amount of Debentures, together with the accrued and unpaid interest thereon (the &#147;<B>exercised amount</B>&#148;), which is less than the principal amount of all Debentures of which such person is the Holder immediately prior to such exercise (the &#147;<B>registered amount</B>&#148;), Debe
nture(s) registered in the name of such Holder in an aggregate principal amount equal to the amount by which the registered amount exceeds the exercised amount.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All Debentures converted in whole or in part pursuant to this article 4 shall be forthwith delivered to and cancelled by the Indenture Trustee and the Indenture Trustee shall amend the register maintained by it accordingly.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall provide to the Indenture Trustee the certificates for the Common Shares and for the Debentures to be delivered pursuant to subsection 4.2.1, if any, and pay to the Indenture Trustee sufficient funds, by certified cheque or bank draft, in a timely manner, to permit the Indenture Trustee, on behalf of the Company, to make the delivery required by subsection 4.2.1 and any other payments, if any, required by section 4.3. &nbsp;Except as provided herein, Debentures which have been converted may not be reissued or resold.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>39</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S43"></A><A NAME="_Toc94602530"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fractional Shares</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No fractional Common Shares shall be delivered upon the conversion of Debentures but, in lieu thereof, the Company shall pay to the Holders, or to the Indenture Trustee on account of the Holders if necessary, at the time contemplated in subsection 4.2.1, the cash equivalent thereof determined on the basis of the Current Market Price of Common Shares as at the Conversion Date.</P>
<A NAME="_Toc94602531"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Relating to the Issue of Common Shares</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A Holder shall be treated as the shareholder of record of the Common Shares issued on due conversion of his Debentures and the issuance of Common Shares shall be deemed to have occurred, for all purposes, effective immediately after the close of business on the Conversion Date; such Holder shall be entitled to all substitutions therefor, all income earned thereon or accretions thereto and all dividends or distributions (including stock dividends and dividends or distributions in kind) thereon and arising thereafter and in the event that the Indenture Trustee receives the same, it shall hold the same under gratuitous deposit for the benefit of such Holder.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.4.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes limited) solely for the purpose of issue and delivery upon the conversion of Debentures, and shall issue to Debentureholders who may exercise their conversion rights hereunder such number of Common Shares as shall be issuable in such events.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.4.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall comply with all Applicable Securities Laws regulating the issue and delivery of Freely Tradeable Common Shares upon conversion of Debentures, shall obtain any regulatory approval in respect thereof as may be required pursuant to Applicable Securities Laws and shall cause to be listed and posted for trading such Common Shares on each Recognized Stock Exchange.</P>
<A NAME="S45"></A><A NAME="_Toc94602532"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Legends on Common Shares</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each certificate representing Common Shares issued upon conversion or payment thereof of Legended Debentures pursuant to this article 4 or article 5 below, as well as all certificates issued in exchange for or in substitution of the foregoing Common Shares, shall bear the U.S. Legend set forth in section 2.19; provided that if such securities are being sold pursuant to Rule 904 of Regulation S under the <I>1933 Act</I>, the U.S. Legend may be removed by providing a declaration to the Registrar and Transfer Agent of the Company, as set forth in Schedule &#147;E&#148; hereto (or as the Company may prescribe from time to time); and provided, further, that, if any such securities are being sold in accordance with Rule 144 of the <I>1933 Act</I> or in accordance with another exemption, if available, from the registration requirements of the <I>1933 Act</I>, the U.S. Legend m
ay be removed by delivery to the Registrar and Transfer Agent and to the Company of an opinion of counsel of recognized standing, such opinion</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>40</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;and counsel to be reasonably satisfactory to the Company, that such legend is no longer required under applicable requirements of the <I>1933 Act</I> or state securities laws. Provided that the Registrar and Transfer Agent of the Company for such securities obtains confirmation from the Company that such opinion or other documentation is satisfactory to the Company, it shall be entitled to rely and act on such opinion of counsel or other documentation without further inquiry.</P>
<A NAME="Article5"></A><A NAME="_Toc94602533"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 5<BR>
<A NAME="_Toc38792101"></A>MATURITY</B></P>
<A NAME="_Toc38792102"></A><A NAME="_Toc94602534"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>5.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Payment of Principal and Interest at Maturity</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On the Maturity Date, the Company shall pay to the Holders of Debentures all the principal thereon and all accrued and unpaid interest thereto, up to but excluding the Maturity Date. Subject to section 5.2, payment of principal and accrued and unpaid interest shall be made in cash or by cheque to the Holders in the manner contemplated by section 2.10 or 2.12, as the case may be.</P>
<A NAME="_Toc38792103"></A><A NAME="S52"></A><A NAME="_Toc94602535"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>5.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Right to Repay Principal Amount in Common Shares at Maturity</B></P>
<A NAME="S521"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company may, at its option and subject to receiving all applicable regulatory approvals, elect to satisfy its obligation to repay on the Maturity Date the principal amount of all, but not less than all, of the Debentures by delivering to the Holders and the Indenture Trustee not less than 40 days and not more than 60 days prior to the Maturity Date a maturity notice in the form of Schedule &#147;C&#30;2&#148; (the &#147;<B>Maturity Notice</B>&#148;) and, on the Maturity Date, for each $1,000 principal amount of Debentures, by issuing and delivering to Holders that number of Freely Tradeable, fully paid and non-assessable Common Shares obtained by dividing each $1,000 principal amount of Debentures by 95% of the Current Market Price of the Common Shares on the Maturity Date (the &#147;<B>Share Repayment Right</B>&#148;).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall be required to provide the Maturity Notice only if it elects to exercise the Share Repayment Right.</P>
<A NAME="S523"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company&#146;s right to exercise the Share Repayment Right shall be conditional upon the following conditions being met on the Business Day immediately preceding the Maturity Date:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Common Shares to be issued on exercise of the Share Repayment Right shall be issued from treasury of the Company and shall be Freely Tradeable and fully paid and non-assessable;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the listing or quoting of such additional Common Shares on each Recognized Stock Exchange;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>41</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company being a reporting issuer or equivalent in good standing or equivalent under Applicable Securities Laws in the Provinces of Canada in which the Company is a reporting issuer on Maturity;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no Event of Default shall have occurred and be continuing;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Officers&#146; Certificate stating that conditions (a), (b), (c) and (d) above have been satisfied and setting forth the number of Common Shares to be delivered for each $1,000 principal amount of Debentures and the Current Market Price of Common Shares on the Maturity Date; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the receipt by the Indenture Trustee of an Opinion of Counsel to the effect that such Common Shares have been duly authorized and, when issued and delivered pursuant to the terms of this Indenture in payment of the principal amount of the Debentures outstanding, will be validly issued as fully paid and non-assessable, that conditions (a) and (b) above have been satisfied and that, relying exclusively on certificates of good standing issued by the relevant securities regulatory authorities, condition (c) above is satisfied, except that the opinion in respect of condition (c) need not be expressed with respect to those provinces where such certificates are not issued.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the foregoing conditions are not satisfied by the close of business on the Business Day preceding the Maturity Date, the Company shall pay in cash 100% of the principal amount of the Debentures that would otherwise have been satisfied in Common Shares, unless the Debentureholder waives the conditions which are not satisfied or extends the time by which the Company is to satisfy such conditions. </P>
<A NAME="S524"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event that the Company exercises its Share Repayment Right, the Company shall on the Maturity Date deliver to the Indenture Trustee for delivery to and on account of the Holders, certificates representing the Freely Tradeable Common Shares to which such Holders are entitled and a cheque representing all of the accrued and unpaid interest up to but excluding the Maturity Date. Upon presentation and surrender of the Debentures by a Holder for payment at Maturity at any place where a register is maintained or any other place specified in the Maturity Notice, the Indenture Trustee shall deliver the certificates representing such Common Shares and the cheque representing all the accrued and unpaid interest and the cash equivalent representing the value of fractional shares, if any. </P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No fractional Common Shares shall be delivered upon the exercise of the Share Repayment Right but, in lieu thereof, the Company shall pay to the Indenture Trustee for the account of the Holders, at the time contemplated in subsection 5.2.4, the cash equivalent thereof determined on the basis of the Current Market Price of the Common Shares on the Maturity Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A Holder shall be treated as the shareholder of record of the Common Shares issued on due exercise by the Company of its Share Repayment Right effective immediately after the close of business on the Maturity Date, and shall be entitled to all substitutions therefor, all income earned thereon or accretions thereto and all dividends or distributions (including stock dividends and dividends or distributions in kind) thereon and arising thereafter, and in the event that the Indenture Trustee receives the same, it shall hold the same under gratuitous deposit for the benefit of such Holder.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>42</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes limited) solely for the purpose of issue and delivery upon the exercise of the Share Repayment Right as provided herein, and shall issue to Debentureholders to whom Common Shares will be issued pursuant to the exercise of the Share Repayment Right, such number of Common Shares as shall be issuable in such event.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.8</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall comply with all Applicable Securities Laws regulating the issue and delivery of Freely Tradeable Common Shares upon exercise of the Share Repayment Right, shall obtain any regulatory approval in respect thereof as may be required pursuant to Applicable Securities Laws and shall cause to be listed and posted for trading such Common Shares on each Recognized Stock Exchange.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.2.9</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company elects to satisfy its obligation to pay the principal amount of the Debentures by issuing Common Shares pursuant to the Share Repayment Right and the delivery of Common Shares to which a Holder is entitled is subject to withholding taxes, the Company shall satisfy the payment of such withholding taxes pursuant to section 2.15.</P>
<A NAME="Article6"></A><A NAME="_Toc94602536"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 6<BR>
ADJUSTMENTS</B></P>
<A NAME="S61"></A><A NAME="_Toc94602537"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Adjustment of Conversion Price </B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Conversion Price in effect at any date will be subject to adjustment from time to time in the events and in the manner provided as follows.</P>
<A NAME="S612"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If and whenever at any time after the date hereof and prior to the Maturity Date, the Company:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>subdivides its outstanding Common Shares into a greater number of Common Shares; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>reduces, combines or consolidates its outstanding Common Shares into a smaller number of Common Shares;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>issues Common Shares or securities convertible into or exchangeable for Common Shares to the holders of all or substantially all of the outstanding Common Shares as a stock dividend or otherwise (other than an issue of Common Shares or securities convertible into or exchangeable for Common Shares to holders of Common Shares pursuant to a right granted to such holders to receive such Common Shares in lieu of Dividends Paid in the Ordinary <A NAME="DocXparanum"></A>Course);</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>makes a distribution on its outstanding Common Shares to the holders of all or substantially all of the outstanding Common Shares payable in Common Shares or securities convertible into or exchangeable for Common Shares (other than an issue of Common Shares to holders of Common Shares pursuant to a right granted to such holders to receive such Common Shares in lieu of Dividends Paid in the Ordinary Course);</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
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<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>43</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(any of such events in subsections (a), (b), (c) and (d), and being called a <B>&#147;Common Share Reorganization</B>&#148;) then the Conversion Price then in effect will be adjusted effective immediately on the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization, so that it shall equal the price determined by multiplying the Conversion Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which will be the total number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which will be the total number of Common Shares outstanding immediately after giving effect to such Common
 Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such securities been exchanged for or converted into Common Shares on such effective date or record date). </P>
<A NAME="S613"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If and whenever at any time after the date hereof and prior to the Maturity Date, the Company fixes a record date for the issue of rights, options or warrants to the holders of all or substantially all of the outstanding Common Shares under which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue (the &#147;<B>Rights Period</B>&#148;), to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares at a price per share to the holder (or at an exchange price or conversion price per share during the Rights Period to the holder in the case of securities exchangeable for or convertible into Common Shares) which is less than 95% of the Current Market Price for the Common Shares on such record date (any of such events being called a &#147;<B>Rights Offering</B>&#148;), then the Conversion Price wi
ll be adjusted effective immediately after the end of the Rights Period so that it shall equal the price determined by multiplying the Conversion Price in effect immediately prior to the end of the Rights Period by a fraction:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the numerator of which will be the aggregate of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the total number of Common Shares outstanding as of the record date for the commencement of the Rights Offering, and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a number determined by dividing (A) either (x) the product of the number of Common Shares issued or subscribed for during the Rights Period upon the exercise of the rights, warrants or options under the Rights Offering and the price at which such Common Shares are offered for such issue or subscription, or, as the case may be, (y) the product of the exchange price or conversion price of such securities exchangeable for or convertible into Common Shares and the number of Common Shares for or into which the securities so offered pursuant to the Rights Offering could have been exchanged or converted during the Rights Period, by (B) the Current Market Price of the Common Shares as of the record date for the commencement of the Rights Offering, and</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>43</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the denominator of which will be the number of Common Shares outstanding, or the number of Common Shares which would be outstanding if all the exchangeable or convertible securities were exchanged for or converted into Common Shares during the Rights Period, after giving effect to the Rights Offering and including the number of Common Shares actually issued or subscribed for during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering.</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Debentureholder who has exercised the right to convert to Common Shares in accordance with article 4 during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period for the Rights Offering will, in addition to the Common Shares to which that holder would otherwise be entitled upon such conversion, be entitled to that number of additional Common Shares equal to the result obtained when the difference, if any, between the Conversion Price in effect immediately prior to the end of such Rights Offering and the Conversion Price as adjusted for such Rights Offering pursuant to this subsection is multiplied by the number of Common Shares received upon the conversion of the Debentures held by such Holder during such period, and the resulting product is divided by the Conversion Price as adjusted for such R
ights Offering pursuant to this subsection; provided that the provisions of section 4.3 will be applicable to any fractional interest in a Common Share to which such Holder might otherwise be entitled under the foregoing provisions of this subsection. Such additional Common Shares will be deemed to have been issued to the Debentureholder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be delivered to such Holder within 15 Business Days following the end of the Rights Period. To the extent that any such rights, options or warrants are not so exercised on or before the expiry thereof, the Conversion Price will be readjusted to the Conversion Price which would then be in effect based on the number of Common Shares (or the securities convertible into or exchangeable for Common Shares) actually delivered on the exercise of such rights, options or warrants.</P>
<A NAME="S614"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If and whenever at any time after the date hereof and prior to the Maturity Date, the Company fixes a record date for the issue or the distribution to the holders of all or substantially all of the outstanding Common Shares of (i) securities of the Company, including rights, options or warrants to acquire securities of the Company or any of its property or assets and including cash and evidences of indebtedness; or (ii) any property or other assets, including cash and evidences of indebtedness, and if such issuance or distribution does not constitute a Dividend Paid in the Ordinary Course, a Common Share Reorganization, a Rights Offering or a distribution contemplated by subsection 6.1.3 (any of such non-excluded events being called a &#147;<B>Special Distribution</B>&#148;), then the Conversion Price will be adjusted effective immediately after such record date so that it shall equal the pric
e determined by multiplying the Conversion Price in effect on such record date by a fraction:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the numerator of which will be:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the product of the number of Common Shares outstanding on such record date and the Current Market Price of the Common Shares on such record date; less</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>45</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the fair market value, as determined by action by the Board of Directors (whose determination, subject to the consent of a Recognized Stock Exchange, will be conclusive), to the holders of Common Shares of such securities or property or other assets so issued or distributed in the Special Distribution; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the denominator of which will be the product of the number of Common Shares outstanding on such record date and the Current Market Price of the Common Shares on such record date.</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To the extent that any Special Distribution is not so made, the Conversion Price will be readjusted effective immediately to the Conversion Price which would then be in effect based upon such securities or property or other assets as actually distributed.</P>
<A NAME="S615"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If and whenever at any time after the date hereof and prior to the Maturity Date, there is a reclassification of the Common Shares at any time outstanding or change of the Common Shares into other shares or into other securities or other capital reorganization (other than a Common Share Reorganization), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a vertical short-form amalgamation with one or more of its Wholly-Owned Subsidiaries pursuant to the <I>Business Corporations Act, </I>British Columbia), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity in which the holders of Common Shares are entitled to receive shares, other securities or other property (any of such events being called a &#147;<B>Capital Reorganization</B>&#148;)
, any Holder of Debentures who exercises the right to convert Debentures into Common Shares pursuant to Debentures then held after the effective date of such Capital Reorganization will be entitled to receive, and will accept for the same aggregate consideration in lieu of the number of Common Shares to which such Holder was previously entitled upon such conversion, the aggregate number of shares, other securities or other property which such holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the holder had been the registered holder of the number of Common Shares to which such holder was previously entitled upon conversion provided, however, that the consideration into which the Debentures will be convertible will be limited to the Common Shares or other prescribed securities (as defined by Regulation 6208 to the <I>Income Tax Act</I> (Canada)) of the Company as specified by the board of directors of &nbsp;the Company. .
 The Company will take all steps necessary to ensure that, on a Capital Reorganization, the Holders of Debentures will receive the aggregate number of shares, other securities or other property to which they are entitled as a result of the Capital Reorganization and that such shares or securities will be prescribed securities as defined in Regulation 6208 of the <I>Income Tax Act</I> (Canada), which includes shares or securities not redeemable by the holder thereof within 5 years from the issue date of the Debentures. Appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this article 6 with respect to the rights and interests thereafter of Holders of Debentures to the end that the provisions set forth in this article 6 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the conversion of any Debenture. Prior to 
or concurrent with effecting a Capital Reorganization, the Company will enter into an indenture supplemental hereto approved by action of the Board of Directors and by the Indenture Trustee, which will set forth an appropriate adjustment to give effect to this subsection, in which event such adjustment will for all purposes be conclusively deemed to be an appropriate adjustment, subject to the prior written consent of a Recognized Stock Exchange.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>46</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="S616"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the purchase price provided for in any rights, options or warrants (the &#147;<B>Rights Offering Price</B>&#148;) referred to in subsections 6.1.3 or 6.1.4 is decreased, the Conversion Price will forthwith be changed so as to decrease the Conversion Price to the Conversion Price that would have been obtained if the adjustment to the Conversion Price made under subsection 6.1.3 or 6.1.4, as the case may be, with respect to such rights, options or warrants had been made on the basis of the Rights Offering Price as so decreased, provided that the terms of this subsection will not apply to any decrease in the Rights Offering Price resulting from terms in any such rights, options or warrants designed to prevent dilution except to the extent that the resulting decrease in the Conversion Price under this subsection would be greater than the decrease, if any, in the Conversion Price to be made unde
r the terms of this section by virtue of the occurrence of the event giving rise to such decrease in the Rights Offering Price.</P>
<A NAME="S617"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In any case in which this section 6.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the Holder of any Debenture converted after such record date and before the occurrence of such event the additional Common Shares issuable upon such conversion by reason of the adjustment required by such event, provided, however, that the Company shall deliver to such Holder an appropriate instrument evidencing such Holder&#146;s right to receive such additional Common Shares upon the occurrence of such event and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and after the date of conversion or such later date on which such Holder would, but for the provisions of this subsection 
6.1.7, have become the holder of record of such additional Common Shares. Such additional Common Shares so issued shall be prescribed securities as defined in Regulation 6208 of the <I>Income Tax Act</I> (Canada).</P>
<A NAME="S62"></A><A NAME="_Toc94602538"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Other Adjustment of Conversion Price</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company shall take any action affecting the Common Shares, other than an action described in subsections 6.1.2, 6.1.3, 6.1.4 or 6.1.6 but including an action under subsection 6.1.5, which results in a Holder of Debentures being unable, for any period of time, to exercise conversion privileges that it would otherwise be permitted to exercise due to requirements necessary to ensure that the Debentures will be and will remain exempt from Canadian withholding tax, the Conversion Price may be adjusted in such manner and at such time, or such other adjustment to the conversion privilege may be made, as the Board of Directors determine to be equitable in the circumstances, subject to the prior written consent of a Recognized Stock Exchange. Failure of the Board of Directors to take any such action shall be conclusive evidence that the Board of Directors has determined t
hat it is equitable to make no adjustment in the circumstances.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>47</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602539"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Rules Regarding Calculation of Adjustment of Conversion Price</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For the purposes of sections 6.1 and 6.2:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The adjustments provided for in sections 6.1 and 6.2 are cumulative and will be computed to the nearest one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections of this section.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No adjustment in the Conversion Price will be required unless the cumulative effect of such adjustment would result in a change of at least 1% in the prevailing Conversion Price; provided, however, that any adjustments which, except for the provisions of this subsection would otherwise have been required to be made, will be carried forward and taken into account in any subsequent adjustment.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No adjustment in the Conversion Price will be required upon the issuance from time to time of Common Shares pursuant to the Company&#146;s stock option plans or share purchase plan, or any dividend reinvestment plan, or any similar plan, if any, as such plans may be replaced, supplemented or further amended from time to time. In addition, for greater certainty, no adjustment in the Conversion Price upon an event referred to in subsection 6.1.4 will be required upon the distribution from time to time of Common Shares by way of private placement or prospectus which is made to the public in general.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No adjustment in the Conversion Price will be made in respect of subsections 6.1.2(c), 6.1.2(d), 6.1.3 or 6.1.4, if Debentureholders are entitled to participate in such event on the same terms, <I>mutatis mutandis</I>, as if they had converted their Debentures prior to or on the effective date or record date of such event. Any such participation will be subject to any required prior consent of a Recognized Stock Exchange.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If at any time a dispute arises with respect to adjustments provided for in section 6.1, such dispute will be conclusively determined, subject to the consent of a Recognized Stock Exchange, by the Company&#146;s auditors, or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action of the Board of Directors and any such determination will be binding upon the Company, the Indenture Trustee, the Debentureholders and shareholders of the Company; such auditors or accountants will be given access to all necessary records of the Company. If any such determination is made, the Company will deliver an Officers&#146; Certificate to the Indenture Trustee describing such determination, and the Indenture Trustee shall be entitled to act and rely upon such Officers&#146; Certificate.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company sets a record date to determine the holders of Common Shares for the purpose of entitling them to receive any dividend or distribution or sets a record date to take any other action and thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, legally abandons its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Conversion Price shall be made.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>48</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the absence of a resolution of the Board of Directors fixing a record date for a Special Distribution or Rights Offering, the Company will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For greater certainty, Debentureholders shall have no right to convert Debentures into any security other than Common Shares unless an appropriate adjustment is made by and set forth in an indenture supplemental hereto.</P>
<A NAME="S64"></A><A NAME="_Toc94602540"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Certificate as to Adjustment</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in section 6.1 or 6.2, deliver an Officers&#146; Certificate to the Indenture Trustee specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, and the Indenture Trustee shall be entitled to act and rely upon such Officers&#146; Certificate. Such Officers&#146; Certificate and the amount of the adjustment specified therein shall be conclusive and binding on all parties in interest. Until such Officers&#146; Certificate is received by the Indenture Trustee, the Indenture Trustee may act and be protected in acting on the presumption that no adjustment has
 been made or is required. Except in respect of any subdivision, reduction, combination or consolidation of the Common Shares contemplated by subsections 6.1.2(a) and 6.1.2(b), the Company shall forthwith give notice to the Debentureholders specifying the event requiring such adjustment or readjustment and the amount thereof, including the resulting Conversion Price; provided that if the Company has given notice under section 6.5 covering all the relevant facts in respect of such event, no such notice need be given under this section 6.4.</P>
<A NAME="S65"></A><A NAME="_Toc94602541"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of Special Matters</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants that, so long as any Debentures remain Outstanding, it will give notice to the Indenture Trustee on account for the Debentureholders of its intention to fix a record date for any event referred to in subsections 6.1.2, 6.1.3, 6.1.4 or 6.1.5 (other than the subdivision, reduction, combination or consolidation of Common Shares contemplated by subsections 6.1.2(a) and (b)) or a cash dividend (other than a Dividend Paid in the Ordinary Course) which may give rise to an adjustment in the Conversion Price, or other adjustment, and such notice shall specify the particulars of such event and the record date and the effective date for such event; provided that the Company shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given. Such notice shall be give
n not less than 14 days and not more than 60 days prior to the applicable record date in the case of an event referred to in subsections 6.1.2, 6.1.3 or 6.1.4 and not less than 21 days and not more than 60 days prior to the applicable record date in the case of an event referred to in subsection 6.1.5.</P>
<A NAME="_Toc94602542"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of Expiry of Conversion Right</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants that, so long as any Debentures remain Outstanding, it will give notice to the Indenture Trustee on account for the Debentureholders in the manner provided in article 16, not less than 21 days prior to the Maturity Date, of the expiry of the right of the Holders of the Debentures to convert their Debentures.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>49</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602543"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Protection of Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not at any time be under any duty or responsibility to any Debentureholder to determine whether any facts exist which may require any adjustment in the Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; and shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any shares or other securities or other property which may at any time be issued or delivered upon the conversion of any Debenture; and the Indenture Trustee, except to the extent that there has been a failure by the Indenture Trustee or its employees or agents to act honestly and in good faith or where the Indenture Trustee or its employees or agents have acted negligently or in willful disregard of their obligations hereunder o
r shall not have complied with article 13, shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver Common Shares or share certificates upon the surrender of any Debenture for the purpose of conversion, or to comply with any of the covenants contained in this article 6.</P>
<A NAME="_Toc94602544"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE <A NAME="Article7"></A>7<BR>
COMMON SHARE INTEREST PAYMENT ELECTION</B></P>
<A NAME="_Toc94602545"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>7.1</B></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Common Share Interest Payment Election</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provided that no Event of Default has occurred and is continuing under this Indenture and that all applicable regulatory approvals have been obtained (including any required approval of any Recognized Stock Exchange) for the purposes of the Interest Payment Date, the Company shall have the revocable right, from time to time, to make a Common Share Interest Payment Election in respect of all or any part of any Interest Obligation by delivering a Common Share Interest Payment Election Notice to the Indenture Trustee by no later than the earlier of: (i) the date required by Applicable Law or the rules of any Recognized Stock Exchange on which the Common Shares are then listed, or (ii) the day which is not less than 40 days and not more than 60 days prior to the Interest Payment Date to which the Common Share Interest Payment Election relates.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon receipt of a Common Share Interest Payment Election Notice, the Indenture Trustee shall, in accordance with this article 7 and such Common Share Interest Payment Election Notice, deliver Common Share Bid Requests to the investment banks, brokers or dealers identified by the Company, in its absolute discretion or sell Common Shares in the open market on a Recognized Stock Exchange, as specified in the Common Share Interest Payment Election Notice. In connection with the Common Share Interest Payment Election, the Indenture Trustee shall have the power to: (i) accept delivery of the Common Shares from the Company and process the Common Shares in accordance with the Common Share Interest Payment Election Notice, (ii) accept bids with respect to, and consummate sales of, such Common Shares, each as the Company shall direct in its absolute discretion, through the investment banks, brokers or d
ealers identified by the Company in the Common Share Interest Payment Election Notice, (iii)<FONT COLOR=#FF0000> </FONT>sell Common Shares in the open market on a Recognized Stock Exchange, (iv) invest the proceeds of such sales on the direction of the Company in Canadian Government Obligations which mature at least three Business Days prior to an applicable Interest Payment Date and/or use such proceeds to pay all or part of the Interest Obligation in respect of which the Common Share Interest Payment Election was made and (v) perform any other action necessarily incidental thereto.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>50</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not incur any liability or be in any way responsible for the consequences of any loss caused by the investment referred to in section 7.1.2(iv) and the Company indemnifies and saves harmless the Indenture Trustee and its officers, directors, employees and agents from and against any and all liabilities, losses, costs, claims, actions, expenses or demands whatsoever which may be brought against the Indenture Trustee or which it may suffer or incur as a result of performing its obligations set out in section 7.1.2.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Common Share Interest Payment Election Notice shall provide for, and all bids shall be subject to, the right of the Company, by delivering written notice to the Indenture Trustee at any time prior to the consummation of such delivery and sale of the Common Shares on the Common Share Delivery Date, to withdraw the Common Share Interest Payment Election (which shall have the effect of withdrawing each related Common Share Bid Request), whereupon the Company shall be obliged to pay in cash the Interest Obligation in respect of which the Common Share Interest Payment Election Notice has been delivered. The Indenture Trustee shall be fully indemnified by the Company in respect of any withdrawal of a Common Share Interest Payment Election or any termination of bids or contracts for the issuance or sales of Common Shares entered into by the Indenture Trustee on behalf of the Company.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any sale of Common Shares pursuant to this article 7 may be made to one or more Persons whose bids are solicited, but all such sales with respect to a particular Common Share Interest Payment Election shall take place concurrently on the Common Share Delivery Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.6</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The amount received by a Holder of a Debenture in respect of the Interest Obligation will not be affected by whether or not the Company elects to satisfy the Interest Obligation pursuant to a Common Share Interest Payment Election.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.7</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall inform the Company promptly following receipt of any bid or bids for Common Shares solicited pursuant to the Common Share Bid Requests. The Indenture Trustee shall accept such bid or bids as the Company (in its absolute discretion) shall direct by Written Order. In connection with any bids so accepted, the Company, the Indenture Trustee (if required by the Company in its absolute discretion) and the applicable bidders shall, not later than the Common Share Delivery Date, enter into Common Share Purchase Agreements and shall comply with all Applicable Securities Laws, including the securities rules and regulations of any Recognized Stock Exchange on which the Common Shares are then listed. The Company shall, if so requested by the Indenture Trustee, deliver to the Indenture Trustee an Opinion of Counsel that such Common Share Purchase Agreements so comply with such A
pplicable Securities Laws or regulations of any Recognized Stock Exchange. The Company shall pay all fees and expenses in connection with the Common Share Purchase Agreements including the fees and commissions charged by the investment banks, brokers and dealers and the standard fees of the Indenture Trustee generally charged for this service.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>51</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.8</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provided that (i) all conditions specified in each Common Share Purchase Agreement to the closing of all sales thereunder have been satisfied, other than the delivery of the Common Shares to be sold thereunder against payment of the purchase price thereof, and (ii) the purchasers under each Common Share Purchase Agreement shall be ready, willing and able to perform thereunder, in each case on the Common Share Delivery Date, the Company shall, on the Common Share Delivery Date, deliver to the Indenture Trustee the Common Shares to be sold on such date, an amount in cash equal to the difference between the applicable Interest Obligation and the anticipated net proceeds of the Common Shares to be sold and an Officers&#146; Certificate, upon which the Indenture Trustee may act and rely absolutely without any further enquiry, to the effect that all conditions precedent to such sales, including thos
e set forth in this Indenture and in each Common Share Purchase Agreement, have been satisfied. Upon such deliveries, the Indenture Trustee shall consummate such sales on such Common Share Delivery Date by the delivery of the Common Shares to such purchasers against payment to the Indenture Trustee in immediately available funds of the purchase price therefor.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.9</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company agrees that any Common Shares issued pursuant to this article 7 shall be issued for an amount equal to the sale price of such Common Shares realized by the Trustee, with the effect that the Trustee will neither realize a gain or loss with respect to the sale of such Common Shares.</P>
<A NAME="S718"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.10</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall, on the Common Share Delivery Date, use the sale proceeds of the Common Shares (together with any cash received from the Company) to purchase, on the direction of the Company in writing, Canadian Government Obligations which mature at least three Business Days prior to the applicable Interest Payment Date and which the Indenture Trustee is required to hold until maturity (the &#147;<B>Common Share Proceeds Investment</B>&#148;) and shall, on such date, deposit the balance, if any, of such sale proceeds in the Property Account for such Debentures. At least one Business Day prior to the Interest Payment Date, the Indenture Trustee shall deposit amounts from the proceeds of the Common Share Proceeds Investment in the Property Account to bring the balance of the Property Account to the Common Share Interest Payment Election Amount to the extent that the Indenture Truste
e has been provided sufficient funds to do so. On the Interest Payment Date, the Indenture Trustee shall pay the funds held in the Property Account to the Holders in accordance with section 2.10 or 2.12. The Indenture Trustee shall remit amounts, if any, in respect of income earned on the Common Share Proceeds Investment or otherwise in excess of the Common Share Interest Payment Election Amount to the Company.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.1.11</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Neither the making of a Common Share Interest Payment Election nor the consummation of sales of Common Shares on a Common Share Delivery Date will (i) result in the Holders of the Debentures not being entitled to receive on the applicable Interest Payment Date cash in an aggregate amount equal to the Interest Obligation payable on such date, or (ii) entitle such Holders to receive any Common Shares in satisfaction of such Interest Obligation.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>52</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<A NAME="Article8"></A><A NAME="_Toc94602546"></A><P style="margin:0pt; line-height:14pt; font-family:Times New Roman Bold; font-size:12pt" align=center><B>ARTICLE 8<BR>
CREATION AND INVESTMENT OF ESCROW</B></P>
<A NAME="_Toc94602547"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>8.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Creation of Escrow</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On or promptly after the execution of this Trust Indenture, the Company shall transfer, or cause to be transferred, to the Indenture Trustee, and the Indenture Trustee shall acknowledge receipt of, and confirm in writing the amount of the Escrowed Funds.</P>
<A NAME="_Toc94602548"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>8.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Investment of Escrow</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall hold the Escrowed Funds in the Escrow Account until the Escrow Funds are released or distributed by the Indenture Trustee in accordance with the provisions of section 8.3. &nbsp;All interest income derived from the Escrowed Funds shall be paid to the Company.<A NAME="_Toc94602549"></A></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may invest the Escrowed Funds on the direction of the Company in Canadian Government Obligations which mature at least three Business Days prior to an applicable Interest Payment Date and perform any other action necessarily incidental thereto.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not incur any liability or be in any way responsible for the consequences of any loss caused by the investment referred to in section 8.2.2 and the Company indemnifies and saves harmless the Indenture Trustee and its officers, directors, employees and agents from and against any and all liabilities, losses, costs, claims, actions, expenses or demands whatsoever which may be brought against the Indenture Trustee or which it may suffer or incur as a result of performing its obligations set out in section 8.2.2.</P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>8.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Disbursements of Escrow</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless the Indenture Trustee has received a Common Share Interest Payment Election from the Company which has not been withdrawn by the Company pursuant to Article 7 hereof, the Indenture Trustee shall disburse the Escrowed Funds in accordance with subsection 8.3.2, to pay the Interest Obligations on the first two Interest Payment Dates, being August 15, 2005 and February 15, 2006.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.3.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to subsection 8.3.1, at least one Business Day prior to the Interest Payment Date, the
Indenture Trustee shall transfer the Escrow Funds from the Escrow Account to the Property
Account to bring the balance of the Property Account to an amount required to meet the Interest
Obligations for the applicable Interest Payment Date. On the Interest Payment Date, the
Indenture Trustee shall pay the funds held in the Property Account to the Holders in accordance
with section 8.3.1. The Indenture Trustee shall immediately following the second Interest Payment
Date, remit amounts, if any, in respect of interest earned on the Escrow Funds or otherwise
remaining in the Escrow Account to the Company.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>53</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.3.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event that the Indenture Trustee receives a Common Share Interest Payment Election and uses the proceeds from the sale of Common Shares to pay the Interest Obligations in respect of the first Interest Payment Date, the Indenture Trustee shall, immediately following the first Interest Payment Date (i) remit to the Company amounts in the Escrow Account that exceed $1,375,000 and (ii) retain in the Escrow Account Escrow Funds in the amount of $1,375,000, which amount shall be payable in accordance with this article 8.</P>
<A NAME="_Toc94602550"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 9<BR>
SUBORDINATION OF DEBENTURES</B></P>
<A NAME="_Toc94602551"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Agreement to Subordinate</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants and agrees, and each Debentureholder, by his acceptance thereof, likewise agrees, that the payment of the principal of, the premium, if any, and of any interest on the Debentures is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness whether outstanding on the date of this Indenture or thereafter incurred, notwithstanding that no express written subordination agreement may have been entered into between the holders of Senior Indebtedness and the Indenture Trustee or the Debentureholders. &nbsp;Notwithstanding the provisions of this section 9.1, the Company shall continue to make payments on account of interest on the Debentures as they come due unless and until default or an event of default (as defined in any Senior Indebtedness or any ins
trument evidencing the same and permitting, by the lapse of time or giving of notice, the holders thereof to accelerate the maturity thereof), has occurred and is continuing and in respect of which notice has been given by or on behalf of the holders of Senior Indebtedness to the Company.</P>
<A NAME="_Toc94602552"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Distribution on Insolvency or Winding-up</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization or other similar proceedings relative to the Company, or to its property or assets, or in the event of any proceedings for voluntary liquidation, dissolution or other winding-up of the Company, whether or not involving solvency or bankruptcy:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the holders of all Senior Indebtedness will first be entitled to receive payment in full of the principal thereof, premium (or any other amount payable under such Senior Indebtedness), if any, and interest due thereon, before the Debentureholders will be entitled to receive any payment or distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in any such event in respect of any of the Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities (other than securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in this article 9 with respect to the Debentures, to the payment of all Senior Indebtedness, provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from such reorganization or readjustment, and (ii) without prejudice to the rights of such holders with respect to any such plan (including without limitation as to whether or not to approve same and on what conditions to do so), the rights of the holders of Senior</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>54</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;Indebtedness are not altered adversely by such reorganization or readjustment) to which the Debentureholders or the Indenture Trustee would be entitled, except for the provisions of this article 9, will be paid or delivered by the Person making such payment or distribution, whether a trustee in bankruptcy, a receiver, a receiver-manager, a liquidator or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, rateably according to the aggregate amounts remaining unpaid on account of the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution (or provision th
erefor) to the holders of such Senior Indebtedness; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>subject to section 9.6, if, notwithstanding the foregoing, any payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities (other than securities of the Company as reorganized or readjusted or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in this section 9.2.3 with respect to the Debentures, to the payment of all Senior Indebtedness, provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from such reorganization or readjustment and (ii) without prejudice to the rights of such holders with respect to any such plan (including without limitation as to whether or not to approve same and on what conditions to do so), the rights of the holders of Senior Indebtedness are no
t altered adversely by such reorganization or readjustment), is received by the Indenture Trustee or the Debentureholders before all Senior Indebtedness is paid in full, such payment or distribution will be held in trust for the benefit of, and will be paid over to the holders of such Senior Indebtedness or their representative or representatives or to the Indenture Trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, rateably as aforesaid, for application to the payment of all Senior Indebtedness remaining unpaid until such Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness.</P>
<A NAME="_Toc94602553"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subrogation of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to the payment in full of all Senior Indebtedness, the Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments and distributions of assets of the Company in respect of and on account of Senior Indebtedness, to the extent of the application thereto of moneys or other assets which would have been received by the Debentureholders, but for the provisions of this article 9, until the principal of, premium, if any, and interest on the Debentures shall be paid in full. No payment or distribution of assets of the Company to the Debentureholders which would be payable or distributable to the holders of Senior Indebtedness pursuant to this article 9 shall, as between the Company, its creditors (other than the holders of Senior Indebtedness) and the Debentureholders, be deemed to be a payment by the Company to or on acco
unt of the Debentureholders, it being understood that the provisions of this article 9 are, and are</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>55</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;intended, solely for the purpose of defining the relative rights of the Debentureholders, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in this article 9 or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Company and its creditors (other than the holders of Senior Indebtedness and the Debentureholders), the obligation of the Company, which is unconditional and absolute, to pay to the Debentureholders the principal of and interest on the Debentures, as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Debentureholders and the creditors of the Company, other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Indenture Trustee or the Holder of any Debentur
es from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this article 9, of the holders of Senior Indebtedness upon the exercise of any such remedy.</P>
<A NAME="S84"></A><A NAME="_Toc94602554"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No Payment to Debentureholders if Event of Default under the Senior Indebtedness</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon the maturity of any Senior Indebtedness by lapse of time, acceleration or otherwise, then, except as hereinafter otherwise provided in subsection 9.4.3, all principal of and premium or penalty (or any other amounts payable under such Senior Indebtedness), if any, and interest on all such matured Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment on account of principal of, premium, if any, and interest on the Debentures is made, including the Redemption Price, any amount owed upon a Change of Control or on the Maturity Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.4.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Except as hereinafter otherwise provided in subsection 9.4.3, the Company shall not make any payment, and the Debentureholders shall not be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit (including without limitation by compensation, set-off, combination of accounts or realization of security or otherwise in any manner whatsoever) on account of the indebtedness represented by the Debentures (other than pursuant to section 4.1) (i) in a manner inconsistent with the terms (as they exist on the date hereof) of this Indenture or of the Debentures, or (ii) at any time when a default or an event of default, as defined in any Senior Indebtedness or any instrument evidencing the same and permitting, by the lapse of time or giving of notice, the holders thereof to accelerate the maturity thereof, has occurred under Senior Indebtedness and is continuin
g and notice of such default or event of default has been given by or on behalf of the holders of Senior Indebtedness to the Company, unless and until such Senior Indebtedness have been paid and satisfied in full, or unless and until such default or event of default shall have been cured or waived in writing or shall have ceased to exist in accordance with the provisions of such Senior Indebtedness.</P>
<A NAME="S843"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.4.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For greater certainty but without limiting the generality of the foregoing, this section 9.4 shall not be construed so as to prevent the Indenture Trustee from receiving and retaining any payments on account of Debentures which are made (i) in a manner that is consistent with the terms of this Indenture or of the Debentures, and (ii) at any time when no default or event of default (as defined in any Senior Indebtedness or any instrument evidencing the same and permitting, by the lapse of time or giving of notice, the holders thereof to accelerate the maturity thereof) has occurred and is continuing and in respect of which notice has not been given by or on behalf of the holders of Senior Indebtedness to the Company.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>56</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602555"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Authorization of Debentureholders to Trustee to Effect Subordination</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each Holder of Debentures, by his acceptance thereof, authorizes and directs the Indenture Trustee, on its behalf, to execute and deliver any such subordination agreements with the Company and the holders, or representatives or trustees thereof, of Senior Indebtedness, whether outstanding or hereafter incurred, which Counsel shall advise contains the subordination provisions hereof and as may be necessary in the Opinion of Counsel or appropriate to effect the subordination provided for in this article 9 and appoints the Indenture Trustee his attorney-in-fact for any and all such purposes.</P>
<A NAME="S86"></A><A NAME="_Toc94602556"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Knowledge of Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notwithstanding the provisions of this article 9, the Indenture Trustee will not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Indenture Trustee, or the taking of any other action by the Indenture Trustee, unless and until the Indenture Trustee has received written notice thereof from the Company, any Debentureholder or any holder or representative of any class of Senior Indebtedness.</P>
<A NAME="_Toc94602557"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Trustee May Hold Senior Indebtedness</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee is entitled to all the rights set forth in this article 9 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture deprives the Indenture Trustee of any of its rights as such holder.</P>
<A NAME="_Toc94602558"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Rights of Holders of Senior Indebtedness Not Impaired</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.</P>
<A NAME="_Toc94602559"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Altering the Senior Indebtedness</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The holders of the Senior Indebtedness have the right to extend, renew, modify or amend the terms of the Senior Indebtedness or any security therefor and to release, sell or exchange such security and otherwise to deal freely with the Company, all without notice to or consent of the Debentureholders or the Indenture Trustee and without affecting the liabilities and obligations of the parties to this Indenture or the Debentureholders or the Indenture Trustee.</P>
<A NAME="_Toc94602560"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Additional Indebtedness</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Indenture does not restrict the Company or its Affiliates from incurring additional indebtedness for borrowed money (including additional Senior Indebtedness or indebtedness ranking <I>pari passu</I> with any Debentures), the issuance or repurchase of securities by the Company or its Affiliates or otherwise from hypothecating or charging its property to secure any indebtedness, provided, however, that the Company shall not issue additional unsecured bonds, debentures, notes or other capital markets debt (other than Senior</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>57</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;Indebtedness) unless all such debt, by its terms or pursuant to an agreement entered into between the Indenture Trustee and the holders of such debt, is subordinate to the Debentures.</P>
<A NAME="_Toc94602561"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.11</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Right of Debentureholder to Convert Not Impaired</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The subordination of the Debentures to the Senior Indebtedness and the provisions of this article 9 do not impair in any way the right of a Debentureholder to convert its Debentures pursuant to section 4.1.</P>
<A NAME="_Toc94602562"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 10<BR>
COVENANTS OF THE COMPANY</B></P>
<A NAME="_Toc94602563"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Payment of Principal, Premium and Interest</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants and agrees with the Indenture Trustee and for the benefit of the Holders of each Debenture that it will duly and punctually pay the principal of (and premium, if any) and interest on the Debentures in accordance with their terms and this Indenture.</P>
<A NAME="_Toc94602564"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Maintenance of Office or Agency</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall maintain or cause the Registrar, or the Paying Agent, as the case may be, to maintain an Office at each Place of Payment where Debentures may be presented or surrendered for payment, or for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of such Debentures and this Indenture may be served. The Company will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of any such Office. If at any time the Company shall fail to maintain such required Office or shall fail to furnish to the Indenture Trustee the address of any such Office, such presentations, surrenders, notices and demands may be made or served at the principal corporate trust office of the Indenture Trustee in the City of Vancouver, Province of British Columbia.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company may from time to time designate one or more other Offices or Agencies (in or outside of such Place of Payment) where the Debentures may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain, or cause the Registrar to maintain for such purposes an Office in each Place of Payment for such Debentures. The Company will give prompt written notice to the Indenture Trustee of any such designation and any change in the location of any such other Office.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>58</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602565"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Corporate Existence; Books of Account</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants and agrees with the Indenture Trustee for the benefit of each Holder that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>it will at all times maintain its corporate existence; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>it will keep or cause to be kept proper books of account in accordance with Canadian generally accepted accounting principles.</P>
<A NAME="_Toc94602566"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.4</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Compliance Certificate</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall deliver to the Indenture Trustee within 140 days after the end of each fiscal year of the Company (and at any other reasonable time upon demand by the Indenture Trustee) an Officer&#146;s Certificate stating that the Company has complied with all requirements of the Company contained in this Indenture that, if not complied with, would, with the giving of notice, lapse of time, or otherwise, constitute an Event of Default. If an Event of Default shall have occurred, the certificate shall describe the nature and particulars of the Event of Default and its current status and steps taken or proposed to be taken to eliminate such circumstances and remedy such Event of Default, as the case may be.</P>
<A NAME="_Toc94602567"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of Default</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company will promptly notify the Indenture Trustee upon becoming aware of the occurrence of any Event of Default.</P>
<A NAME="S96"></A><A NAME="_Toc94602568"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Securities Laws</B></P>
<A NAME="S961"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.6.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants and agrees with the Indenture Trustee for the benefit of the Holders that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>it will take all reasonable steps and actions and do all such acts and things as may be required to: (i) as long as it meets the minimum listing requirements of such institutions, maintain the listing and posting for trading of the Debentures and the Common Shares on a Recognized Stock Exchange, and (ii) maintain its status as a reporting issuer or equivalent in good standing or equivalent under the Applicable Securities Laws in the Provinces of Canada in which &nbsp;the Company is currently a reporting issuer or equivalent; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>it will, at the relevant times and upon exercise of the relevant rights or elections, comply and take all measures necessary to comply at all times with subsections 3.7.3, 4.1.3 and 5.2.3 including, without limitation, make application for any order, ruling, registration or filing or give any notice required under Applicable Securities Laws.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.6.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall have no obligation to verify information relating to the Company&#146;s compliance with this section 10.6 and may act and rely upon all information provided by the Company with respect to such compliance, without independent inquiry.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>59</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602569"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Reporting</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall file with the Indenture Trustee and provide Holders with the documents that must be sent to its shareholders pursuant to Applicable Securities Laws in the Provinces of Canada in which the Company is a &#147;reporting issuer&#148; (as such term is defined in such Applicable Securities Laws) within the time prescribed by such Applicable Securities Laws. In the event the Company is no longer subject to Applicable Securities Laws, the Company shall continue to provide to the Indenture Trustee and the Holders (a) within 140 days after the end of each fiscal year, copies of its annual report and annual financial statements, and (b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year, interim financial statements which shall, at a minimum, contain such information required to be provided in quarterly reports under the Applicable Securities Law
s in the Provinces of Canada in which the Company is a &#147;reporting issuer&#148; (as such term is defined in such Applicable Securities Laws) Each of such reports will be prepared in accordance with disclosure requirements of Applicable Securities Laws of the Provinces of Canada in which the Company is a &#147;reporting issuer&#148; (as such term is defined in such Applicable Securities Laws) and Canadian generally accepted accounting principles.</P>
<A NAME="_Toc94602570"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Performance of Covenants by Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.8.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the Company fails to perform any of its covenants contained in this Indenture, the Indenture Trustee may itself perform any of such covenants capable of being performed by it, but will be under no obligation to do so. All sums expended or advanced by the Indenture Trustee for such purpose will be repayable as provided in section 13.14 of the Indenture. No such performance or advance by the Indenture Trustee shall relieve the Company of any default hereunder or its continuing obligations hereunder.</P>
<A NAME="Article10"></A><A NAME="_Toc94602571"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 11<BR>
EVENTS OF DEFAULT AND REMEDIES</B></P>
<A NAME="S101"></A><A NAME="_Toc94602572"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Events of Default and Enforcement</B></P>
<A NAME="S1011"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If and when any one or more of the following events (herein called an &#147;<B>Event of Default</B>&#148;) shall happen with respect to the Debentures, namely:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a default in payment of principal (and premium, if any) on any Debentures when due;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a default in payment of interest on any Debentures when due and payable and the continuance of such default for 30 days;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a default in the observance of the covenant contained in subsection 10.6.1 and the continuance of such default for 10 Business Days;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a material default in performing or observing any of the other covenants, agreements or obligations of the Company as described herein and the continuance of such default for 60 days after written notice to the Company by the Indenture Trustee or by the Holders of not less than 25% in principal amount of Outstanding Debentures requiring the same to be remedied, or such longer period of time as the Indenture Trustee (having regard to the subject matter of neglect or non-observance) shall agree to; </P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>60</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the failure to make an Offer to Purchase upon a Change of Control;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a decree, judgement, or order by a court having jurisdiction in the premises shall have been entered adjudging the Company bankrupt or insolvent or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the Company, under the <I>Bankruptcy and Insolvency Act </I>(Canada) or any other bankruptcy, insolvency or analogous applicable law of Canada or any province thereof, and such decree, judgement or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of a substantial part of its property, or for the winding up or liquidation of its affairs, shall have remained in force for a period of 30 consecutive days; or any substantial part of the property of the Company shall be sequestered or attached and shall not be re
turned to the possession of the Company or released from such attachment, as the case may be, whether by filing of a bond, or stay or otherwise, within 30 consecutive days thereafter;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(g)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company shall institute proceedings to be adjudicated a voluntary bankrupt, or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or similar relief under the <I>Bankruptcy and Insolvency Act</I> (Canada) or any other bankruptcy, insolvency or analogous applicable law of Canada or any province thereof or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or of a substantial part of its property, or shall make an assignment for the benefit of creditors, or shall be unable, or admit in writing its inability, to pay its debts generally as they become due, or corporate action shall be taken by the Company in furtherance of any of the aforesaid actions;
 or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(h)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a default under the terms of any Senior Indebtedness of the Company, whether such debt now exists or shall hereafter be created, which default results in such debt being declared due and payable prior to the date on which it would otherwise become or be due and payable and such acceleration is not rescinded or annulled within 10 days after the date of such acceleration unless the Company shall, in good faith, be contesting such acceleration or unless such default is cured or waived pursuant to the terms of the Senior Indebtedness;</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>then, and in each and every such case which has happened and is continuing, the Indenture Trustee may, in its discretion, and shall, upon the written request of the Holders of not less than 50% in principal amount of the Outstanding Debentures at such time (or, if there is a Global Debenture Outstanding, a written request of the Participants having received instructions from the Beneficial Holders holding at least 50% of the Outstanding Debentures), declare the principal of (and premium, if any) together with accrued interest on all such Debentures to be due and payable immediately, by a Notice in writing to the Company (and to the Indenture</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>61</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;Trustee if given by the Holders), and upon any such declaration such principal amount and premium, if any, together with accrued interest thereon, shall become immediately due and payable. If the Indenture Trustee fails to notify in writing the Company pursuant to the terms hereof, the Holders of Debentures having provided the written request to the Indenture Trustee may do so.</P>
<A NAME="_Toc94602573"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice of Event of Default</B></P>
<A NAME="S1021"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall give to the Holders within 5 days after the Indenture Trustee becomes aware by way of written Notice of the occurrence of an Event of Default, Notice of every Event of Default so occurring and continuing at the time the Notice is given, unless the Indenture Trustee reasonably and in good faith determines that the withholding of such Notice is in the best interests of the Holders and gives written Notice of such determination to the Company. When a Notice of the occurrence of an Event of Default is given by the Indenture Trustee pursuant to this subsection 11.2.1 and the Event of Default is thereafter cured, the Indenture Trustee shall give Notice that the Event of Default is no longer outstanding to all Holders to whom Notice of the occurrence of the Event of Default was given within 5 days after the Indenture Trustee becomes aware, by written Notice given by the Co
mpany to the Indenture Trustee, that the Event of Default has been cured and is no longer outstanding.</P>
<A NAME="_Toc94602574"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Waiver of Declaration</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At any time after a declaration of acceleration with respect to the Debentures has been made pursuant to section 11.1 and before a judgement or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided, the Holders of not less than 50% in principal amount of Outstanding Debentures, by written Notice to the Company and the Indenture Trustee, may thereupon rescind and annul such declaration and its consequences if the Company has paid or deposited with the Indenture Trustee a sum sufficient to pay:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all overdue interest on all Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the principal of (and premium, if any) any of the Debentures which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor in such Debentures; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>to the extent that payment of such interest is lawful and applicable, interest upon overdue instalments of interest at the rate or rates prescribed therefor in such Debentures; and</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all Events of Default with respect to the Debentures, other than the non-payment of the principal of (and premium, if any), and interest on, such Debentures which have become due solely by such declaration of acceleration, have been cured or waived in accordance with the provisions of this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>62</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc38792139"></A><A NAME="S104"></A><A NAME="_Toc94602575"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Waiver</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Holders of not less than 50% in aggregate principal amount of the Outstanding Debentures may on behalf of the Holders of all Debentures waive any past default hereunder and its consequences, except a default: </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the payment of the principal of (or premium, if any) or interest on any Debentures; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in respect of a covenant or provision hereof that under article 17 cannot be modified or amended without an Extraordinary Resolution passed by the Holders.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.4.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</P>
<A NAME="_Toc38792140"></A><A NAME="_Toc94602576"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Other Remedies</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If an Event of Default occurs and is continuing, the Indenture Trustee may pursue any available remedy to collect the payment of principal of (and premium, if any) or interest on Debentures or to enforce the performance of any term of the Debentures or this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.5.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may maintain a Proceeding even if it does not possess any Debentures or does not produce any of them in the Proceeding. A delay or omission by the Indenture Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.</P>
<A NAME="_Toc94602577"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Application of Money Collected</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any money collected by the Indenture Trustee pursuant to this article in respect of Debentures shall (subject to any claims having priority under Applicable Law) be applied in the following order, at the dates fixed by the Indenture Trustee and, in case of the distribution of such money on account of principal of (and premium, if any) or interest, upon presentation of Debentures and the notation thereon of the payment (if only partially paid) and upon surrender thereof (if fully paid):</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>first, to the payment of all amounts due to the Indenture Trustee under this Indenture with respect to such Debentures; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>second, to the payment of accrued interest on such Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>third, to the payment of the principal of (and premium, if any) on such Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>fourth, to the payment of any other amounts with respect to such Debentures; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>fifth, to whomever may be lawfully entitled to receive the balance of such money.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>63</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602578"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Control by Holders</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Holders of at least 25% in principal amount of the Outstanding Debentures may:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>direct the time, method and place in the Province of British Columbia or the Province of Ontario of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on it with respect to the Debentures; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of Debentures under any provisions of this Indenture or under Applicable Law.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may refuse, however, to follow any direction that conflicts with law or this Indenture.</P>
<A NAME="S108"></A><A NAME="_Toc94602579"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Limitation on Suits</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.8.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No Holder of any Debenture will have any right to pursue any remedy (including any action, suit or proceeding authorized or permitted by this Indenture or pursuant to Applicable Law) with respect to this Indenture or the Debentures unless: (i) the Holder gives to the Indenture Trustee notice of a continuing Event of Default; (ii) the Holders of at least 25% in principal amount of the then Outstanding Debentures make a request in writing to the Indenture Trustee to pursue the remedy; (iii) such Holder or Holders offer or provide to the Indenture Trustee security and indemnity in form satisfactory to the Indenture Trustee against any loss, liability or expense; (iv) the Indenture Trustee does not comply with the request within 30 days after receipt of such request and indemnity; and (v) during such 30-day period the Holders of a majority in principal amount of Outstanding Debentures do not give 
the Indenture Trustee a direction inconsistent with the request.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.8.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Holders may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.</P>
<A NAME="_Toc94602580"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Collection Suit by Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.9.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If an Event of Default specified in clause (a), (b), (c), (d) or (h) of section 11.1 occurs and is continuing, the Indenture Trustee may recover judgement in its own name and as trustee against the Company for the whole amount of principal (and premium, if any) and interest remaining unpaid.</P>
<A NAME="_Toc94602581"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indenture Trustee May File Proofs of Claim</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.10.1</P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee and the Holders lodged or allowed in any judicial proceedings relative to the Company, its creditors or its property.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>64</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602582"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.11</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Undertaking for Costs</B></P>
<A NAME="S10111"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.11.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys&#146; fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defences made by the party litigant. This subsection 11.11.1 does not apply to a suit by the Indenture Trustee, a suit by a Holder pursuant to section 11.8, or a suit by any Holder or group of Holders of more than 50% in principal amount of the Outstanding Debentures.</P>
<A NAME="_Toc94602583"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.12</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Delay or Omission Not Waiver</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.12.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No delay or omission of the Indenture Trustee or of any Holder of any Debenture to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this article or by law to the Indenture Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Holders, as the case may be.</P>
<A NAME="_Toc94602584"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.13</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Remedies Cumulative</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.13.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No remedy herein conferred upon or reserved to the Indenture Trustee or upon or to the Holders is intended to be exclusive of any other remedy, but each remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or statute.</P>
<A NAME="_Toc94602585"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.14</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Judgement Against the Company</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>11.14.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company covenants and agrees with the Indenture Trustee that, in case of any Proceeding to obtain judgement for payment of the principal of, premium, if any, or interest, if any, on the Debentures, judgement may be rendered against it in favour of the Holders or in favour of the Indenture Trustee, as holder of a power of attorney for the Holders, for the amount which may remain due in respect of the Debentures and the interest and premium, if any, thereon.</P>
<A NAME="Article11"></A><A NAME="_Toc94602586"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 12<BR>
SATISFACTION AND DISCHARGE</B></P>
<A NAME="S111"></A><A NAME="_Toc94602587"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>12.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Non-Presentation of Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any Debentureholder fails to present any Debentures for payment on the date on which the principal of, premium, if any, or interest thereon, becomes payable, whether on a Redemption Date, Payment Date, Maturity Date or any other repayment date, or shall not accept payment on account thereof and give such receipt therefor, if any, as the Indenture Trustee may require:</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>65</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>the Company shall thereafter be entitled to pay or deliver to the Indenture Trustee
and direct the Indenture Trustee to set aside; </P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>in respect of moneys or Common Shares in the hands of the Indenture Trustee
which may or should be applied to the payment of the Debentures, the Company shall thereafter be entitled to direct the Indenture Trustee to set aside; or </P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>if the redemption was made pursuant to any Notice given by the Indenture
Trustee, the Indenture Trustee may itself thereafter set aside, </P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the principal of, premium, if any, and interest on such Holder&#146;s Debentures, in trust to be paid to such Debentureholder upon due presentation or surrender of such Debentures in accordance with the provisions of this Indenture; and thereupon the principal of, premium, if any, and interest payable on each Debenture in respect whereof such moneys and, if permitted hereunder, Common Shares have been set aside shall be deemed to have been paid and the Holder thereof shall thereafter have no right in respect thereof except to receive delivery and payment of the moneys or Common Shares, if applicable, so set aside by the Indenture Trustee upon due presentation and surrender thereof, subject to the provisions of subsection 2.4. For greater certainty, the provisions of article 6 shall not prevent the application of moneys received by the Trustee pursuant to this subsection
 12.1 to the payment of principal, premium, if any, and interest on such Holder&#146;s Debentures.</P>
<A NAME="_Toc94602588"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>12.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Discharge</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall at the written request of the Company release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for that purpose and release the Company from its covenants herein contained (other than the provisions relating to the indemnification of the Indenture Trustee), upon proof being given to the reasonable satisfaction of the Indenture Trustee that the principal of, premium, if any, and interest on (including interest on amounts in default, if any) all of the Debentures and all other moneys payable hereunder have been paid or satisfied or that, all of the Debentures having matured or having been duly called for redemption, payment of the principal of, premium, if any, and interest (including interest on amounts in default, if any) on such Debentures and all other moneys payable hereu
nder have been duly and effectually provided for in accordance with the provisions hereof.</P>
<A NAME="_Toc94602589"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE <A NAME="Article12"></A>13<BR>
THE INDENTURE TRUSTEE</B></P>
<A NAME="S121"></A><A NAME="_Toc94602590"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Duties of Indenture Trustee</B></P>
<A NAME="S1211"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the exercise of its rights, duties and obligations prescribed or conferred by this Indenture, the Indenture Trustee shall act honestly and in good faith and shall exercise that degree of care, diligence and skill that a reasonably prudent corporate trustee would exercise in comparable circumstances. Subject to the foregoing, the Indenture Trustee shall be liable only for an act or failure to act arising from or in connection with dishonesty, bad faith, wilful misconduct, negligence or reckless disregard of a right, duty or obligation by the Indenture Trustee. The Indenture Trustee shall not be liable for any act or default on the part of any agent employed by it or for permitting any agent or co-trustee to receive and retain any monies payable to the Indenture Trustee under this Indenture, except as aforesaid.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>66</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602591"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Employ Agents</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may, but is not required to, employ (at the expense of the Company) such Counsel, agents and other assistants as it may reasonably require for the proper determination and discharge of its duties under this Indenture, and shall not be responsible for any negligence or misconduct on the part of any such Counsel, agent or other assistant or for any liability incurred by any Person as a result of not employing such Counsel, agent or other assistant, and may pay reasonable remuneration for all services performed for it with respect to this Indenture, and shall be entitled to receive reimbursement for all reasonable disbursements, costs, liabilities and expenses made or incurred by it with respect to this Indenture. All such disbursements, costs, liabilities and expenses in relation to this Indenture and all expenses incidental to the preparation, execution, creation and issua
nce of the Debentures, whether done or incurred at the request of the Indenture Trustee or the Company, shall bear interest at the posted annual rate of interest charged by the Indenture Trustee from time to time to its corporate trust customers from the date which is 30 days following receipt by the Company of an invoice from the Indenture Trustee with respect to such expenses until the date of reimbursement and shall (together with such interest) be paid by the Company immediately upon receipt of such invoice.</P>
<A NAME="_Toc94602592"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Reliance on Evidence of Compliance</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the exercise of its rights, duties and obligations under this Indenture, the Indenture Trustee may, if it is acting in good faith, act and rely, as to the truth of the statements and the accuracy of the opinions expressed therein, upon statutory declarations, Opinions of Counsel, reports, directions, orders, certificates and Certificates of the Company required by the Indenture Trustee to be furnished to it in the exercise of its rights, duties and obligations under this Indenture, if the Indenture Trustee examines such statutory declarations, Opinions of Counsel, reports, directions, orders, certificates or Certificates of the Company and determines that they indicate compliance with the applicable requirements of this Indenture.</P>
<A NAME="S124"></A><A NAME="_Toc94602593"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provision of Evidence of Compliance to Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In addition to any other provisions of this Indenture, the Indenture Trustee may, at any time any action is taken which relates to any of paragraphs (a) through (c) below, and acting in good faith, require evidence of compliance with the conditions precedent provided for in this Indenture relating to:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the certification pursuant to section 2.7 and delivery of Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the satisfaction and discharge of this Indenture; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the taking of any other action or step to be taken by the Indenture Trustee at the request, or on the application, of the Company.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>67</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<A NAME="_Toc94602594"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Contents of Evidence of Compliance</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Evidence of compliance required by section 13.4 shall consist of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a Certificate of the Company that the conditions precedent referred to in such Certificate have been complied with in accordance with the terms of this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the case of conditions precedent compliance with which are, pursuant to this Indenture, made subject to review or examination by Counsel, an Opinion of Counsel to the Company that such conditions precedent have been complied with in accordance with the terms of this Indenture; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the case of conditions precedent compliance with which are subject to the review or examination by auditors or appraisers, an opinion or report of a chartered accountant or appraiser, as the case may be, approved by the Indenture Trustee acting reasonably, that such conditions precedent have been complied with in accordance with the terms of this Indenture.</P>
<A NAME="_Toc94602595"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Advice of Experts</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.6.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may act and rely, and shall be protected in acting and relying in good faith, on the opinion, advice or information (including the Opinion of Counsel) obtained from any counsel, auditor, valuer, engineer, surveyor or other expert, whether obtained by the Indenture Trustee or by the Company, and, if acting in good faith, may rely as to the truth of the statements and the accuracy of the opinions expressed in any report or opinion furnished by such Person and may obtain such assistance as may be necessary to the proper determination and discharge of its duties and may pay proper and reasonable compensation for all such legal and other advice or assistance as aforesaid, including the disbursements of any legal or other advisor or assistants.</P>
<A NAME="_Toc94602596"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indenture Trustee May Deal in Debentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In its personal capacity or any other capacity, the Indenture Trustee, and each Affiliate of the Indenture Trustee, may buy, sell, lend upon, become a pledgee of and deal in the Debentures and generally contract and enter into financial transactions with the Company and any Affiliate of the Company without being liable to account for any profits made thereby.</P>
<A NAME="_Toc94602597"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Conditions Precedent to Indenture Trustee&#146;s Obligation to Act</B></P>
<A NAME="S1281"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.8.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not be bound to give any notice, or to do, observe or perform or see to the observance or performance by the Company of any of the obligations imposed under the Indenture or to supervise or interfere with any of the activities of the Company, or to do or take any act, action or Proceeding by virtue of the powers conferred on it by this Indenture, unless and until it shall have been required to do so under the terms of this Indenture; nor shall the Indenture Trustee be required to take notice of any default or Event of Default, other than in payment of any monies required by this Indenture to be paid to the Indenture Trustee, unless and until notified in writing of such default or Event of Default by the Company or by any Holder, which notice</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>68</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;shall distinctly specify default or Event of Default, and in the absence of any such notice the Indenture Trustee may conclusively assume that no default or Event of Default has occurred. Any such notice or requisition shall in no way limit any discretion given to the Indenture Trustee in this Indenture to determine whether or not to take action with respect to any default or Event of Default or with respect to any such requisition.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.8.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The obligation of the Indenture Trustee to do any of the actions referred to in subsection 13.8.1, including to commence or to continue any Proceeding or any right of the Indenture Trustee or the Holders, shall be conditional upon the Holders furnishing, when required by notice in writing by the Indenture Trustee, sufficient funds to commence or continue such action and an indemnity satisfactory to the Indenture Trustee to protect and hold harmless the Indenture Trustee against the costs, charges, expenses and liabilities which may result from such action and any loss and damage the Indenture Trustee may suffer by reason of such action. </P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.8.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Before commencing or at any time during the continuance of any Proceeding, the Indenture Trustee may require the Holders on whose behalf it is acting to deposit with the Indenture Trustee the Debentures held by them, and the Indenture Trustee shall issue receipts for such Debentures.</P>
<A NAME="_Toc94602598"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indenture Trustee Not Required to Give Security</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not be required to give Security for its conduct or administration under this Indenture.</P>
<A NAME="S1210"></A><A NAME="_Toc94602599"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.10</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Resignation or Removal of Indenture Trustee; Conflict of Interest</B></P>
<A NAME="S12101"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.10.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee represents and warrants to the Company that at the time of the execution and delivery of this Indenture no material conflict of interest exists with respect to the Indenture Trustee&#146;s role as a fiduciary hereunder.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.10.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may resign as trustee hereunder by giving not less than 60 days&#146; notice in writing to the Company or such shorter notice as the Company may accept as sufficient. The Indenture Trustee shall resign if a material conflict of interest arises with respect to its role as trustee under this Indenture that is not eliminated within 90 days after the Indenture Trustee becomes aware of such conflict of interest. Immediately after the Indenture Trustee becomes aware that it has a material conflict of interest it shall provide the Company with written notice of the nature of that conflict. Upon any such resignation, the Indenture Trustee shall be discharged from all further duties and liabilities under this Indenture. None of the validity and enforceability of this Indenture or the Debentures shall be affected in any manner whatsoever by reason only of the existence of a materia
l conflict of interest on the part of the Indenture Trustee (whether arising prior to or after the date of this Indenture). If the Indenture Trustee does not comply with this section, any Holder or the Company may apply to the Supreme Court of British Columbia in the judicial district of Vancouver for an order that the Indenture Trustee be replaced as trustee under this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.10.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event of the Indenture Trustee resigning or being removed by the Holders by Extraordinary Resolution or by the Company or being dissolved, becoming insolvent or bankrupt, going into liquidation or</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>69</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;otherwise becoming incapable of acting as trustee under this Indenture, the Company shall immediately appoint a successor Indenture Trustee unless a successor Indenture Trustee has already been appointed by the Holders; failing such appointment by the Company, the retiring Indenture Trustee or any other Holder may apply to a judge of the Supreme Court of British Columbia in the judicial district of Vancouver, on such notice as such judge may direct, for the appointment of a successor Indenture Trustee. The successor Indenture Trustee so appointed by the Company or by such court shall be subject to removal by the Holders by way of an Act of Holders. Any successor Indenture Trustee appointed under any provision of this section shall be a corporation authorized to carry on the business of a trust corporation in the Province of British Columbia or the Province of Ontario. On any appointmen
t of the successor Indenture Trustee, the successor Indenture Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named in this Indenture as Indenture Trustee. The expenses of all acts, documents and Proceedings required under this section will be paid by the Company in the same manner as if the amount thereof were fees payable to the Indenture Trustee under this Indenture.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.10.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any successor Indenture Trustee shall, immediately upon appointment, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the trusts under this Indenture, with like effect as if originally named as Indenture Trustee hereunder. Nevertheless, upon the written request of the successor Indenture Trustee or of the Company and upon payment of all outstanding fees and expenses, the Indenture Trustee ceasing to act shall execute and deliver a document assigning and transferring to such successor Indenture Trustee, upon the trusts expressed in this Indenture, all the rights, powers and trusts of the Indenture Trustee so ceasing to act, and shall duly assign, transfer and deliver all property (including money) held by such Indenture Trustee to the successor Indenture Trustee in its place. Should any deed, conveyance or other document in writing from the Company
 be required by any successor Indenture Trustee for more fully and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and other documents in writing shall, on the request of the successor Indenture Trustee, be made, executed, acknowledged and delivered by the Company.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.10.5</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any corporation into which the Indenture Trustee is amalgamated or with which it is consolidated or to which all or substantially all of its corporate trust business is sold or is otherwise transferred or any corporation resulting from any consolidation or amalgamation to which the Indenture Trustee is a party shall be a successor Indenture Trustee under this Indenture, without the execution of any document or any further act; provided that such successor Indenture Trustee is a corporation qualified to carry on the business of a trust corporation in the Province of British Columbia or the Province of Ontario and shall not have a material conflict of interest in its role as a fiduciary under this Indenture.</P>
<A NAME="_Toc94602600"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.11</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Authority to Carry on Business; Resignation</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.11.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee represents and warrants to the Company that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust corporation in the Province of British Columbia. If the Indenture Trustee ceases to be so authorized to carry on business, the validity and</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>70</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;enforceability of this Indenture and the Debentures issued hereunder shall not be affected in any manner by reason only of such event but the Indenture Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a trust corporation in the Province of British Columbia, either become so authorized or resign in the manner and with the effect specified in section 13.10.</P>
<A NAME="_Toc94602601"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.12</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Protection of Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.12.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>By way of supplement to any Applicable Law from time to time relating to trustees and in addition to any other provision of this Indenture for the relief of the Indenture Trustee, it is expressly agreed that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Debentures (except the representations and warranties contained in the last sentence of subsection 2.7.4 and in subsection 13.10.1 and sections 13.1.1 and 13.13 which are being given by the Indenture Trustee in its personal capacity) or required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Company;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be bound to give to any Person notice of the execution of this Indenture unless and until an Event of Default and a declaration of acceleration has occurred, and the Indenture Trustee has determined or become obliged to enforce the same;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not incur any liability or be in any way responsible for the consequence of any breach on the part of the Company of any of the covenants contained in this Indenture or of any acts of the agents or servants of the Company;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company indemnifies and saves harmless the Indenture Trustee and its officers, directors and employees and agents from and against any and all liabilities, losses, costs, claims, actions, expenses (including legal fees and disbursements on a solicitor and client basis) or demands whatsoever which may be brought against the Indenture Trustee or which it may suffer or incur as a result of or arising out of the performance of its duties and obligations under this Indenture, including those arising out of or related to actions taken or omitted to be taken by the Indenture Trustee contemplated by this Indenture, legal fees and disbursements on a solicitor and client basis and costs and expenses incurred in connection with the enforcement of this indemnity, which the Indenture Trustee may suffer or incur, whether at law or in equity, in any way caused by or arising, directly or indirectly, in r
espect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of its duties as Indenture Trustee, save only in the event of the negligence or reckless disregard in acting or failing to act, or the willful misconduct, dishonesty or bad faith of the Indenture Trustee. It is understood and agreed that this indemnification shall survive the termination or discharge of this Indenture or the resignation or removal of the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>without limiting the generality of section 13.12.1(d), the Company will indemnify and hold harmless the Indenture Trustee and upon written request reimburse the Indenture Trustee for the amount of (i) any</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>71</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;taxes levied or imposed and paid by the Indenture Trustee as a result of payments made under or with respect to the Debentures, (ii) any liability (including penalties and interest) arising therefrom or with respect thereto paid by the Indenture Trustee as a result of payments made under or with respect to the Debentures, (iii) any liability (including penalties and interest) arising from a Common Share Interest Payment Election, and (iv) any taxes levied or imposed and paid by the Indenture Trustee with respect to reimbursement under (i), (ii) and (iii) above, but excluding any taxes on the Indenture Trustee&#146;s net income arising from fees for acting as the trustee hereunder or in respect of the Indenture Trustee&#146;s capital.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be liable by reason of the statements or implications of fact or law contained in or arising out of anything contained in this Indenture or any Offering Document or in the Debentures or be required to verify the same, but all statements or implications shall be deemed to have been made by the Company only;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(g)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee may, in the exercise of all or any of the trusts, powers and discretion vested in it under this Indenture, act by the responsible officers of the Indenture Trustee; the Indenture Trustee may delegate to any Person the performance of any of the trusts and powers vested in it by this Indenture, and any delegation may be made upon such terms and conditions and subject to such regulations as the Indenture Trustee may think to be in the best interest of the Holders;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(h)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be required to take notice or be deemed to have notice or actual knowledge of any matter under this Indenture, unless the Indenture Trustee shall have received from the Company or a Holder written notice stating the matter in respect of which the Indenture Trustee should have notice or actual knowledge;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be bound to act in accordance with any direction or request of the Company until an executed copy of the document containing the direction or request has been delivered to the Indenture Trustee, and the Indenture Trustee shall be fully empowered to act and shall be fully protected from all liability in acting upon any document purporting to be a Debenture and believed by the Indenture Trustee to be genuine; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(j)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee shall not be responsible for any error made or act done by it resulting from reliance upon the signature of any Person on behalf of the Company or of any Person on whose signature the Indenture Trustee may be called upon to act or refrain from acting under this Indenture.</P>
<A NAME="_Toc38792166"></A><A NAME="S1213"></A><A NAME="_Toc94602602"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.13</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Additional Representations and Warranties of Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.13.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee represents and warrants to the Company that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee is a trust corporation validly existing under the laws of its jurisdiction of incorporation;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>72</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indenture Trustee has full power, authority and right to execute and deliver and perform its obligations under this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>this Indenture has been duly executed and delivered by the Indenture Trustee.</P>
<A NAME="_Toc38792167"></A><A NAME="S1214"></A><A NAME="_Toc94602603"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.14</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Compensation</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>13.14.1</P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company shall pay to the Indenture Trustee from time to time compensation for its services hereunder as agreed separately by the Company and the Indenture Trustee, and shall pay or reimburse the Indenture Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in the administration or execution of its duties under this Indenture (including the reasonable and documented compensation and disbursements of its Counsel and all other advisers and assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Indenture Trustee under this Indenture shall be finally and fully performed. Notwithstanding the foregoing, the Company need not pay or reimburse the Indenture Trustee for expenses, disbursements or advances if the Indenture Trustee incurred such expenses, disbursements or a
dvances as a result of its dishonesty, bad faith, wilful misconduct, negligence or reckless disregard of a right, duty or obligation by the Indenture Trustee.</P>
<A NAME="Article13"></A><A NAME="_Toc94602604"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 14<BR>
MEETINGS OF HOLDERS OF DEBENTURES</B></P>
<A NAME="S131"></A><A NAME="_Toc94602605"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Purposes for Which Meetings May be Called</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A meeting of Holders of Debentures may be called at any time and from time to time pursuant to this article to make, give or take any Act provided by this Indenture to be made, given or taken by Holders of Debentures.</P>
<A NAME="S132"></A><A NAME="_Toc94602606"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Call, Notice and Place of Meetings</B></P>
<A NAME="S1321"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee may at any time and from time to time and shall, on receipt of a Company Request or a requisition in writing made by the Holders of at least 5% in principal amount of the Outstanding Debentures and upon being indemnified and funded to its reasonable satisfaction by the Company or upon being funded and indemnified to its reasonable satisfaction by the Holders making such requisition, as the case may be, against the costs which may be incurred in connection with the calling and holding of such meeting, call a meeting of Holders of Debentures for any purpose specified in section 14.1, to be held at such time and at such place in the City of Vancouver, Province of British Columbia or the City of Toronto, Province of Ontario, as the Indenture Trustee shall determine. Notice of every meeting of Holders of Debentures, setting forth the time and place of such meeting and in gener
al terms the action proposed to be taken at such meeting, shall be given, in the manner provided in section 16.2, not less than 21 or more than 60 days prior to the date fixed for the meeting.</P>
<A NAME="S1322"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If at any time the Company, pursuant to a Board Resolution, or the Holders of at least 5% in principal amount of the Outstanding Debentures shall have requested the Indenture Trustee to call a meeting of the</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>73</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;Holders of Debentures for any purpose specified in section 14.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Indenture Trustee shall not have made the first publication, or mailing, as the case may be, of the notice of such meeting within 30 days after receipt of such request, funding and indemnity or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Debentures in the amount above specified, as the case may be, may determine the time and the place in the City of Vancouver, Province of British Columbia or the City of Toronto, Province of Ontario, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection 14.2.1.</P>
<A NAME="_Toc94602607"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Proxies</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A Debentureholder may be present and vote at any meeting of Debentureholders by an authorized representative. The Company may, from time to time, make and vary regulations as it shall think fit providing for and governing any or all the following matters for the purpose of enabling the Debentureholders to vote at any such meeting by proxy:</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0pt" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>the form of the instrument appointing a proxy, which shall be in writing, and the
manner in which the same shall be executed and the production of the authority of any person signing on behalf of a
Debentureholder; </P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>the deposit of instruments appointing proxies at such place as the IndentureTrustee, the Company or the Debentureholder convening the meeting, as the case may be, may in the notice convening the meeting, direct and the time, if before the holding of the meeting or any adjournment thereof by which the same must be deposited; and </P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp; </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>the deposit of instruments appointing proxies at some approved place or
places than the place at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed, faxed, or sent by other electronic communication before the meeting to the Company or to the Indenture Trustee at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were produced at the meeting. </P>
<A NAME="_Toc94602608"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Persons Entitled to Vote at Meetings</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To be entitled to vote at any meeting of Holders of Debentures, a Person shall be: (i) a Holder of one or more Outstanding Debentures; or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Debentures by such Holder or Holders. The only persons who shall be entitled to be present or to speak at any meeting of Holders of Debentures shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Indenture Trustee and its Counsel and any representatives of the Company and its Counsel.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>74</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<A NAME="S135"></A><A NAME="_Toc94602609"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Quorum; Action</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Persons entitled to vote 25% in principal amount of Outstanding Debentures shall constitute a quorum for a meeting of Holders of Debentures. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Debentures, be dissolved. In the absence of a quorum in any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, the Holders of Debentures present or represented at such adjourned meeting shall constitute the quorum and the business for which the meeting was adjourned may be transacted. Notice of the reconvening of any adjourned meeting shall be given as provided in subsection 14.2.1, except that such notice need be given only once not less t
han five days prior to the date on which the meeting is scheduled to be reconvened.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.5.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Except as limited by subsection 17.1.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of a majority in principal amount of the Holders of Debentures present or represented by proxy at such meeting or adjourned meeting; provided, however, that, except as limited by subsection 17.1.2, any resolution with respect to any Act that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of Outstanding Debentures may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of Outstanding Debentures.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.5.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any resolution passed or decision taken at any meeting of Holders of Debentures duly held in accordance with this section 14.5 will be binding on all Holders of Debentures, whether or not present or represented at the meeting.</P>
<A NAME="_Toc94602610"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.6</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Determination of Voting Rights; Chairman; Conduct and Adjournment of Meetings</B></P>
<A NAME="S1361"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.6.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notwithstanding any other provisions of this Indenture, the Indenture Trustee or the Company, with the approval of the Indenture Trustee, may make and from time to time may vary such reasonable regulations as it may deem advisable for any meeting of Holders of Debentures in regard to proof of the holding of Debentures and the appointment of proxies and in regard to the appointment and duties of scrutineers of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted by any such regulations, the holding of Debentures shall be proved in the manner specified in section 1.12 and the appointment of any proxy shall be proved in the manner specified in section 1.12. Such regulations may provide that written instruments appointing proxie
s, regular on their face, may be presumed valid and genuine without the proof specified in section 1.12 or other proof.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.6.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall, by an instrument in writing, appoint a chairman and secretary of the meeting, unless the meeting shall have been called by the Company or by Holders of Debentures as provided in subsection 14.2.2, in which case the Company or the Holders of Debentures calling the meeting, as the case may be, shall in like manner appoint a chairman and secretary.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>75</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.6.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At any meeting of Holders of Debentures, each Holder of a Debenture or proxy shall be entitled to one vote for each one thousand Dollars ($1,000) principal amount of Debentures held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debenture challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Debenture or proxy.</P>
<A NAME="S1364"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.6.4</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any meeting of Holders of Debentures duly called pursuant to subsection 14.2.2 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of Outstanding Debentures represented at the meeting; and the meeting may be held as so adjourned without further notice.</P>
<A NAME="S137"></A><A NAME="_Toc94602611"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.7</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Counting Votes and Recording Action of Meetings</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.7.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The vote upon any resolution submitted to any meeting of Holders of Debentures shall be by written ballots on which shall be inscribed the signatures of the Holders of Debentures or of their representatives by proxy and the principal amounts and serial numbers of Outstanding Debentures held or represented by them. The chairman of the meeting shall appoint two scrutineers of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Debentures shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the scrutineers of votes on any vote by ballot taken thereat and affidavits by one or more pers
ons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in section 14.2 and, if applicable, section 14.5. Each copy shall be signed and verified by the affidavits of the chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Indenture Trustee to be preserved by the Indenture Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.</P>
<A NAME="S138"></A><A NAME="_Toc94602612"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.8</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Instruments in Writing</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.8.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All actions which may be taken and all powers which may be exercised by the Holders at a meeting held as hereinbefore in this article 14 may also be taken and exercised (i) by the Holders of a majority in principal amount of Outstanding Debentures by an instrument in writing signed in one or more counterparts with respect to resolutions which are not Extraordinary Resolutions and (ii) by the Holders of not less than 66 <SUP>2/3</SUP>% in principal amount of Outstanding Debentures by an instrument in writing signed in one or more counterparts with respect to resolutions which are Extraordinary Resolutions and the expression &#147;Extraordinary Resolution&#148; when used in this Indenture shall include an instrument so signed.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>76</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<A NAME="_Toc94602613"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.9</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Holdings by the Company Disregarded</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>14.9.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In determining whether Holders holding Debentures evidencing the required number of Debentures are present at a meeting of Holders for the purpose of determining a quorum or for the purpose of determining whether Holders have concurred in any consent, waiver, resolution or other action under this Indenture, the Debentures owned legally or beneficially by the Company shall be disregarded.</P>
<A NAME="_Toc94602614"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE <A NAME="Article14"></A>15<BR>
AMALGAMATION, CONSOLIDATION, CONVEYANCE, TRANSFER OR LEASE</B></P>
<A NAME="_Toc94602615"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>15.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Amalgamation and Consolidations of Company and Conveyances Permitted Subject to Certain Conditions</B></P>
<A NAME="S1411"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>15.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company will not amalgamate with any other corporation or enter into any reorganization or arrangement or effect any conveyance, sale, transfer or lease of all or substantially all of its assets, unless in any such case:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>either the Company shall be the continuing corporation, or the successor corporation (or the Person that leases or that acquires by conveyance, sale or transfer all or substantially all of the Company&#146;s assets) (such corporation or Person being referred to as the &#147;<B>Successor Company</B>&#148;) shall expressly assume the due and punctual payment of the principal of, the premium, if any, and interest on all Outstanding Debentures, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture satisfactory to the Indenture Trustee, executed and delivered to the Indenture Trustee by such corporation; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Debentures will be valid and binding obligations of the Successor Company entitling the Holders thereof, as against the Successor Company, to all the rights of Debentureholders under this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Company or such Successor Company, as the case may be, shall not immediately thereafter be in default under this Indenture or the Debentures; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in the case of a Person constituted or organized under the laws of a province, territory, state or jurisdiction other than the laws of the Province of British Columbia, such Person shall attorn to the jurisdiction of the courts of the Province of British Columbia in the event of any dispute, conflict or litigation relating to, arising out of or based on this Indenture or the Debentures.</P>
<A NAME="_Toc94602616"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>15.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Rights and Duties of Successor Company</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>15.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In case of any such amalgamation, reorganization, arrangement, conveyance, sale, transfer or lease and upon any such assumption by the Successor Company, such Successor Company shall agree to be bound by the terms of this Indenture as principal obligor in place of the Company, with the same effect as if it had been named herein as the Company. Such Successor Company thereupon may cause to be signed, and may issue</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>77</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align=justify>&nbsp;either in its own name or in the name of the Company, any or all Debentures which theretofore shall not have been signed by the Company and delivered to the Indenture Trustee. All Debentures so issued shall in all respects have the same legal rank and benefit under this Indenture as Debentures theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debentures have been issued at the date of the execution hereof.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>15.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the case of any such amalgamation, reorganization, arrangement, conveyance, sale, transfer or lease, such changes in phraseology and form (but not in substance) may be made in Debentures thereafter to be issued as may be appropriate.</P>
<A NAME="_Toc94602617"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>15.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Officers&#146; Certificate and Opinion of Counsel</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee must receive an Officers&#146; Certificate and an Opinion of Counsel as conclusive evidence that any such amalgamation, reorganization, arrangement, lease, transfer, sale or conveyance, and any such assumption, comply with the provisions of this article 15.</P>
<A NAME="_Toc94602618"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE <A NAME="Article15"></A>16<BR>
NOTICES</B></P>
<A NAME="_Toc94602619"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>16.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice to Company</B></P>
<A NAME="S1511"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>16.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Notice to the Company shall be in writing and shall be valid and effective if delivered, sent by facsimile transmission (with receipt confirmed), or mailed to the Company, at:</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>ALAMOS GOLD INC.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1503-110 Yonge Street</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Toronto, Ontario</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Canada</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>M5C 1T4</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention:</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>John McCluskey, President</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Facsimile No.: (416) 368-2934</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>and such Notice shall be deemed to have been received by the Company, where given by delivery, on the day of delivery, where sent by facsimile transmission (with receipt confirmed), on the day of transmittal of such Notice if sent before 5:00 p.m. (Pacific Standard Time) on a Business Day and on the next succeeding Business Day if not sent before 5:00 p.m. (Pacific Standard Time) on a Business Day, and, where mailed, on the fifth Business Day following the mailing date, but only if sent by first class mail from a destination within Canada, or only airmail, postage prepaid, if sent from a destination outside Canada. The Company may from time to time notify the Indenture Trustee of a change in address or facsimile number by Notice given as provided in section 16.3.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>78</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<A NAME="S152"></A><A NAME="_Toc94602620"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>16.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice to Holders</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>16.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Notice to Holders of Debentures may be effectively given if delivered, sent by facsimile transmission (with receipt confirmed), or mailed, in each case at post office address appearing in the relevant register and such Notice shall be deemed to have been received by a Holder of Debentures, where given by delivery, on the day of delivery, where sent by facsimile transmission (with receipt confirmed) on the day of transmittal of such Notice if sent before 5:00 p.m. (Pacific Standard Time) on a Business Day, and, where mailed, on the fifth Business Day following the mailing date, but only if sent by first class mail to a destination within Canada, or only by airmail, postage prepaid, if sent to a destination outside Canada.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>16.2.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the regular mail service is suspended or for any other reason it shall be impracticable to give Notice to Holders of Debentures by mail, then such notification to Holders of Debentures may be given by publication in a daily newspaper with national circulation in Canada or in any other manner approved by the Indenture Trustee, and it shall constitute sufficient Notice to such Holders for every purpose hereunder. In any case where Notice to Holders of Debentures is given by mail, neither the failure to mail such Notice nor any defect in any Notice so mailed to any particular Holder of a Debenture shall affect the sufficiency of such Notice with respect to other Holders of Debentures.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>16.2.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Notice sent to the Holders of Debentures as provided above shall be effective notwithstanding that any such Notice has accidentally or inadvertently not been delivered or mailed to one or more such Holders.</P>
<A NAME="S153"></A><A NAME="_Toc94602621"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>16.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice to Indenture Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>16.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any Notice to the Indenture Trustee shall be in writing and shall be valid and effective if delivered, sent by facsimile transmission (with receipt confirmed), or mailed to the Indenture Trustee, at:</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>PACIFIC CORPORATE TRUST COMPANY</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1000&#150;625 Howe Street</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Canada</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>V6C 3B8</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Corporate Trust Department</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Facsimile No.:(604) 689-8144</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>and such Notice shall be deemed to have been received by the Indenture Trustee, where given by delivery, on the day of delivery, where sent by facsimile transmission (with receipt confirmed), on the day of transmittal of such Notice if sent before 5:00 p.m. (Pacific Standard Time) on a Business Day and on the next succeeding Business Day if not sent before 5:00 p.m. (Pacific Standard Time) on a Business Day, and, where mailed, on the fifth Business Day following the mailing date, but only if sent by first class mail from a destination within Canada, or only by airmail, postage prepaid, if sent from a destination outside Canada. The Indenture Trustee may from time to time notify the Company of a change in address or facsimile number by Notice given as provided in subsection 16.1.1.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>79</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<A NAME="_Toc94602622"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE <A NAME="Article16"></A>17<BR>
SUPPLEMENTAL INDENTURES AND AMENDMENTS</B></P>
<A NAME="S161"></A><A NAME="_Toc94602623"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Supplemental Indentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.1.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Indenture Trustee may, subject to the provisions of this Indenture, and the Indenture Trustee shall, upon the receipt of a Company Request or when so directed by this Indenture, make, execute, acknowledge and deliver deeds or indentures supplemental to this Indenture (each such deed or indenture a &#147;Supplemental Indenture&#148;) for any one or more of the following purposes:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>adding to the covenants of the Company contained in this Indenture for the benefit of the Holders or surrendering any right or power herein conferred upon the Company;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>adding any additional Events of Default;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>changing or eliminating any restrictions on the payment of principal, the premium, if any, of Debentures provided that any such action shall not adversely affect the interests of the Holders of Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>giving effect to any Act or any other direction from the Holders permitted to be given under this Indenture, and to any other Act made, given to or taken by the Holders in accordance with this Indenture;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>making such provisions, not substantially inconsistent with this Indenture, as may be necessary or desirable with respect to matters arising under this Indenture which, in the opinion of the Indenture Trustee, are expedient to make; provided that the Indenture Trustee or Counsel to the Indenture Trustee shall be of the opinion that such provisions do not individually or in the aggregate materially adversely affect the interests of the Holders or the Indenture Trustee;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>without limiting article 15, evidencing the succession, or successive successions, of any Successor Company to the Company and the covenants and obligations of the Company under this Indenture assumed by any such Successor Company;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(g)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>providing for altering this Indenture in respect of the exchange or transfer of Debentures, provided that any such action shall not adversely affect the interests of the Holders of Debentures;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(h)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>making any addition to, or modification, amendment or elimination of any of the terms of, this Indenture which, in the Opinion of Counsel, is necessary or advisable in order to incorporate, reflect or comply with any Applicable Law or requirement of any Governmental Authority, the provisions of which apply to the Company, the Indenture Trustee or this Indenture;</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>80</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>making any changes or corrections in this Indenture which Counsel to the Company shall have advised the Company and the Indenture Trustee are non-substantive corrections or changes or are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or any clerical omission or mistake or manifest error contained in this Indenture or in any deed, or indenture supplemental hereto or thereto; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(j)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>evidencing and providing for the acceptance of appointment hereunder by a successor trustee with respect to the Debentures, and adding to or changing any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(k)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any other purposes considered appropriate by the Indenture Trustee which, in the opinion of the Indenture Trustee, do not individually or in the aggregate adversely affect the interests of the Holders.</P>
<A NAME="S1612"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.1.2</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>With the consent of the Holders of not less than a majority in principal amount of Outstanding Debentures, by Act of said Holders delivered to the Company and the Indenture Trustee, the Company, when authorized by a Board Resolution, and the Indenture Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the said Holders under this Indenture of such Debentures provided, however, that no such Supplemental Indenture shall be entered into by the Indenture Trustee in connection with the following, without an Extraordinary Resolution passed by the Holders of Debentures:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin-top:0pt; margin-bottom:2pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>change the Stated Maturity date of the principal of, or any instalment of interest on, any Debenture, or reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof, or change any Place of Payment, or change the currency in which any Debenture or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity date thereof (or, in the case of redemption, on or after the Redemption Date);</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>reduce the percentage in principal amount of the Outstanding Debentures, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture, or reduce the requirements of section 14.5 for quorum or subsections 14.6.1 to 14.6.4 for voting; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>modify any of the provisions of this section 17.1, or section 11.4, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holders of Debentures expressed by Extraordinary Resolution.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>81</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.1.3</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It shall not be necessary for any Act of Holders under subsection 17.1.2 to approve the particular form of any proposed Supplemental Indenture, but it shall be sufficient if such Act of Holders shall approve the substance thereof.</P>
<A NAME="_Toc94602624"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Execution of Supplemental Indentures</B></P>
<A NAME="S1621"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.2.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In executing, or accepting the additional trusts created by, any Supplemental Indenture permitted by this article 17 or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to section 13.1, shall be fully protected in acting and relying upon, an Opinion of Counsel stating that the execution of such Supplemental Indenture is authorized or permitted by this Indenture, is not inconsistent herewith, is a valid and binding obligation of the Company, enforceable in accordance with its terms, subject to enforceability being limited by bankruptcy, insolvency or other laws affecting the enforcement of creditor&#146;s rights generally and equitable remedies including the remedies of specific performance and injunction being granted only in the discretion of a court of competent jurisdiction and, in connection with a Supplement
al Indenture executed pursuant to this subsection 17.2.1, that the Indenture Trustee is authorized to execute and deliver such Supplemental Indenture without the consent of the Holders and, in connection with a Supplemental Indenture executed pursuant to subsection 17.1.2, that the requisite consents of the Holders have been validly obtained in accordance with subsection 17.1.2 hereof. The Indenture Trustee may, but shall not be obligated to, enter into any such Supplemental Indenture that affects the Indenture Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise.</P>
<A NAME="_Toc94602625"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Effect of Supplemental Indentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.3.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon the execution of any Supplemental Indenture under this article 17, this Indenture shall be modified in accordance therewith, and such Supplemental Indenture shall form a part of this Indenture for all purposes, unless otherwise so specified; and every Holder of Debentures theretofore or thereafter certified and delivered under this Indenture shall be bound by the Supplemental Indenture.</P>
<A NAME="_Toc94602626"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.4</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Reference in Debentures to Supplemental Indentures</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.4.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Debentures certified and delivered after the execution of any Supplemental Indenture pursuant to this article 17 may, and shall if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Supplemental Indenture. If the Company shall so determine, new Debentures so modified as to conform, in the opinion of the Indenture Trustee and the Board of Directors, to any such Supplemental Indenture may be prepared and executed by the Company and certified and delivered by the Indenture Trustee in exchange for Outstanding Debentures.</P>
<A NAME="_Toc38792191"></A><A NAME="_Toc94602627"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.5</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prior Approval of Recognized Stock Exchange</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>17.5.1</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notwithstanding anything to the contrary in this Indenture, no supplement or amendment to the terms of the Debentures or to this Indenture may be made without the prior consent of a Recognized Stock Exchange.</P>
<P style="text-indent: 72pt; line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>82</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>&nbsp;</P>
<A NAME="_Toc94602628"></A><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ARTICLE 18<BR>
<A NAME="_Toc38792192"></A>MISCELLANEOUS PROVISIONS</B></P>
<A NAME="_Toc38792193"></A><A NAME="_Toc94602629"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>18.1</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Acceptance of Trusts</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company and the Indenture Trustee hereby specifically acknowledge and agree that the Indenture Trustee is acting hereunder in its capacity as the Person holding the power of attorney of the Holders for the purposes of this Indenture and in conformity with and subject to the terms and conditions of this Indenture. Each Holder of Debentures, by its acceptance thereof, accepts and confirms the appointment of the Indenture Trustee as the Person holding the power of attorney of such Holder for the purposes of this Indenture and in conformity with and subject to the terms and conditions of this Indenture.</P>
<A NAME="_Toc38792194"></A><A NAME="_Toc94602630"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>18.2</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Protection of Trustee</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture Trustee shall not be obligated under any circumstances whatsoever in the fulfilment of any of the circumstances and obligations hereunder, to expend or risk its funds or otherwise incur financial liability.</P>
<A NAME="_Toc94602631"></A><P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>18.3</B></P>
<B><P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Counterparts and Formal Date</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of which shall together constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear a date as of the date hereof.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested by their duly authorized officers, as of the day and year first above written.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=287.933 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=336.067 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>PACIFIC CORPORATE TRUST COMPANY</B></P>
</TD></TR>
<TR><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=251.533>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=299.667>&nbsp;</TD></TR>
<TR><TD valign=bottom width=36.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=251.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;John McCluskey&quot;</I></P>
</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=36.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=299.667><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Marc Castonguay&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=251.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">John McCluskey</P>
</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=299.667><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Authorized Signatory</P>
</TD></TR>
<TR><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=251.533>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=299.667>&nbsp;</TD></TR>
<TR><TD valign=bottom width=36.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD valign=bottom width=251.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Jon Morda&quot;</I></P>
</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=36.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD valign=bottom width=299.667><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;John A. Halse&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=36.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=251.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Jon Morda</P>
</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=36.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=299.667><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Authorized Signatory</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE &#147;A&#148;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF DEBENTURE</B></P>
<P style="margin-top:0pt; margin-bottom:11.5pt; font-family:Times New Roman; font-size:11.5pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:11.5pt; line-height:13.5pt; font-family:Times New Roman; font-size:11.5pt" align=center><B><I>ALAMOS GOLD INC. LOGO</I></B></P>
<P style="margin-top:0pt; margin-bottom:11.5pt; font-family:Times New Roman; font-size:11.5pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">No. <B><I>SAMPLE ONLY</I></B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:411.55pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="right"><I></I>CUSIP &lt;*&gt;
</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(A corporation amalgamated pursuant to the laws of British Columbia)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5.50% Convertible Unsecured Subordinate Debenture Due 2010</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Date of Initial Issue: &nbsp;&nbsp;February 2, 2005</P>
<P style="margin:0pt; text-indent:316.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Maturity Date: &nbsp;February 15, 2010</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>[For the purposes of a Global Debenture only:</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&#147;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED (&#147;CDS&#148;) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &amp; CO., HAS AN INTEREST HEREIN. THIS CERTIFICATE IS ISSUED PURSUANT TO A MASTER LETTER OF REPRESENTATIONS OF THE COMPANY TO CDS, AS SUCH LETTER MAY BE REPLACED OR AMENDED FROM TIME TO TIME.&#148;]</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-right:-4.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>[If a certificate representing Debentures issued pursuant to section 2.19.1 of the Indenture:</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; font-family:Times New Roman; font-size:11pt" align=justify>&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &quot;U.S. SECURITIES ACT&quot;). &nbsp;THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, OR (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>-
2 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;APPLICABLE. &nbsp;DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &quot;GOOD DELIVERY&quot; IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. &nbsp;IF THESE SECURITIES ARE SOLD IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AT A TIME WHEN THE CORPORATION IS A &#147;FOREIGN ISSUER&#148; WITHIN THE MEANING OF REGULATION S, A NEW CERTIFICATE, BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE &quot;GOOD DELIVERY&quot; MAY BE OBTAINED FROM THE CORPORATION&#146;S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION&#146;S TRANSFER AGENT AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.&#148;]</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>provided, that</I> if the Debentures or Common Shares bearing such U.S. Legend are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S under the 1933 Act at a time when the Company is a &#147;Foreign Issuer&#148; (as such term is defined in Regulation S under the 1933 Act), the Debentures or the Common Shares may be reissued as part of a global certificate not including such legend by delivering to the Company, the Registrar and transfer agent, CDS, and the transferee&#146;s designated Participant a declaration as set forth in Schedule &#147;E&#148; hereto (or as the Company may prescribe from time to time); and provided, further, that if any such securities are being sold under paragraph (C)(1) or (C)(2) of the legends above, the legends may be removed by delivery to the Company, the Registrar and Transfer Agent, CDS
, and the transferee&#146;s designated Participant an opinion of counsel of recognized standing, such opinion and counsel to be reasonably satisfactory to the Company, that such legend is not longer required under applicable requirements of the 1933 Act or state securities laws.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Alamos Gold Inc</B>. (the &#147;<B>Company</B>&#148;), for value received, hereby acknowledges itself indebted and promises to pay to the order of the registered holder<B> </B>on February 15, 2010 (the &#147;<B>Maturity Date</B>&#148;), or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture hereinafter mentioned, the principal sum of </P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B><I>[insert amount]</I></B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in lawful money of Canada, on presentation and surrender of this Debenture at the principal office of the Indenture Trustee (defined below) in the manner specified in the Indenture (defined below), in the City of Vancouver, Province of British Columbia, and to pay interest on the principal amount hereof at the rate of 5.50% per annum from the Issue Date or from the most recent Interest Payment Date to which interest has been paid or made</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>-
3 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;available for payment on the Debentures then outstanding, whichever is later, in like money in equal semi-annual instalments in arrears on August 15 and February 15 in each year (each such date an &#147;<B>Interest Payment Date</B>&#148;), commencing August 15, 2005 with overdue interest, if any, at the same rate after as well as before maturity and after as well as before default in payment of principal or interest. The August 15, 2005 interest payment will represent accrued interest from the Issue Date to but excluding August 15, 2005.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>As interest on this Debenture becomes due, the Company (subject to early redemption, repurchase or conversion pursuant to the terms of the Indenture (as defined below)) shall forward or cause to be forwarded by courier or ordinary post to the registered address of the registered Holder of the Debenture for the time being, or in the case of joint Holders to the registered address of one of such joint Holders, or in accordance with the procedures established by CDS if this is a Book-Entry Only Debenture, a cheque or electronic funds transfer for such interest, payable to the order of such Holder or Holders. The forwarding of such cheque or electronic funds transfer shall satisfy and discharge the liability for interest on this Debenture to the extent of the sum represented thereby, unless such cheque, if any, be not paid on presentation.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture is one of the 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 (the &#147;<B>Debentures</B>&#148;) in the aggregate principal amount of up to Fifty Million Dollars ($50,000,000) in lawful money of Canada created and issued under a Trust Indenture (the &#147;<B>Indenture</B>&#148;) dated as of February 2, 2005 made between the Company and Pacific Corporate Trust Company, as trustee (the &#147;<B>Indenture</B> <B>Trustee</B>&#148;). Reference is hereby made to the Indenture for a description of the rights of the Holders of the Debentures, the Company and the Indenture Trustee and of the terms and conditions upon which the Debentures are issued and held, all to the same effect as if the provisions of the Indenture were herein set forth, to all of which provisions the Holder of this Debenture, by acceptance hereof, agrees.<B> To the e
xtent that the terms and conditions stated in this Debenture conflict with the terms and conditions of the Indenture, the latter shall prevail.</B> All capitalized terms used herein have the meaning ascribed thereto in the Indenture unless otherwise indicated.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures are issuable as fully registered Debentures in denominations of $1,000 and integral multiples of $1,000. The Debentures of any authorized denomination may be exchanged, as provided in the Indenture, for Debentures in equal aggregate principal amount.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture and all other Debentures certified and issued under the Indenture rank <I>pari passu</I> with one another, in accordance to their tenor without discrimination, preference or priority. The payment of the principal and, if an event of default has occurred and is continuing under any Senior Indebtedness, interest on the Debentures is subordinated to the prior payment in full of Senior Indebtedness. The Indenture does not contain any financial covenants or restrictions on the Company&#146;s ability to pay dividends, incur Senior Indebtedness or issue or repurchase securities.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to regulatory approval, the Company may, at its option, upon not less than 40 days&#146; and not more than 60 days&#146; prior notice, repay the principal amount of the outstanding Debentures at Maturity or upon redemption for any reason (except in the event of a Change of Control) by issuing and delivering, for each $1,000 principal amount of Debentures, that number of Freely Tradeable Common Shares equal to the number obtained by dividing such principal amount of Debentures by 95% of the Current Market Price of the Common Shares on the Maturity Date or the Redemption Date, provided, however, that no Event of Default shall have occurred and be continuing. No fractional Common Shares will be delivered to the Holders of Debentures upon such share redemption, but in lieu thereof, the Company will make an equivalent cash payment.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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4 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each $1,000 principal amount of Debentures is convertible at any time and from time to time prior to the close of business on the Business Day immediately preceding Maturity, or, if called for redemption, the Business Day immediately preceding the Redemption Date or the Payment Date, at the option of the Holder, into that number of Common Shares obtained by dividing $1,000 by the conversion price of $5.30 per Common Share, subject to adjustment upon the occurrence of certain events specified in the Indenture. No fractional Common Shares will be delivered to the Holders of Debentures upon conversion, but in lieu thereof, the Company will make an equivalent cash payment. &nbsp;The accrued and unpaid interest on any Debentures so converted shall be paid in cash.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Upon the giving of notice by the Indenture Trustee of the occurrence of an Event of Default in accordance with the Indenture, the Debentures will become immediately due and payable, subject to the provisions for subordination.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to the immediately following paragraph, the Debentures are not redeemable prior to February 15, 2008. At any time on and after February 15, 2008, upon not less than 30 days&#146; and not more than 60 days&#146; prior notice, the Company has the right to redeem the Debentures in whole at any time or in part from time to time, at a price equal to the principal amount of the Debentures to be redeemed, plus accrued and unpaid interest, if any, (the &#147;<B>Redemption Amount</B>&#148;) to but excluding the Redemption Date, provided that the Weighted Average Trading Price of the Common Shares on a Recognized Stock Exchange for the 20 Trading Days ending five Trading Days prior to the date on which the Redemption Notice is given exceeds 125% of the Conversion Price. </P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company must commence, within 30 days of the occurrence of a Change of Control, an Offer to Purchase for all Debentures then Outstanding. The Offer to Purchase shall be made at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to but excluding the Payment Date. An Offer to Purchase shall be opened for 30 days and the Payment Date shall be the 30<SUP>th</SUP> day following the mailing of the Offer to Purchase to the Indenture Trustee.</P>
<P style="text-indent: 36pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0pt" align=justify>&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If 10% or more of the fair market value of the consideration for Common Shares in a Change of Control transaction consists of (i) cash, (ii) other property, or (iii) equities that are not traded or scheduled to be traded immediately following such transaction on the TSX (a &#147;<B>Cash Transaction</B>&#148;), Debentureholders may prior to the effective date of such transaction (the &#147;<B>Effective Date</B>&#148;) elect to convert their Debentures in which case they shall be entitled to receive, in addition to the number of Common Shares to which they would otherwise have been entitled on conversion, an additional number of Common Shares (&#147;<B>Additional Shares</B>&#148;) determined by reference to the table set out in Schedule &#147;F&#148; to the Indenture based on the Effective Date of the Cash Transaction and the Common Share Price</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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5 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any payments made by or on behalf of the Company under or with respect to the Debentures will be made free and clear of and without withholding or deduction for or on account of any Taxes, unless the Company or any other payor is required to withhold or deduct Taxes by Applicable Law or by the interpretation or administration thereof by the relevant Governmental Authority. If the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Debentures, the Company will make such withholding or deduction and will remit the full amount withheld or deducted to the relevant Governmental Authority as and when required by Applicable Law and the Company will pay such Additional Amounts as may be necessary so that the net amount received by each Holder of Debentures (including Additional Amounts) after such withholding or deductio
n will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will be payable with respect to any payment to an Excluded Holder.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to receiving applicable regulatory approvals, the Company shall have the right to elect, from time to time, to issue and deliver Common Shares to the Indenture Trustee for sale in the open market or deliver Common Share bid requests to the investment banks, brokers or dealers identified by the Company in its absolute discretion to satisfy its Interest Obligation on each Interest Payment Date. Unless an Event of Default has occurred and is continuing, upon such election by the Company, the Indenture Trustee shall have the power to (i) accept delivery of Common Shares from the Company, (ii) accept bids with respect to, and consummate sales of, such Common Shares, each as the Company shall direct in its absolute discretion, (iii) sell common shares in an open market, (iv) invest the proceeds of such sales on behalf of and for the account of the Company in short-ter
m Canadian Government Obligations which mature prior to an applicable Interest Payment Date and/or use such proceeds to satisfy the Interest Obligation in whole or in part in respect of which the Share Interest Payment Election was made and ( i
v) perform any other action necessarily incidental thereto. The amount received by a Holder in respect of the Interest Obligation will not be affected by whether or not the Company elects to satisfy the Interest Obligation pursuant to a Common Share Interest Payment Election.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Indenture contains provisions for the holding of meetings of Debentureholders and rendering certain resolutions passed at such meetings by, or by instruments in writing signed by, the Holders of the majority in aggregate principal amount of the Debentures Outstanding binding upon all Debentureholders, subject to the provisions of the Indenture.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture may only be transferred upon compliance with the conditions precedent in the Indenture on the register kept at the principal office of the Indenture Trustee and at such other place or places, if any, and/or by such other registrar or registrars, if any, as the Company with the approval of the Indenture Trustee may designate, and may be exchanged at any such place, by the Holder hereof or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Indenture Trustee, and upon compliance with such reasonable requirements as the Indenture Trustee and/or registrar may prescribe, and such transfer shall be duly noted thereon by the Indenture Trustee or other registrar. </P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Neither the Debentures nor the Common Shares issuable upon conversion, redemption or Maturity of the Debentures, (collectively, the &#147;<B>Subject Securities</B>&#148;) have been or will be registered under the U.S. Securities Act</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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6 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>&nbsp;of 1933, or any state securities laws of the United States. Subject to certain exceptions, none of the Subject Securities nor any rights thereto or interest therein may be offered for purchase or sale, sold, transferred or otherwise disposed of, directly or indirectly, in the United States, its territories or possessions, or to or for the account or benefit of any &#147;U.S. person&#148; as that term is defined in Regulation S under the U.S. Securities Act of 1933.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture shall not become obligatory for any purpose until it shall have been certified by the Indenture Trustee for the time being under the Indenture.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture shall be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable thereto.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Holder of this Debenture, by receiving and holding same, hereby accepts and agrees to be bound by the terms, and to be entitled to the benefits of this Debenture and of the Indenture and confirms the appointment of the Indenture Trustee and of the Indenture, the whole in accordance with and subject to the respective provisions thereof. </P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>IN WITNESS WHEREOF <B>ALAMOS GOLD INC</B>. has caused this Debenture to be signed by its Chairman, President and Chief Executive Officer and by its Chief Financial Officer.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>DATED as of the 2nd day of February, 2005.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=287.933 colspan=2>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=287.933 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
</TD></TR>
<TR><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=251.533>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=42.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per&nbsp;:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=251.533>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=42.067>&nbsp;</TD><TD valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">John McCluskey </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chairman, President and Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=251.533>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=42.067>&nbsp;</TD><TD valign=top width=245.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=36.4>&nbsp;</TD><TD valign=bottom width=251.533>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=42.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per&nbsp;:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=245.867>&nbsp;</TD></TR>
<TR><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=251.533>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=42.067>&nbsp;</TD><TD valign=top width=245.867><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Jon Morda </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TRUSTEE&#146;S CERTIFICATE</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Debenture is one of the 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 referred to in the within-mentioned Indenture.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=285.267 colspan=2>&nbsp;</TD><TD valign=top width=47.6>&nbsp;</TD><TD valign=top width=315.133 colspan=3><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>PACIFIC CORPORATE TRUST COMPANY, as trustee</B></P>
</TD></TR>
<TR><TD valign=bottom width=36.067>&nbsp;</TD><TD valign=bottom width=249.2>&nbsp;</TD><TD valign=bottom width=47.6>&nbsp;</TD><TD valign=bottom width=36.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per&nbsp;:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=279.067 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=36.067>&nbsp;</TD><TD valign=top width=249.2>&nbsp;</TD><TD valign=top width=47.6>&nbsp;</TD><TD valign=top width=36.067>&nbsp;</TD><TD valign=top width=279.067 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Authorized Signing Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=36.4>&nbsp;</TD><TD valign=top width=299.533><P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Date of Certification:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=287.933>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:189pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Schedule &#147;A&#148;</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>[For the purposes of a Global Debenture only:</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TO THE GLOBAL DEBENTURE No. </B>&lt;*&gt;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>5.50%</B> <B>Convertible Unsecured Subordinated Debentures due February 15, 2010</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CUSIP: &lt;*&gt;
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Principal Amount: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Authorization:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>PACIFIC CORPORATE TRUST COMPANY</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Per:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt" align=justify><U><BR></U></P>
<P style="margin:0pt; text-indent:22.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Authorized Signing Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=106.4><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Date</U></P>
</TD><TD valign=bottom width=106.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Amount of <U>Increase</U></P>
</TD><TD valign=bottom width=106.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Amount of <U>Decrease</U></P>
</TD><TD valign=bottom width=106.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>New Principal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Amount</U></P>
</TD><TD valign=bottom width=106.4><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Maturity Date</U></P>
</TD>
<TD valign=bottom width=117.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Authorization</U><B><U>]</U></B></P>
</TD></TR>
<TR><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=117.2>&nbsp;</TD></TR>
<TR><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=106.4>&nbsp;</TD><TD valign=top width=117.2>&nbsp;</TD></TR>
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<P style="page-break-before:always; margin-top:0pt; margin-bottom:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF ASSIGNMENT</B></P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>, whose address and social insurance number, if applicable, are set forth below, this Debenture (or $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;principal amount hereof*) of <B>ALAMOS GOLD INC.</B> (the &#147;<B>Company</B>&#148;) standing in the name(s) of the undersigned in the register maintained by the registrar appointed by the Company with respect to such Debenture and does hereby irrevocably authorize and direct the Indenture Trustee to transfer such Debenture in such register, with full power of substitution in the premises.</P>
<P style="text-indent: 72pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0" align=justify>&nbsp;</P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">Dated:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;</P>
<U><P style="text-indent: 468pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0"><BR></U></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">Address of Transferee:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">&nbsp;</P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u
></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">&nbsp;</P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Street Address, City, Province and Postal Code)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Social Insurance Number of Transferee, if applicable: &nbsp;</P>
<U><P style="margin-top:0pt; margin-bottom:12pt; text-indent:468pt; font-family:Times New Roman; font-size:12pt"><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>*If less than the full principal amount of the within Debenture is to be transferred, indicate in the space provided above the principal amount (which must be $1,000 or an integral multiple thereof) to be transferred.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The signature(s) to this assignment must correspond with the name(s) as written upon the face of this Debenture in every particular without alteration or any change whatsoever. The signature(s) must be guaranteed by an authorized officer of a Canadian chartered bank or of a major Canadian trust corporation or by a medallion signature guarantee from a member of a recognized medallion signature guarantee program. Notarized or witnessed signatures are not acceptable as guaranteed signatures.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The registered Holder of this Debenture is responsible for the payment of any documentary, stamp or other transfer taxes that may be payable in respect of the transfer of this Debenture.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Signature of Guarantor:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<U></U><U><P style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></U></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-top: 0pt; margin-bottom: 0">&nbsp; </P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-top: 0pt; margin-bottom: 0">&nbsp; </P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-top: 0pt; margin-bottom: 0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbs
p;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-top: 0pt; margin-bottom: 0">Authorized Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Signature of transferring registered Holder </P>
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<P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></P>
<U><P style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0">Name of Institution</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
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<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE &#147;<A NAME="SchB"></A>B&#148;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF REDEMPTION NOTICE</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>5.50%</B> <B>CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES DUE FEBRUARY 15, 2010</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B><U>REDEMPTION NOTICE</U></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Holders of 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 (the &#147;<B>Debentures</B>&#148;) of <B>Alamos Gold Inc</B>. (the &#147;<B>Company</B>&#148;)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Note:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless otherwise indicated.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice is hereby given pursuant to section 3.4 of the Indenture dated as of &lt;*&gt; (the &#147;<B>Indenture</B>&#148;) made between the Company and <B>Pacific Corporate Trust Company</B>, as trustee (the &#147;<B>Indenture Trustee</B>&#148;), that $&lt;*&gt; principal amount of Debentures outstanding will be redeemed as of &lt;*&gt; (the &#147;<B>Redemption Date</B>&#148;), upon payment of a redemption amount of $&lt;*&gt; for each $1,000 principal amount of Debentures, being equal to the aggregate of (i) $1,000 and (ii) all accrued and unpaid interest thereon to but excluding the Redemption Date (collectively, the &#147;<B>Redemption Amount</B>&#148;).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Redemption Amount will be payable upon presentation and surrender of the Debentures called for redemption at the following corporate trust office:</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pacific Corporate Trust Company</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1000-625 Howe Street</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Vancouver, British Columbia</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Canada</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">V6C 3B8<BR>
</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention: Corporate Trust Department</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The interest upon the principal amount of Debentures called for redemption shall cease to be payable from and after the Redemption Date, unless payment of the Redemption Amount shall not be made on presentation for surrender of such Debentures at the above-mentioned corporate trust office on or after the Redemption Date or prior to the setting aside of the Redemption Amount pursuant to the Indenture.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Holders of Debentures are reminded that they have the right to convert their Debentures pursuant to article 4 of the Indenture prior to the close of business on the Business Day immediately preceding the Redemption Date by duly completing the Conversion Notice and delivering same at the place of business of Pacific Corporate Trust Company indicate above.</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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2 -</P>
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<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>[If payment of the Redemption Price is made in Common Shares:</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to section 3.7 of the Indenture, the Company hereby irrevocably elects to satisfy its obligation to pay to Holders of Debentures the principal amount of the Debentures by issuing and delivering to the Holders that number of Freely Tradeable Common Shares obtained by dividing (i) the principal amount of the Debentures by (ii) 95% of the Current Market Price of the Common Shares on the Redemption Date. The Current Market Price of the Common Shares as of the Redemption Date will be the Weighted Average Trading Price of such Common Shares on a Recognized Stock Exchange for the 20 consecutive Trading Days ending five Trading Days prior to the Redemption Date.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No fractional Common Shares shall be delivered upon the exercise by the Company of the above-mentioned redemption right but, in lieu thereof, the Company shall pay the cash equivalent thereof determined on the basis of the Current Market Price of the Common Shares on the Redemption Date (less any Tax required to be deducted, if any).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In this connection, upon presentation and surrender of the Debentures for payment on the Redemption Date, the Company shall, on the Redemption Date, make the delivery to the Indenture Trustee, at the above-mentioned corporate trust office, for delivery to and on account of the Holders, of certificates representing the Common Shares to which Holders are entitled together with the cash equivalent in lieu of fractional Common Shares.]</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless otherwise directed by the Company, any shares of the Company issuable upon redemption of the Debentures sold in the United States, its territories or possessions, will bear the appropriate legend set forth in section 2.19 of the Indenture.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DATED:</P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
<U><P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:12pt"><BR></U></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">(Authorized Officer)</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
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1 -</P>
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<P style="page-break-before:always; margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE <A NAME="SchC1"></A>&#147;C-1&#148;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF CONVERSION NOTICE</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>TO:</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Alamos Gold Inc.</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1503-110 Yonge Street</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Toronto, Ontario</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Canada</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>M5C 1T4</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention:</P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Jon McCluskey, President</P>
<BR>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pacific Corporate Trust Company</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1000-625 Howe Street</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Vancouver, British Columbia</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Canada</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">V6C 3B8<BR>
</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention: Corporate Trust Department</P>
<P style="margin-top:6pt; margin-bottom:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Note: &nbsp;All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless otherwise indicated.</P>
<P style="margin-top:8pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice is hereby given pursuant to section 4.1 of the Indenture dated as of &lt;*&gt; (the &#147;<B>Indenture</B>&#148;) made between the Company and Pacific Corporate Trust Company, as trustee (the &#147;<B>Indenture Trustee</B>&#148;) that the undersigned registered holder of 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 bearing Certificate No. &lt;*&gt; irrevocably elects to convert such Debentures, together with the accrued and unpaid interest thereof, to Common Shares on the date of conversion specified below, in accordance with the terms of the Indenture referred to in such Debenture and tenders herewith the Debenture, and directs that the Common Shares of the Company issuable and deliverable upon such conversion be issued and delivered to the Person indicated below. (If Common Shares are to be issued in the name of a Person other than t
he Holder, all requisite transfer taxes must be tendered by the undersigned.)</P>
<P style="margin-top:8pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless otherwise directed by the Company, any shares of the Company issuable upon conversion of the Debentures sold in the United States, its territories or possessions will bear the appropriate legend set forth in section 2.19 of the Indenture.</P>
<P style="margin-top:8pt; margin-bottom:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:8pt; margin-bottom:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Dated:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;</P>
<U></U><U><P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></U></P>
<P style="margin:0pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Signature of Registered Holder)</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 2 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Date of conversion:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </P>
<U><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></U>&nbsp;(which date shall not be earlier than the date of delivery or receipt by the Company and the Indenture Trustee of this Conversion Notice and shall not be later than the close of business on the Business Day immediately preceding the Maturity Date, or the Redemption Date, as the case may be. </P>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>*</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If less than the full principal amount of the Debenture, indicate in the space provided below the principal amount (which must be $1,000 or integral multiples thereof) to be converted.</P>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Principal amount to be converted $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<U><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify></U>&nbsp;(must be $1,000 or integral multiplies thereof)</P>
<P style="margin-top:8pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(Print name in which Common Shares are to be issued, delivered and registered)</P>
<P style="margin-top:8pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify>Name<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0; margin-bottom: 0" align=justify><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nb
sp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address, City, Province and Postal Code)</P>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Name of guarantor:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;</P>
<U><P style="margin:0pt; text-indent:324pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></U></P>
<P style="margin-top:8pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Authorized signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;</P>
<U><P style="margin:0pt; text-indent:324pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></U></P>
<P style="margin-top:9pt; margin-bottom:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=justify>Note: &nbsp;If Common Shares are to be issued in the name of a Person other than the Holder, the signature must be guaranteed by an authorized officer of a Canadian chartered bank or of a major Canadian trust Corporation or by a medallion signature guarantee from a member of a recognized medallion signature guarantee program.</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">
<BR>
<BR>
</P>
<P style="page-break-before:always; margin-top:10pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE &#147;<A NAME="SchC2"></A>C-2&#148;</P>
<P style="margin-top:10pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF MATURITY NOTICE</B></P>
<P style="margin-top:10pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:10pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>5.50% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES DUE FEBRUARY 15, 2010</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B><U>MATURITY NOTICE</U></B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To:</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Holders of 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 (the &#147;<B>Debentures</B>&#148;) of <B>Alamos Gold Inc</B>. (the &#147;<B>Company</B>&#148;)</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Note:</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless otherwise indicated.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notice is hereby given pursuant to section 5.2 of the Indenture dated as of &lt;*&gt; (the &#147;<B>Indenture</B>&#148;) made between the Company and Pacific Corporate Trust Company, as trustee (the &#147;<B>Indenture Trustee</B>&#148;), that the Debentures will become due and payable as of &lt;*&gt; (the &#147;<B>Maturity Date</B>&#148;) and that each $1,000 principal amount of Debentures remains convertible, at the option of the holder thereof, into Common Shares at the Conversion Price then in effect.</P>
<P style="margin-top:8pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to section 5.2 of the Indenture, the Company hereby advises the Holders of Debentures that it will deliver to Holders of Debentures who have not elected to convert their Debentures into Common Shares prior to the Maturity Date that number of Freely Tradeable Common Shares equal to the number obtained by dividing the principal amount of such Debentures by 95% of the Current Market Price of the Common Shares on the Maturity Date.<B> </B>The Current Market Price as at the Maturity Date shall be the Weighted Average Trading Price of the Common Shares on a Recognized Stock Exchange for the 20 consecutive Trading Days ending five Trading Days prior to such date. In the event that the Company elects to issue and deliver Common Shares as aforesaid, upon presentation and surrender of the Debentures, the Company shall pay or cause to be paid in cash to the Holder all accr
ued and unpaid interest to the Maturity Date, together with the cash equivalent representing fractional Common Shares, and shall, on the Maturity Date, send to the Indenture Trustee certificates representing the Common Shares to which the Holder is entitled. Unless otherwise directed by the Company, any shares of the Company issuable upon Maturity of the Debentures sold in the United States, its territories or possessions, will bear the appropriate legend set forth in section 2.19 of the Indenture. </P>
<P style="margin-top:12pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DATED: &lt;*&gt;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:6pt; margin-bottom:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<U><P style="margin:0pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Authorized Officer)</P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<p>
<BR>
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</p>
<P style="page-break-before:always; margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE &#147;<A NAME="SchD"></A>D&#148;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>CUSIP &lt;*&gt;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>5.50% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES DUE FEBRUARY 15, 2010</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PRINCIPAL AMOUNT GRID</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The following grid reflects the principal amount outstanding on the attached 5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 (the &#147;<B>Debentures</B>&#148;) and shall be adjusted at such time as the Debentures are converted, redeemed or repurchased in accordance with the terms thereof. In no event shall the outstanding principal amount hereunder exceed $&lt;*&gt;.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=159.6>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman Bold; font-size:6pt" align=center><B><font size="2">DATE</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman Bold; font-size:6pt" align=center><B><font size="2">AMOUNT REDUCED</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin:0pt; line-height:8pt; font-family:Times New Roman Bold; font-size:6pt" align=center><B><font size="2">REMAINING PRINCIPAL AMOUNT</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin-top:0pt; margin-bottom:3pt; line-height:8pt; font-family:Times New Roman Bold; font-size:6pt" align=center><B><font size="2">AUTHORIZED SIGNATORY BY INDENTURE TRUSTEE</font></B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin-top:6pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><font size="2">&lt;*&gt;</font></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><font size="2">&nbsp;</font></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><P style="margin-top:6pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><font size="2">&lt;*&gt;</font></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6><font size="2">&nbsp;</font></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.6>&nbsp;</TD></TR>
</TABLE>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SCHEDULE &#147;<A NAME="SchE"></A>E&#148;</P>
<P style="margin-top:12pt; margin-bottom:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM OF DECLARATION FOR REMOVAL OF U.S. LEGEND</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TO: </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">PACIFIC CORPORATE TRUST COMPANY</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TO:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TO:</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ALAMOS GOLD INC.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">RE:</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt">5.50% Convertible Unsecured Subordinated Debentures due February 15, 2010 of <B>Alamos Gold Inc.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt">Common shares of <B>Alamos Gold Inc.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The undersigned (a) acknowledges that the sale of securities to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the <I>United States Securities Act of 1933</I>, as amended (the &quot;<B>U.S. Securities Act</B>&quot;), and (b) certifies that (1) the undersigned is not an affiliate of Alamos Gold Inc. as that term is defined in Rule 405 under the U.S. Securities Act, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States or (B) the transaction was executed on or through the facilities of the Toronto Stock Exchange and neither the seller nor any person acting on its behalf knows that the transactio
n has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of &#147;washing off&#148; the resale restrictions imposed because the securities are &#147;restricted securities&#148; (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 under the U.S. Securities Act with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:274.5pt; text-indent:-22.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: _________________________<BR>
Name:<BR>
Title:</P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;- 1 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SCHEDULE &#147;F&#148;</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TABLE FOR DETERMINING THE NUMBER OF ADDITIONAL SHARES IN THE EVENT OF A CASH TRANSACTION</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Effective</B></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Common</B></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Share</B></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Price</B></P>
</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B><U>Date</U></B></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$3.96 </U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$4.25</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$4.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$5.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$5.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$6.25</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$6.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$7.25</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$7.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$8.25</U></P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cont&#146;d</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-05</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.5546 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>5.4449 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.9987 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.9641 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.4519 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.0472 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.7167 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.4457 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.2193 </P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-06</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>5.9679</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.8243</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.3671</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.3278</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.8286</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.4372</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.13</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.8808</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.6808</P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-07</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>5.4214</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.1653</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.6747</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.5764</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.0711</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.6823</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.4056</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.1793</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.0167</P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-08</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>5.1272</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.6555</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.0568</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.673</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.0179</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.5549</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.2834</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-09</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.9894</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>3.4504</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.8394</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.4978</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.8991</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.4915</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-10</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>6.3846 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>4.5703</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.1901</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.3181</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533>&nbsp;</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$8.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$9.25</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$9.75</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$10.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$11.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$12.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$13.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$14.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$15.00</U></P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$20 </U></P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><U>$25 </U></P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-05</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>2.0291 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.8689 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.7297 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.6683 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.4596 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.2971 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.1686 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.0639 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.9776 </P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.7017 </P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.5522</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-06</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.5133</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.3767</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.2619</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.2098</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>1.0429</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.9174</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.8212</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.7444</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.6824</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.4899</P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.3871</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-07</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.8784</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.7808</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.6963</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.6603</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.5542</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.4841</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.4268</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.3873</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.3556</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.26</P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0.2073</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-08</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-09</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD></TR>
<TR><TD valign=bottom width=77.533><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">15-Jan-10</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=57.6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD><TD valign=bottom width=54.467><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>0</P>
</TD></TR>
<TR><TD valign=bottom width=77.533>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=77.533>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=57.6>&nbsp;</TD><TD valign=bottom width=54.467>&nbsp;</TD></TR>
<TR><TD valign=bottom width=708 colspan=12><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">The Common Share Prices and numbers of Additional Shares set forth above are based upon an initial Conversion Number of 18.86792 Common Shares per $100 of the principal amount of the Debentures.</P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>underwritingagreement.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Fasken Campbell Godfrey">
<META NAME="date" CONTENT="03/29/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNDERWRITING AGREEMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">October 18, 2004</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Alamos Gold Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1503 &#150; 110 Yonge Street</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Toronto, Ontario</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">M5C 1T4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: &nbsp;&nbsp;John McCluskey</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dear Sirs:</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The undersigned, RBC Dominion Securities Inc., GMP Securities Ltd., BMO Nesbitt Burns Inc., Haywood Securities Inc. and McFarlane Gordon Inc. (individually, an <B>&#147;Underwriter&#148;</B> and together collectively the <B>&#147;Underwriters&#148;</B>), understand that Alamos Gold Inc. (the <B>&#147;Corporation&#148;</B>) proposes to issue and sell to the Underwriters 8,000,000 Common Shares (as hereinafter defined) (the <B>&#147;Treasury Shares&#148;</B>). &nbsp;The Treasury Shares shall have the attributes described in the Final Prospectus (as hereinafter defined). &nbsp;Subject to the terms and conditions set out below, the Underwriters agree to purchase severally and not jointly in the respective percentages set out in paragraph 15(a), and by its acceptance hereof, the Corporation agrees to issue and sell to the Underwriters the Treasury Shares at the Closing Time 
(as hereinafter defined) at the Issue Price (as hereinafter defined) per Treasury Share, payable at the Closing Time, for an aggregate purchase price of $3.00.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In addition, the Corporation hereby grants to the Underwriters, in connection with the sale of the Treasury Shares, an option (the <B>&#147;Underwriters&#146; Option</B>&#148;) for the Underwriters to purchase up to an additional 2,000,000 Common Shares (the <B>&#147;Optioned Shares</B>&#148;) at the Issue Price per Optioned Share. &nbsp;The Underwriters&#146; Option may be exercised up to the Time of Closing, subject to the notification contemplated by paragraph 7(a)), in whole or in part by delivery to the Corporation by the Underwriters of the Option &nbsp;Exercise Notice (as hereinafter defined).</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>DEFINED TERMS</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;1934 Act&#148;</B> means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations made thereunder;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>affiliate</B>&#148;, &#147;<B>distribution</B>&#148;, &#147;<B>material fact</B>&#148;, &#147;<B>material change</B>&#148;, &#147;<B>misrepresentation</B>&#148; and &#147;<B>subsidiary</B>&#148; have the respective meanings ascribed to such terms in the <I>Securities Act</I> (Ontario);</P>
<BR>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 2</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Agreement&#148; </B>means this agreement relating to the sale of the Purchased Shares by the Corporation and the purchase of the Purchased Shares by the Underwriters, including the Schedules and appendices attached hereto;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;AIF&#148; </B>means the initial annual information form of the Corporation dated June 22, 2004 for the year ended December 31, 2003;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Business Day&#148; </B>means a day which is not: (i)&nbsp;a Saturday or Sunday or (ii)&nbsp;a statutory or civic holiday or (iii) a day on which commercial banks are not open for business, in Toronto, Ontario or Vancouver, British Columbia;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Canadian Securities Laws&#148; </B>means all applicable securities laws in each of the Qualifying Jurisdictions and the respective regulations, rules and forms thereunder together with applicable orders, rulings and published policy statements of the Canadian Securities Administrators and the securities regulatory authorities in the Qualifying Jurisdictions;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Closing&#148; </B>means the closing of the purchase and sale of the Treasury Shares and the Optioned Shares, if any;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Closing Date&#148;</B> means November 2, 2004 or such other date as the Corporation and the Underwriters may agree upon in writing, provided that in no event shall such date be later than the Latest Closing Date;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Closing</B> <B>Time&#148; </B>means 8:00 a.m. (Toronto time) on the Closing Date or such other time on the Closing Date as the Corporation and the Underwriters may agree upon in writing;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Common Shares&#148;</B> means the common shares in the capital of the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Corporation&#148; </B>has the meaning ascribed to such term in the first paragraph of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Corporation&#146;s Auditors</B>&#148; means De Visser Gray;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Corporation&#146;s Counsel&#148;</B> means Axium Law Group, counsel to the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Corporation&#146;s Information Record</B>&#148; means any statement, other than a statement relating solely to the Underwriters, contained in the AIF, any press release, material change report, financial statement or other document of the Corporation which has been publicly filed and/or disseminated pursuant to any Canadian Securities Laws since December&nbsp;31,&nbsp;2003 or is publicly filed and/or disseminated pursuant to any Canadian Securities Laws prior to the Closing Time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Currently Issuable Shares&#148; </B>means the Common Shares issuable pursuant to the Corporation&#146;s stock option plan or upon the exercise of previously issued Common Share purchase warrants to acquire up to 8,316,000 Common Shares, all as set out on Schedule&nbsp;&#147;A&#148; to this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Directors&#148; </B>means the directors of the Corporation;</P>
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Documents Incorporated by Reference&#148; </B>means the documents set out in the Preliminary Prospectus under the heading &#147;Documents Incorporated by Reference&#148; and all other documents incorporated or deemed to be incorporated by reference into the Final Prospectus and any Prospectus Amendment by Canadian Securities Laws;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Final Prospectus&#148; </B>means both the English language version and the French language version of the final short form prospectus of the Corporation relating to the offering of the Treasury Shares together with the Documents Incorporated by Reference;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Financial Information&#148;</B> means, collectively: (a)&nbsp;the audited comparative consolidated financial statements of the Corporation and the notes thereto for the financial years ended December 31, 2003 and December 31, 2002, together with the auditors&#146; report thereon, (b)&nbsp;management&#146;s discussion and analysis of financial condition and results of operations of the Corporation for the financial year ended December 31, 2003, and (c) the unaudited interim consolidated financial statements of the Corporation for the six month periods ended June 30, 2004 and 2003, together with management&#146;s discussion and analysis of financial condition and results of operations for the six months ended June 30, 2004;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Indemnified Persons&#148; </B>means the Underwriters and each of their respective directors, officers, employees and agents;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Issue Price&#148;</B> means $3.00 for each Purchased Share;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Latest Closing Date&#148;</B> means November 12<B>,</B> 2004;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Losses&#148;</B> means losses, claims, costs, damages, liabilities or expenses (including, without limitation, expenses of investigation and defending against any claims or litigation as the same are incurred), other than loss of profits;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;material&#148; </B>means, in relation to the Corporation, material to the Corporation together with its subsidiaries, considered as a whole, after giving effect to the transactions contemplated by the Final Prospectus or this Agreement to be completed at or prior to the Closing Time;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Material Adverse Effect&#148;</B> means a material adverse effect on the assets or properties, business, results of operations, prospects or condition (financial or otherwise) of the Corporation and its subsidiaries taken as a whole;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Material Subsidiaries</B>&#148; means Minera Bienvenidos S.A. de C.V. and Minas de Oro Nacional S.A. de C.V.;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Option &nbsp;Exercise Notice</B>&#148; means the written notice to be delivered to the Corporation by the Underwriters not less than 48 hours prior to the Closing Time specifying the aggregate number of Optioned Shares which the Underwriters wish to purchase pursuant to the exercise of the Underwriters&#146; Option; </P>
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Optioned Shares</B>&#148; has the meaning ascribed to such term in the second paragraph of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Preliminary Prospectus&#148; </B>means both the English language version and the French language version of the preliminary short form prospectus of the Corporation relating to the offering of the Treasury Shares together with the Documents Incorporated by Reference;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Prospectus&#148; </B>means, collectively, the Preliminary Prospectus, the Final Prospectus and any Prospectus Amendment, together with the Documents Incorporated by Reference;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Prospectus Amendment&#148; </B>means any amendment or supplement to the Preliminary Prospectus or to the Final Prospectus;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Purchased Shares</B>&#148; means, collectively, the Treasury Shares and the Optioned Shares;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Qualifying Jurisdictions&#148; </B>means each of the provinces of British Columbia, Alberta, Ontario and Quebec;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;RBC DS&#148;</B> means RBC Dominion Securities Inc.;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Regulation S</B>&#148; means Regulation S adopted by the SEC under the U.S. Securities Act;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;SEC&#148; </B>means the United States Securities and Exchange Commission;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Shareholder</B>&#148; means any holder of Common Shares;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Subsidiaries&#148; </B>means the subsidiaries of the Corporation listed in the AIF under the heading &#147;Intercorporate Relationships - Corporate Structure&#148;;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Substituted Purchasers</B>&#148; has the meaning ascribed thereto in Section 3 of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Transfer Agent&#148; </B>means Pacific Corporate Trust Company in its capacity as transfer agent and registrar of the Common Shares;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Treasury Shares</B>&#148; has the meaning ascribed to such term in the first paragraph of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;TSX&#148; </B>means the Toronto Stock Exchange;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Underwriter&#148; </B>and <B>&#147;Underwriters&#148; </B>have the respective meanings ascribed to such terms in the first paragraph of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Underwriters&#146; Counsel&#148;</B> means Fasken Martineau DuMoulin LLP;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;Underwriters&#146; Fee&#148; </B>means the fee payable by the Corporation to the Underwriters pursuant to paragraph 6 of this Agreement;</P>
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>Underwriters&#146; Option</B>&#148; has the meaning ascribed to such term in the second paragraph of this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;United States&#148; </B>means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;<B>U.S. Person</B>&#148; means U.S. person as defined in Regulation S;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;U.S. Securities Act&#148;</B> means the United States Securities Act of 1933, as amended, and the rules and regulations made thereunder; and</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>&#147;U.S. Securities Laws&#148; </B>means the U.S. Securities Act and the 1934 Act.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TERMS AND CONDITIONS</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>1.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Filing Prospectus</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall, as soon as possible and in any event not later than 3:00 p.m. (Vancouver time) on October 18, 2004, have prepared and filed the Preliminary Prospectus and other related documents relating to the proposed distribution of the Purchased Shares in each of the Qualifying Jurisdictions and shall thereafter obtain or receive notification of the issuance of a preliminary MRRS decision document (as such term is defined in National Policy 43-201 of the Canadian Securities Administrators) under Canadian Securities Laws, effective October 18, 2004. &nbsp;The Corporation shall, as soon as possible after any comments of the securities regulatory authorities in the Qualifying Jurisdictions have been resolved and in any event not later than 5:00 p.m. (Toronto time) on October 26, 2004 (or by such later date or dates as may be agreed to by the Underwriters in thei
r sole discretion), have prepared, filed and obtained a final MRRS decision document (as such term is defined in National Policy 43-201 of the Canadian Securities Administrators) under Canadian Securities Laws for the Final Prospectus and other related documents relating to the proposed distribution of the Purchased Shares and shall have fulfilled and complied with, to the reasonable satisfaction of the Underwriters, the Canadian Securities Laws required to be fulfilled or complied with by the Corporation to enable the Purchased Shares to be lawfully distributed or distributed to the public, as the case may be, in the Qualifying Jurisdictions through the Underwriters or any other investment dealers or brokers duly registered as such in the Qualifying Jurisdictions. &nbsp;The Corporation shall fulfil and comply with Canadian Securities Laws required to be fulfilled or complied with by the Corporation to permit the sale of the Purchased Shares in the Qualifying Jurisdictions as freely tradeable Common Shares, 
subject to any required regulatory approval and to control block restrictions, and the Corporation shall use all commercially reasonable efforts to obtain any such regulatory approval as soon as practicable after the date hereof.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>2.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Due Diligence</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prior to the filing of the Final Prospectus, and if applicable, prior to the filing of any Prospectus Amendment, the Corporation shall have allowed the Underwriters to participate </P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>fully in the preparation of the Prospectus and shall have allowed the Underwriters to conduct all due diligence investigations which they reasonably require to fulfil their obligations as underwriters and in order to enable them to execute the certificates required to be executed by them in the Prospectus.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>3.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Restrictions on Sale Outside the Qualifying Jurisdictions</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Underwriters severally agree not to distribute the Purchased Shares in such manner as to require registration of any of them or the filing of a prospectus or any similar document under the laws of any jurisdiction outside the Qualifying Jurisdictions and to distribute such securities only in the Qualifying Jurisdictions and in accordance with all applicable laws. &nbsp;However, the Corporation understands that although this Agreement is presented on behalf of the Underwriters as purchasers, the Underwriters may arrange for substituted purchasers (the &#147;Substituted Purchasers&#148;) for the Purchased Shares in connection with the private placement of the Purchased Shares in the United States only in accordance with United States securities laws and the provisions of this Agreement and, without limiting the foregoing, specifically in accordance with Schedule &#147
;B&#148; hereto, provided that no such action on the part of the Underwriters or their U.S. broker-dealer affiliates shall in any way oblige the Corporation to register any Purchased Shares under the U.S. Securities Act or the securities laws of any state in the United States.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any agreements between the Underwriters and the members of any selling group will contain restrictions which are substantially the same as those contained in this paragraph 3.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>4.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(1)</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Deliveries on Filing</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Concurrently with the filing of the Preliminary Prospectus or Final Prospectus, as the case may be, under Canadian Securities Laws, the Corporation shall deliver to the Underwriters:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a copy of the Preliminary Prospectus or Final Prospectus, as applicable, including all Documents Incorporated by Reference which have not been previously delivered to the Underwriters, in the English language signed and certified as required by the Canadian Securities Laws applicable in the Qualifying Jurisdictions other than the Province of Quebec;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a copy of the Preliminary Prospectus or Final Prospectus, as applicable, including all Documents Incorporated by Reference which have not been previously delivered to the Underwriters, in the French language (except, in the case of the Preliminary Prospectus, the Documents Incorporated by Reference in the French language to the extent that the Corporation has obtained relief from the requirement to file the Document Incorporated by Reference in connection with the filing of the Preliminary Prospectus) signed and certified as required by the Canadian Securities Laws applicable in the Province of Quebec;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a copy of any other document required to be filed by the Corporation in compliance with Canadian Securities Laws in connection therewith;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iv)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>an opinion of Corporation&#146;s Counsel addressed to the Underwriters, the Corporation, the Directors and the Underwriters&#146; Counsel, in form and substance satisfactory to the Underwriters, acting reasonably, dated, in the case of the Preliminary Prospectus, as of the date of the Preliminary Prospectus and, in the case of the Final Prospectus, as of the date of the Final Prospectus, to the effect that the French language version of each of the Preliminary Prospectus and the Final Prospectus, respectively, including all Documents Incorporated by Reference, except for the financial information included in the Preliminary Prospectus and the Final Prospectus, respectively, and in the Documents Incorporated by Reference (except, in the case of the Preliminary Prospectus, the Documents Incorporated by Reference in the French language to the extent that the Corporation has obtained relief from
 the requirement to file the Documents Incorporated by Reference in connection with the filing of the Preliminary Prospectus), as to which no opinion need be expressed, is in all material respects a complete and accurate translation of the English language version thereof and that such English and French language versions are not susceptible to any materially different interpretation with respect to any matter contained therein;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(v)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>an opinion of the Corporation&#146;s Auditors addressed to the Underwriters, the Corporation, the Directors, the Underwriters&#146; Counsel and the Corporation&#146;s Counsel, in form and substance satisfactory to the Underwriters, acting reasonably, dated in the case of the Preliminary Prospectus, as of the date of the Preliminary Prospectus and, in the case of the Final Prospectus, as of the date of the Final Prospectus, to the effect that the French language version of any financial information included in the Preliminary Prospectus and the Final Prospectus, respectively, and in the Documents Incorporated by Reference is in all material respects a complete and accurate translation of the English language version thereof and that such English and French language versions are not susceptible to any materially different interpretation with respect to any matter contained therein;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(vi)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a &#147;long-form&#148; comfort letter of the Corporation&#146;s Auditors dated as of the date of the Final Prospectus (with the requisite procedures to be completed by the Corporation&#146;s Auditors within two Business Days of the date of the Final Prospectus) addressed to the Underwriters, the Corporation and the Directors in form and substance satisfactory to the Underwriters, acting reasonably, with respect to certain financial and accounting information relating to the Corporation and other numerical data in the Final Prospectus, including all Documents Incorporated by Reference, which </P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 108pt" align=justify>letter shall be in addition to the auditors&#146; report incorporated by reference into the Prospectus and the auditors&#146; consent and comfort letters addressed to the securities regulatory authorities in the Qualifying Jurisdictions;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(vii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>an opinion of Corporation&#146;s Counsel addressed to the Underwriters, the Corporation, the Directors and the Underwriters&#146; Counsel in form and substance satisfactory to the Underwriters, acting reasonably, dated as of the date of the Final Prospectus regarding compliance with the laws of the Province of Quebec relating to the use of the French language in connection with the distribution of the Purchased Shares; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(viii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>prior to or concurrent with the filing of the Final Prospectus, evidence satisfactory to the Underwriters and the Underwriters&#146; Counsel, acting reasonably, that the Purchased Shares have been approved for listing on the TSX, subject to satisfaction of certain usual conditions set out therein.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Delivery of Prospectus Amendments</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>When the Corporation is required to prepare a Prospectus Amendment, the Corporation shall also prepare and deliver promptly to the Underwriters a signed copy of such Prospectus Amendment in the English and French language along with all Documents Incorporated by Reference which have not been previously delivered. &nbsp;Concurrently with the delivery of any Prospectus Amendment, the Corporation shall deliver to the Underwriters, with respect to such Prospectus Amendment, documents similar to those referred to in clauses 4(a)(iii),(a)(iv), (a)(v), (a)(vii), and, to the extent in need of revision or supplement, 4(a)(vi) and 4(a)(viii).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Representations as to the Prospectus</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Delivery of the Prospectus shall constitute a representation and warranty by the Corporation to the Underwriters that as at the date of delivery:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all information and statements (except information and statements relating solely to the Underwriters) contained in the Prospectus are true and correct and contain no misrepresentation and constitute full, true and plain disclosure of all material facts relating to the Corporation and the Purchased Shares;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no material fact or information has been omitted from such disclosure (except that no representation or warranty is given regarding facts or information relating solely to the Underwriters) which is required to be stated in such disclosure or is necessary to make the statements or information contained in such disclosure not misleading in light of the circumstances under which they were made; and</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 9</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>such document complies fully with the requirements of Canadian Securities Laws.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Such deliveries shall also constitute the Corporation&#146;s consent to the Underwriters&#146; use of the Prospectus for the distribution of the Purchased Shares in compliance with the provisions of this Agreement and Canadian Securities Laws.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(d)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Commercial Copies</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall deliver, without charge to the Underwriters, commercial copies of the Preliminary Prospectus and the Final Prospectus (and in the event of any Prospectus Amendment, such Prospectus Amendment) in the English and French languages in such numbers and cities as the Underwriters may reasonably request. &nbsp;Such delivery shall be effected as soon as possible and, in any event, on or before a date which is one Business Day after the issuance of the MRRS decision document under Canadian Securities Laws for the Preliminary Prospectus or the Final Prospectus, as the case may be.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(e)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Notice of Completion of Distribution</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Underwriters shall after the Closing Date:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>use their commercially reasonable efforts to complete the distribution of the Purchased Shares as soon as reasonably practicable; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>give prompt written notice to the Corporation when, in the opinion of the Underwriters, they have completed the distribution of the Purchased Shares and of the total proceeds realized in each of the Qualifying Jurisdictions.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>5.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Material Change During Distribution</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(a)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Material Changes</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>During the period from the date hereof to the completion of the distribution of the Purchased Shares, the Corporation shall promptly notify the Underwriters in writing of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the full particulars of any material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise), capital or control of the Corporation or any of its Subsidiaries;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any material fact which has arisen or been discovered and would have been required to have been stated in the Prospectus had the fact arisen or been discovered on, or prior to, the date of the Prospectus; and</P>
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<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 10</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any change in any material fact (which for the purposes of this Agreement shall be deemed to include the disclosure of any previously undisclosed material fact) which fact or change is, or may be, of such a nature as to render any statement in the Prospectus misleading or untrue or which would result in a misrepresentation therein or which would result in the Prospectus not complying with Canadian Securities Laws.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall in good faith discuss with the Underwriters any fact or change in circumstances (actual or anticipated) which is of such a nature that there is reasonable doubt whether written notice need be given under this paragraph 5(a).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Change in Canadian Securities Laws</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If during the period of distribution of the Purchased Shares, there shall be any change in the Canadian Securities Laws which, in the opinion of the Underwriters, requires the filing of a Prospectus Amendment, the Corporation shall, to the satisfaction of the Underwriters, acting reasonably, promptly prepare and file such Prospectus Amendment with the appropriate securities regulatory authority in each of the Qualifying Jurisdictions where such filing is required.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Filings Relating to Material and Other Changes</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall promptly, and in any event within any applicable time limitation, comply, to the reasonable satisfaction of the Underwriters, with all applicable filings and other requirements under Canadian Securities Laws as a result of facts or changes referred to in paragraphs 5(a) and 5(b); provided that the Corporation shall not file any Prospectus Amendment or other document without first obtaining the approval of the Underwriters, after consultation with the Underwriters with respect to the form and content thereof, which approval will not be unreasonably withheld. &nbsp;The Corporation shall cooperate in all respects with the Underwriters to allow and assist the Underwriters to participate fully in the preparation of any Prospectus Amendment and shall allow the Underwriters to conduct any and all &#147;due diligence&#148; investigations which in the opini
on of the Underwriters are reasonably required in order to enable the Underwriters to responsibly execute any certificates required to be executed by the Underwriters in any Prospectus Amendment and to fulfil their obligations under Canadian Securities Laws.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(d)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Change in Closing Date</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If a material change or a change in a material fact occurs prior to the Closing Date, then, subject to paragraph 10, the Closing Date shall be, unless the Corporation and the Underwriters otherwise agree in writing, the sixth Business Day following the later of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the date on which all applicable filings or other requirements of Canadian Securities Laws with respect to such material change or change in a material fact have been complied with in all Qualifying Provinces and any appropriate receipts obtained for such filings and notice of such filings </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 11</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 108pt" align=justify>from the Corporation or the Corporation&#146;s Counsel have been received by the Underwriters; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the date upon which the commercial copies of any Prospectus Amendment have been delivered in accordance with subparagraph 4(b);</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>provided, however in no event shall the Closing Date be later than the Latest Closing Date.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>6.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Services Provided by Underwriters</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Purchased Shares will be distributed in the Qualifying Jurisdictions in compliance with the Canadian Securities Laws. &nbsp;In consideration for their services in acting as financial advisors to the Corporation, in assisting in the preparation of the Prospectus, participating in and managing selling or other groups for the sale of the Purchased Shares and in distributing the Purchased Shares, both directly and to other registered dealers as brokers, and in performing administrative work in connection with the distribution of the Purchased Shares, the Corporation agrees to pay to the Underwriters, out of the proceeds from the sale of the Purchased Shares, an Underwriters&#146; Fee equal to 5.0% of the aggregate Issue Price thereof. &nbsp;The Underwriters&#146; Fee shall be payable to the Underwriters in the manner provided for in paragraph 7(a).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>7.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(2)</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Delivery of Purchase Price, Underwriting Fee and Certificates</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Closing shall be completed at the Closing Time at the offices of the Underwriters&#146; Counsel in Toronto, or at such other place in Toronto as the Underwriters and the Corporation may agree upon. &nbsp;At the Closing Time, the Corporation shall deliver to the Underwriters a definitive certificate representing the Purchased Shares, if any, registered in the name of RBC DS or in such other name or names as RBC DS may notify the Corporation in writing not less than 48 hours prior to the Closing Time (or prior to noon (Toronto time) on the Friday prior to Closing if the Closing Date occurs on a Monday) against payment by the Underwriters to the Corporation for the Purchased Shares (if any), net of the Underwriters&#146; Fee), in lawful money of Canada by wire transfer made in accordance with instructions provided by the Corporation at least 48 hours prior to the Closi
ng Time, together with a receipt signed by RBC DS on behalf of itself and the other Underwriters for such certificates. &nbsp;The Underwriters shall contemporaneously deliver a receipt for the Underwriters&#146; Fee signed by RBC DS on behalf of itself and the other Underwriters.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Delivery of Certificates to Transfer Agent</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall, prior to the Closing Date, make all necessary arrangements for the exchange of the definitive certificate or certificates representing the Purchased Shares on such date at the principal offices of the Transfer Agent in the City of Toronto for certificates representing such number of Purchased Shares registered in such names as shall be designated by the Underwriters not less than 48 hours prior to the Closing Time (or prior to 12:00 noon (Toronto time) on the Friday prior to Closing if the Closing Date occurs on a Monday).</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 12</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall pay all fees and expenses payable to the Transfer Agent in connection with the preparation, delivery, certification and exchange of the Purchased Shares contemplated by this paragraph 7(b) and the fees and expenses payable to the Transfer Agent in connection with the initial or additional transfers as may be required in the course of the distribution of the Purchased Shares.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>8.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Representations, Warranties and Covenants of the Corporation</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation represents, warrants and covenants to the Underwriters, acknowledging that the Underwriters are relying upon such representations, warranties and covenants in purchasing the Purchased Shares that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation (i)&nbsp;is validly existing under the <I>Business Corporations Act</I> (British Columbia) and is up to date in all material regulatory filings under such act; (ii) is not in material default of any of its obligations under Canadian Securities Laws or U.S. Securities Laws; (iii)&nbsp;has all requisite corporate power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets; (iv)&nbsp;has all requisite corporate power and authority to create, issue and sell the Purchased Shares, to enter into this Agreement and to carry out the provisions of this Agreement; and (v) has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and to observe and perform the provisions of this Agreement in accordance with the provisions hereof and thereof;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>each of the Material Subsidiaries (i)&nbsp;has been duly incorporated and organized and is validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets and (ii)&nbsp;is not in default of any material filings required to be made under their respective jurisdictions of incorporation and all other jurisdictions in which they exist or carry on any material business;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the issued and outstanding shares and other securities of each of the Subsidiaries is held, beneficially and of record, as described in the AIF under the heading &#147;Intercorporate Relationships-Corporate Structure&#148; and, other than pursuant to share pledge agreements in favour of H. Morgan &amp; Company and Kennecott Minerals Company and Tenedoramex S.A. de C.V. in respect of the shares of Bienvenidos and Minas de Oro Nacional, no other person has any agreement, option, right or privilege (whether pre-emptive, contractual or otherwise) capable of becoming an agreement for the purchase, acquisition, subscription for or issue of any of the unissued shares or other securities of any of the Subsidiaries or for the purchase or acquisition of any of the outstanding shares or other securities of any of the Subsidiaries. &nbsp;The outstanding shares of the Subsidiaries are issued and outstandi
ng as fully paid and non-assessable shares;</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 13</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation has no other subsidiaries or equity interests in other persons which are engaged in active business or which possess any material assets or liabilities other than the Subsidiaries;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>other than the Material Subsidiaries, none of the Subsidiaries carries on any active business nor are the assets or liabilities (whether actual, contingent or otherwise) of any one of them material to the Corporation and the Subsidiaries, considered as a whole; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation and each of the Subsidiaries are conducting their business in material compliance with all applicable laws, rules and regulations of each jurisdiction in which a material portion of their business is carried on and are duly licensed, registered or qualified in all jurisdictions in which they own, lease or operate their property or carry on business to enable their business to be carried on as now conducted and their property and assets to be owned, leased and operated and all such licences, registrations and qualifications are and will at the Closing Time be valid, subsisting and in good standing, except in respect of matters which do not and will not result in any material adverse change to the business, business prospects or condition (financial or otherwise) of the Corporation and the Subsidiaries, considered as a whole, and except for the failure to be so qualified or the 
absence of any such license, registration or qualification which does not and will not have a Material Adverse Effect;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(g)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>none of the Corporation or any of the Subsidiaries has committed an act of bankruptcy or is insolvent, has proposed a compromise or arrangement to its creditors generally, has had a petition or a receiving order in bankruptcy filed against it, has made a voluntary assignment in bankruptcy, has taken any proceedings with respect to a compromise or arrangement, has taken any proceedings to have itself declared bankrupt or wound-up, has taken any proceedings to have a receiver appointed for any of its property or has had any execution or distress become enforceable or become levied upon any of its property;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(h)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>as at the date hereof, the authorized capital of the Corporation consists of an unlimited number of&nbsp;Common Shares, of which 66,590,401 Common Shares are issued and outstanding as at the date hereof;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all Currently Issuable Shares of the Corporation are disclosed in Schedule&nbsp;&#147;A&#148;, no person now has any agreement or option or right or privilege capable of becoming an agreement for the purchase, subscription or issuance of any unissued shares, securities or warrants of the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(j)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no securities commission, stock exchange or other regulatory authority has issued any order preventing or suspending the use of the Prospectus or trading in the Common Shares;</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 14</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(k)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>none of the issue of the Purchased Shares will be subject to any pre-emptive right or other contractual right to purchase securities granted by the Corporation or to which the Corporation is subject. &nbsp;There are no, and at the Closing Time there will be no, shareholders&#146; agreements, pooling agreements, voting trusts or other similar agreements with respect to the ownership or voting of any of the securities of the Corporation or pursuant to which any person may have any right or claim in connection with any existing or past equity interest in the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(l)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>since December&nbsp;31,&nbsp;2003:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>there has not been any material change in the assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of the Corporation or any Material Subsidiary that has not been publicly disclosed;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>there has not been any material change in the capital stock or long-term debt of the Corporation or any Material Subsidiary that has not been publicly disclosed;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>there has not been any material change in the business, business prospects, condition (financial or otherwise) or results of the operations of the Corporation or any Material Subsidiary that has not been publicly disclosed; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iv)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>except as has been publicly disclosed, the Corporation and the Subsidiaries have carried on their business in the ordinary course;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(m)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>since June 30, 2004 neither the Corporation nor any Subsidiary:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>has paid or declared any dividend or incurred any material capital expenditure or made any commitment therefor, other than as previously disclosed in the Documents Incorporated by Reference or otherwise incurred in connection with the development of the Salamandra Property;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>has incurred any obligation or liability, direct or indirect, contingent or otherwise, except in the ordinary course of business and which is not, and which in the aggregate are not, material other than as previously disclosed in the Documents Incorporated Reference; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>has entered into any material transaction other than as previously disclosed in the Documents Incorporated by Reference;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(n)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the audited financial statements of the Corporation as at December&nbsp;31,&nbsp;2003 and&nbsp;2002 and unaudited financial statements of the Corporation for any subsequent periods which have been delivered by the Corporation to its securityholders or otherwise form part of or have been included in a document that forms part of the Corporation&#146;s Information Record prior to the Closing Date </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 15</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>were prepared in accordance with Generally Accepted Accounting Principles in Canada applied on a basis consistent with prior periods and were complete and accurate as at the respective dates thereof and presented fairly the financial condition of the Corporation and the Subsidiaries for the periods then ended;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(o)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no Document Incorporated by Reference contained a misrepresentation as at its date of public dissemination;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(p)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>other than as previously disclosed in the Documents Incorporated by Reference, there is no action, proceeding or investigation (whether or not purportedly by or on behalf of the Corporation or any Subsidiaries) pending or, to the knowledge of the Corporation and its directors and officers, threatened against or affecting the Corporation (including any of its predecessor companies) or the Subsidiaries at law or in equity (whether in any court, arbitration or similar tribunal) or before or by any federal, provincial, state, municipal or other governmental department, commission, board or agency, domestic or foreign, which, if determined adversely to the Corporation, in any way materially adversely affects the Corporation and the Subsidiaries considered as a whole or the condition (financial or otherwise) of the Corporation and the Subsidiaries considered as a whole or which questions the validi
ty of the issuance of any of the Purchased Shares or any action taken or to be taken by the Corporation pursuant to or in connection with this Agreement or any of the transactions contemplated hereby;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(q)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>neither the Corporation nor any of the Subsidiaries is in default or in breach of, and the execution and delivery of this Agreement by the Corporation, the grant of the Underwriters&#146; Option by the Corporation, the performance and compliance with the terms of this Agreement and the sale of the Purchased Shares by the Corporation will not result in any breach of, or be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default either directly or indirectly under (i)&nbsp;any federal or provincial statute, rule or regulation applicable to the Corporation including, without limitation, Canadian Securities Laws, U.S. Securities Laws and the by-laws, rules and regulations of the TSX; (ii)&nbsp;its constating documents, by-laws or resolutions of the directors, shareholders or committees which are in effect
 at the date hereof; (iii)&nbsp;any mortgage, note, indenture, contract, agreement, instrument, lease or other document to which the Corporation or any Subsidiary is a party or by which it is bound; or (iv)&nbsp;any judgment, decree or order binding the Corporation or any Subsidiary or the property or assets of any of them; which conflict, breach, violation or default in any of the cases referred to in&nbsp;(i) to&nbsp;(iv) of this subparagraph, or the consequences thereof, would alone or in the aggregate result in a Material Adverse Effect;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(r)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation is a &#147;reporting issuer&#148; in the Provinces of British Columbia, Alberta, Ontario and Quebec, is not in default under any Canadian Securities Laws or U.S. Securities Laws and is in compliance, in all material respects, with </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 16</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>the by-laws, rules and regulations of the TSX. &nbsp;In particular, without limiting the foregoing, the Corporation is in compliance with its obligations to make timely disclosure of all material changes relating to it and since December&nbsp;31,&nbsp;2003 (other than in respect of material change reports filed on a confidential basis and thereafter made public or material change reports filed on a confidential basis and in respect of which the material change never came to fruition) no such disclosure has been made on a confidential basis and there is no material change relating to the Corporation which has occurred and with respect to which the requisite material change statement has not been filed, except to the extent that the Offering constitutes a material change. &nbsp;The Corporation is eligible to qualify the distribution of the Purchased
 Shares using the short form prospectus procedures set out in National Instrument&nbsp;44-101;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(s)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>to the Corporation&#146;s knowledge, the Corporation&#146;s Auditors are independent public accountants as required by the Canadian Securities Laws;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(t)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>other than as previously disclosed in the Documents Incorporated by Reference and except for discussions relating to the potential acquisition by the Corporation of land surrounding the Salamandra Property, or the potential sale of its La Fortuna property, none of the Corporation or any Subsidiary has approved, is contemplating, has entered into any agreement in respect of, or has any knowledge of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the purchase of any property or assets or any interest therein or the sale, transfer or other disposition of any property or assets or any interest therein currently owned, directly or indirectly, by the Corporation or any Subsidiary whether by asset sale, transfer of shares or otherwise;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the change of control (by sale or transfer of shares or sale of all or substantially all of the property and assets of the Corporation or any Subsidiary or otherwise) of the Corporation or any Subsidiary; or</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>a proposed or planned disposition of shares by any shareholder who owns, directly or indirectly, 10% or more of the outstanding shares of any Subsidiary;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(u)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>there has never been any reportable disagreement (within the meaning of National Policy Statement No.&nbsp;31 of the Canadian Securities Administrators) with the present or any former auditor of the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(v)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation and the Subsidiaries have filed all federal, provincial, state, local and foreign tax returns that are required to be filed or have requested extensions thereof (except in any case in which the failure so to file would not have a material adverse effect on the assets and properties, business, results of operations, prospects or condition (financial or otherwise) of the Corporation and </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 17</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>the Subsidiaries, taken as a whole) and have paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(w)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>neither the Corporation nor any Subsidiary, nor to the best of the Corporation&#146;s knowledge, any other party, is in default in the observance or performance of any term or obligation to be performed by it under any contract entered into by the Corporation or any Subsidiary which is material to the business of the Corporation or any Subsidiary on a consolidated basis and no event has occurred which with notice or lapse of time or both would directly or indirectly constitute such a default, in any such case which default or event would have a Material Adverse Effect;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(x)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>none of the Canadian Customs and Revenue Agency or any foreign taxation authority has asserted or, to the best of the Corporation&#146;s knowledge, threatened to assert any reassessment, claim or liability for taxes due or to become due in connection with any review or examination of the tax returns of the Corporation or any Subsidiary filed for any year which would have a Material Adverse Effect;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(y)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Common Shares are listed and posted for trading on the TSX;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(z)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>except for the mineral concession known as the Continuacion de Virgencita or as disclosed in any Document Incorporated by Reference, the Corporation and the Material Subsidiaries are the absolute legal and beneficial owner of, and have good and marketable title to, all of the material properties and assets thereof, free of all mortgages, liens, charges, pledges, security interests, encumbrances, claims or demands whatsoever, and no other property rights are necessary for the conduct of the business of the Corporation or any Material Subsidiary as currently conducted, none of the Corporation or any Material Subsidiary knows of any claim or the basis for any claim that might or could adversely affect the right thereof to use, transfer or otherwise exploit such property rights, and none of the Corporation or any Material Subsidiary has any responsibility or obligation to pay any commission, roya
lty, licence fee or similar payment to any person with respect to the property rights thereof other than as disclosed in any Document Incorporated by Reference;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(aa)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>except as otherwise disclosed in the AIF and except for the mineral concession known as the Continuacion de Virgencita, the Corporation and the Material Subsidiaries hold either freehold title, mining leases, mining concessions, mining claims, exploration permits or participating interests or other conventional property or proprietary interests or rights, recognized in the jurisdiction in which a particular property is located, in respect of the ore bodies and minerals located in properties in which the Corporation and the Material Subsidiaries have interests under valid, subsisting and enforceable title documents or other recognized and </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 18</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>enforceable agreements or instruments, sufficient to permit the Corporation or applicable Material Subsidiary to explore the minerals relating thereto, all property leases or claims in which the Corporation or any Material Subsidiary has an interest or right have been validly located and recorded in accordance with all applicable laws and are valid and subsisting, the Corporation and the Material Subsidiaries have all necessary surface rights, access rights and other necessary rights and interests relating to the properties in which the Corporation and the Material Subsidiaries have an interest granting the Corporation or applicable Material Subsidiary the right and ability to explore for minerals, ore and metals for development purposes as are appropriate in view of the rights and interest therein of the Corporation or applicable Material Subsidi
ary, with only such exceptions as do not materially interfere with the use made by the Corporation or applicable Material Subsidiary of the rights or interests so held, and each of the proprietary interests or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above is currently in good standing in the name of the Corporation or a Material Subsidiary;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(bb)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any and all of the agreements and other documents and instruments pursuant to which the Corporation or any Material Subsidiary holds an interest in the properties and assets thereof (including any interest in, or right to earn an interest in, any property) are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with any terms thereof, none of the Corporation or any Material Subsidiary is in default of any of the material provisions of any such agreements, documents or instruments nor has any such default been alleged, and such properties and assets are in good standing under the applicable statutes and regulations of the jurisdictions in which they are situated, all leases, licences, permits and claims pursuant to which the Corporation or any Material Subsidiary derive the interests thereof in such property and assets are in good stand
ing and there has been no material default under any such lease, licence, permit or claim and all taxes required to be paid with respect to such properties and assets to the date hereof have been paid, other than defaults which would not have a material adverse effect on the business, condition (financial or otherwise), affairs, properties, assets or operations of the Corporation and the Subsidiaries, taken as a whole. &nbsp;None of the properties (or any interest in, or right to earn an interest in, any property) of the Corporation or any Material Subsidiary is subject to any right of first refusal or purchase or acquisition right;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(cc)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation and the Subsidiaries:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>and their respective properties, assets and operations thereof comply in all material respects with all applicable &#147;Environmental Laws&#148; (which term means and includes, without limitation, any and all applicable international, federal, provincial, state, municipal or local laws, statutes, regulations, treaties, orders, judgments, decrees, ordinances, official directives and all authorizations relating to the environment, occupational </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 19</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 108pt" align=justify>health and safety, or any &#147;Environmental Activity&#148; (which term means and includes, without limitation, any past, present or future activity, event or circumstance in respect of a &#147;Contaminant&#148; (which term means and includes, without limitation, any pollutants, dangerous substances, liquid wastes, hazardous wastes, hazardous materials, hazardous substances or contaminants), including, without limitation, the storage, use, holding, collection, purchase, accumulation, assessment, generation, manufacture, construction, processing, treatment, stabilization, disposition, handling or transportation thereof, or the release, escape, leaching, dispersal or migration thereof into the natural environment, including the movement through or in the air, soil, surface water or groundwater));</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>do not have any knowledge of, and have not received any notice of, any material claim, judicial or administrative proceeding, pending or threatened against, or which may affect, either the Corporation or any Subsidiary or any of the properties, assets or operations thereof, relating to, or alleging any violation of any Environmental Laws, the Corporation is not aware of any facts which could give rise to any such claim or judicial or administrative proceeding and, to the knowledge of the Corporation, neither the Corporation nor any Subsidiary nor any of the properties, assets or operations thereof is the subject of any investigation, evaluation, audit or review by any &#147;Governmental Authority&#148; (which term means and includes, without limitation, any national, federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercisin
g executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing) to determine whether any violation of any Environmental Laws has occurred or is occurring or whether any remedial action is needed in connection with a release of any Contaminant into the environment, except for compliance investigations conducted in the normal course by any Governmental Authority;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>have not given or filed any notice under any federal, state, provincial or local law with respect to any Environmental Activity, the Corporation and the Subsidiaries do not have any liability (whether contingent or otherwise) in connection with any Environmental Activity and the Corporation is not aware of any notice being given under any federal, state, provincial or local law or of any liability (whether contingent or otherwise) with respect to any Environmental Activity relating to or affecting the Corporation or any Subsidiary or the properties, assets, business or operations thereof;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iv)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>do not store any hazardous or toxic waste or substance on the property thereof in a manner contrary to any Environmental Laws, and have not </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 20</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 108pt" align=justify>disposed of any hazardous or toxic waste, in each case in a manner contrary to any Environmental Laws, and there are no Contaminants on any of the premises or properties at which the Corporation or any Subsidiary carries on business, in each case other than in compliance with Environmental Laws; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(v)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>to the knowledge of the Corporation, are not subject to any contingent or other liability relating to the restoration or rehabilitation of land, water or any other part of the environment (except for those derived from normal exploration, development and mining activities) or non-compliance with Environmental Law;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(dd)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation has not withheld from the Underwriters any facts relating to the Corporation, the Subsidiaries, the properties or the Offering that would be material to a person intending to make an equity investment in the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ee)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation will obtain, prior to the filing of the Final Prospectus, all consents, approvals, permits, authorizations or filings as may be required under Canadian Securities Laws, U.S. Securities Laws and the by-laws, rules and regulations of the TSX necessary to the performance by the Corporation of its obligations under this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ff)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the proceeds of the Offering, net of the Underwriters&#146; Fee and other expenses of the Offering, will be used for the purposes set out in the Preliminary Prospectus under the heading &#147;Use of Proceeds&#148;;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(gg)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation will use its commercially reasonable efforts to ensure that the Common Shares remain listed and posted for trading on the TSX;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(hh)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>prior to the filing of the Final Prospectus and any Supplementary Material, the Corporation will allow the Underwriters to participate fully in the preparation of the Final Prospectus and any Supplementary Material and will allow the Underwriters to conduct all due diligence which it may reasonably require to conduct in order to fulfil its obligations and in order to enable it responsibly to execute the certificate required to be executed by it at the end of the Final Prospectus and any Supplementary Material;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation will deliver from time to time without charge to the Underwriters as many copies of the Preliminary Prospectus, the Final Prospectus and any Supplementary Material (collectively, the &#147;<B>Offering Documents</B>&#148;) as it may reasonably request for the purposes contemplated hereunder and contemplated by the Canadian Securities Laws and such delivery shall constitute the consent of the Corporation to the use of such documents in connection with the distribution of the Purchased Shares, subject to the provisions of the Canadian Securities Laws and the provisions of this Agreement;</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 21</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(jj)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Offering Documents will, at the respective dates of delivery thereof, contain full, true and plain disclosure of all material facts relating to each of the Offering, the Corporation and the Purchased Shares (provided that this representation is not intended to extend to information and statements in the Offering Documents furnished to the Corporation by or on behalf of the Underwriters specifically for use therein);</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(kk)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>none of the Offering Documents will contain a misrepresentation (provided that this representation is not intended to extend to information and statements in the Offering Documents furnished to the Corporation by or on behalf of the Underwriters specifically for use therein) and there is no fact known to the Corporation which the Corporation has not disclosed to the Underwriters which materially adversely affects, or so far as the Corporation can reasonably foresee, will materially adversely affect, the assets, liabilities (contingent or otherwise), capital, affairs, business, operations or condition (financial or otherwise) of the Corporation or the ability of the Corporation to perform its obligations under this Agreement or which would otherwise reasonably be considered to be material to any person intending to make an equity investment in the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ll)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>this Agreement has been, or will be by the Closing Time, duly authorized, executed and delivered by the Corporation and is legally binding upon the Corporation and is enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the rights of creditors generally and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by applicable law. &nbsp;At the Closing Time all necessary corporate action will have been taken by the Corporation to allot and authorize the issuance of the Purchased Shares, and upon their issuance, the Purchased Shares will be validly issued and outstanding as fully paid and non-assessable
;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(mm)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Preliminary Prospectus and the Final Prospectus will contain the disclosure required by Canadian Securities Laws and will accurately summarize, in all material respects, the attributes of the Treasury Shares and the Optioned Shares;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(nn)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>other than the Underwriters there is no person acting or purporting to act at the request of the Corporation, who is entitled to any brokerage or agency fee in connection with the transactions contemplated herein;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(oo)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation will promptly notify the Underwriters in writing if, prior to termination of the distribution of the Purchased Shares, there shall occur any material change or change in a material fact (in either case, whether actual, anticipated, contemplated or threatened and other than a material change or change in a material fact relating solely to the Underwriters) or any event or </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 22</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>development involving a prospective material change or a change in a material fact in any or all of the business, affairs, operations, assets (including information or data relating to the estimated value or book value of assets), liabilities (contingent or otherwise), capital, ownership, control or management of the Corporation or any other change which is of such a nature as to result in, or could result in, a misrepresentation in the Preliminary Prospectus, Final Prospectus or any Supplementary Material or could render any of the foregoing not in compliance with any of the Canadian Securities Laws;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(pp)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>in respect of any such actual, anticipated, contemplated, threatened or prospective change referred to in the first preceding paragraph, the Corporation will, to the reasonable satisfaction of the Underwriters, issue or file, as applicable, promptly and, in any event, within all applicable time limitation periods with the Securities Commissions, in the case of a material adverse change, a new or amended Preliminary Prospectus, and, in the case of a material change, a new or amended Final Prospectus or Supplementary Material, as the case may be, or press release and material change report as may be required under the Canadian Securities Laws and shall comply with all other applicable filing and other requirements under the Canadian Securities Laws including, without limitation, any requirements necessary to qualify the issuance and distribution of the Purchased Shares and shall deliver to the 
Underwriters as soon as practicable thereafter their reasonable requirements of conformed or commercial copies of any such new or amended Preliminary Prospectus, Final Prospectus or Supplementary Material. &nbsp;The Corporation shall not file any such new or amended disclosure documentation without first obtaining the approval of the form and content thereof by the Underwriters, which approval shall be promptly considered and not unreasonably withheld, and shall not issue or file, as applicable, any press release or material change report without giving the Underwriters a reasonable opportunity for review of the proposed forms; provided that the Corporation shall not be required to file a registration statement or either register or qualify the Purchased Shares for distribution outside of Canada;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(qq)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation will in good faith discuss with the Underwriters as promptly as possible any circumstance or event which is of such a nature that there is or ought to be consideration given as to whether there may be a material change or change in a material fact described in the preceding two paragraphs;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(rr)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the minute books and corporate records of the Corporation and the Material Subsidiaries made available to counsel to the Underwriters, or its local agent counsel in connection with its due diligence investigation of the Corporation for the periods from their respective dates of incorporation or amalgamation, as the case may be, to the date of examination thereof are exact duplicates of the original minute books and records of the Corporation and the Material Subsidiaries and contain copies of all proceedings (or certified copies thereof) of the shareholders, the board of directors and all committees of the board of directors of the </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 23</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 72pt" align=justify>Corporation and the Material Subsidiaries and there have been no other meetings, resolutions or proceedings of the shareholders, board of directors or any committee of the board of directors of the Corporation or the Material Subsidiaries to the date of review of such corporate records and minute books not reflected in such minute books and other records other than those which have been disclosed to the Underwriters and which are material in the context of the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ss)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation shall obtain, prior to the filing of the Final Prospectus a legal opinion as to title to the Salamandra Property (as such term is defined in the AIF) and other matters dated the date of the Final Prospectus from local counsel to the Corporation in form and substance satisfactory to the Underwriters acting reasonably; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(tt)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>neither the Treasury Shares nor the Optioned Shares will constitute &#147;foreign property&#148; for the purposes of the Income Tax Act (Canada).</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The representations, warranties and covenants of the Corporation set out in the schedules to this Agreement are hereby incorporated herein by reference.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>9.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Conditions to the Purchase of the Treasury Shares</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The obligation of the Underwriters to purchase the Purchased Shares on the Closing Date shall be subject to the accuracy of the representations and warranties of the Corporation contained herein both as of the date hereof and as of the Closing Date, the performance by the Corporation of its obligations hereunder and the following additional conditions:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time favourable legal opinions addressed to the Underwriters and the Underwriters&#146; Counsel, in form and substance satisfactory to the Underwriters&#146; Counsel, acting reasonably, dated the Closing Date from the Corporation&#146;s Counsel, or local counsel, as appropriate, with respect to the following matters:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(A)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation is existing under the <I>Business Corporations Act</I> (British Columbia) and has all requisite corporate power and authority to carry on the activities of the Corporation as now carried on and contemplated by the Prospectus and to issue and sell the Purchased Shares to be issued and sold in the manner provided in this Agreement and to enter into this Agreement and to carry out its obligations hereunder;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(B)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>this Agreement has been duly authorized, executed and delivered by the Corporation and constitutes a legal, valid and binding obligation of the Corporation, enforceable in accordance with its terms except that: (i) no opinion need be expressed as to the </P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 24</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 144pt" align=justify>enforcement of rights of indemnity and contribution hereunder; (ii) enforcement may be limited by applicable law and by bankruptcy, insolvency and other laws of general application affecting the enforcement of creditors&#146; rights; (iii) equitable remedies, such as specific performance and injunction, may only be granted in the discretion of a court of competent jurisdiction and (iv) such opinion may be subject to such other usual qualifications relating to enforceability;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(C)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the execution and delivery of this Agreement by the Corporation, the fulfillment of the terms hereof by the Corporation and the issue and sale of the Purchased Shares does not conflict with the laws of the Province of British Columbia or the federal laws of Canada applicable therein or the terms, conditions or provisions of the articles or by-laws of the Corporation (whether after notice or lapse of time or both) or to the knowledge of Corporation&#146;s Counsel any resolutions of the Directors or Shareholders;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(D)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>subject to the qualifications set out therein, confirming the opinion statements in the Final Prospectus under the heading &#147;Eligibility for Investment&#148; with such opinion to be supported with respect to matters of fact, by the appropriate certificate of the Corporation executed on its behalf by a senior officer of the Corporation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(E)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the attributes of the Purchased Shares are consistent in all material respects with the description of the Common Shares in the Prospectus and the Purchased Shares have been validly created and issued as fully paid and non-assessable;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(F)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Purchased Shares have been approved for listing on the TSX subject only to such usual conditions and to the filing of usual documents in accordance with the requirements of the TSX;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(G)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all necessary documents have been filed, all requisite proceedings have been taken and all approvals, permits, consents and authorizations of the appropriate regulatory authorities under applicable securities laws of the Qualifying Jurisdictions have been obtained by the Corporation under the laws of each Qualifying Jurisdiction to qualify the Purchased Shares for sale to the public in each of such Qualifying Jurisdictions through registrants properly registered under the applicable legislation of such Qualifying Jurisdictions who have complied with the relevant provisions of such applicable legislation;</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 25</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(H)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>regarding compliance with the laws of the Province of Quebec relating to the use of the French language in connection with the documents (including the Prospectus) to be delivered to purchasers in the Province of Quebec;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(I)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the form of definitive share certificate representing the Purchased Shares complies with all legal requirements of the <I>Business Corporations Act</I> (British Columbia), the articles and by-laws of the Corporation; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(J)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pacific Corporate Trust Company at its principal offices in the Vancouver, British Columbia and Toronto, Ontario is duly appointed as transfer agent and registrar for the Common Shares;</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>and in providing such opinion, counsel may rely upon the opinions of other local counsel where they deem such reliance proper as to the laws other than those of Canada and the Province of British Columbia and as to matters of fact, on certificates or letters of the Corporation&#146;s officers, the Transfer Agent, the Corporation&#146;s Auditors and public and stock exchange officials;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>if the Underwriters provide certificates regarding compliance with Rule 506 of Regulation D of the U.S. Securities Act, in the form of Exhibit 2 attached to Schedule B, the Underwriters shall have received a favourable legal opinion from the Corporation&#146;s United States counsel, dated the Closing Date and addressed to the Underwriters and their legal counsel, in form and substance satisfactory to the Underwriters and their counsel, acting reasonably, with respect to the availability of an exemption from the registration requirements under the securities laws of the United States in connection with sale in the United States of the Purchased Shares by the Corporation to Substituted Purchasers for the Underwriters;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time a legal opinion dated the Closing Date from the Underwriters&#146; Counsel with respect to transactions referred to in and contemplated by this Agreement, as the Underwriters may reasonably request; provided that the Underwriters&#146; Counsel shall be entitled to rely on the opinions of local counsel as to matters governed by the laws of jurisdictions other than the laws of Canada and the Province of Ontario and as to matters of fact, on certificates of the Corporation&#146;s officers, the Transfer Agent, the Corporation&#146;s Auditors and public and stock exchange officials, and provided further that the Underwriters&#146; counsel shall be entitled to rely upon the opinion of the Corporation&#146;s Counsel with respect to the matters in paragraph 9(i);</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iv)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time a letter dated the Closing Date from the Corporation&#146;s Auditors addressed to the Underwriters, the Corporation and the Directors, in form and substance satisfactory to the Underwriters, acting reasonably, confirming the continued accuracy of the comfort letter to be delivered to the Underwriters pursuant to paragraph 4(a)(vi) with such changes as may be necessary to bring the information in such letter forward to within two Business Days of the Closing Date, which changes shall be acceptable to the Underwriters acting reasonably;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(v)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time certificates dated the Closing Date, signed by an appropriate officer of the Corporation addressed to the Underwriters and their counsel, with respect to the articles and by-laws of the Corporation, the authorizing resolutions relating to this Agreement, the Prospectus and the incumbency and specimen signatures of signing;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(vi)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time a certificate or certificates dated the Closing Date, and signed on behalf of the Corporation by two senior officers of the Corporation addressed to the Underwriters certifying for and on behalf of the Corporation, after having made due enquiry and after having carefully examined the Prospectus, that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(A)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation has duly complied with all covenants and satisfied all the terms and conditions in this Agreement on its part to be performed or satisfied at or prior to the Closing Time;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(B)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no order, ruling or determination having the effect of suspending the sale or ceasing, suspending or restricting the trading of the Purchased Shares or any other securities of the Corporation in any of the Qualifying Jurisdictions has been issued or made by any stock exchange, securities commission or regulatory authority and is continuing in effect and no proceedings, investigations or enquiries for that purpose have been instituted or are pending or are contemplated or threatened under any of the Canadian Securities Laws or U.S. Securities Laws or by any other regulatory authority;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(C)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>since the respective dates as of which information is given in the Final Prospectus, as amended by any Prospectus Amendment, except as set forth in and contemplated by the Final Prospectus as so amended, to the date of such certificate, there has been no material change (actual or anticipated) in any of the business, affairs, operations, assets and liabilities (contingent or otherwise) </P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt; padding-left: 144pt" align=justify>of the Corporation together with the Subsidiaries considered as a whole or in the capital of the Corporation, other than as disclosed in the Final Prospectus or any Prospectus Amendment, as the case may be;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(D)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all necessary consents, approvals and authorizations, including those which have been obtained or which may be required under the securities laws of each of the Qualifying Jurisdictions, which are required for the consummation by the Corporation of the transactions contemplated by this Agreement have been obtained;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(E)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>on or before the filing of the Final Prospectus, the TSX have respectively approved the listing of the Purchased Shares on the TSX subject only to such usual conditions and to the filing of usual documents in accordance with the requirements of the TSX;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(F)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the representations and warranties of the Corporation contained in this Agreement are true and correct as of the Closing Time on the Closing Date, with the same force and effect as if made at and as of the Closing Time after giving effect to the transactions contemplated by this Agreement;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(G)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all information and statements contained in the Prospectus are, as at the Closing Time, true and correct in all material respects, contain no misrepresentation and constitute full, true and plain disclosure of all material facts relating to the Corporation and the Purchased Shares, and no material fact has been omitted therefrom (except that no certification shall be given regarding facts or information relating solely to or furnished by the Underwriters) which is required to be stated or which is necessary to make any statements or information contained therein not misleading in light of the circumstances in which they were made; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(H)</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>each of the Subsidiaries is incorporated and is existing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to carry on the activities as now carried on by it and contemplated by the Prospectus;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(vii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received at the Closing Time a certificate from the Transfer Agent dated the Closing Date and signed by an authorized officer of the Transfer Agent, confirming the issued share capital of the Corporation; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(viii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Underwriters shall have received such other instruments and closing documents as they may reasonably require.</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>10.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Termination Rights</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(a)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Material Change</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If, prior to the Closing Time, there should occur any fact or change such as is contemplated in paragraph 5(a) or 5(b) or the Underwriters become aware of any undisclosed material information relating to the Corporation or its Subsidiaries taken as a whole which, in the reasonable opinion of the Underwriters or any of them, might reasonably be expected to have a significant adverse effect on the market price, value, investment qualities or marketability of the Common Shares or Purchased Shares, any of the Underwriters shall be entitled, at its option, but subject to paragraph 10(d), to terminate its obligations under this Agreement by written notice to that effect given to the Corporation at any time prior to the Closing Time.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Disaster Out</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If, prior to the Closing Time, there should develop, occur or come into effect any occurrence of national or international consequence, any acts of terrorism or hostilities or escalation thereof or other calamity or crises, any change or development involving a prospective change in national or international political, financial or economic conditions, or any event, action, condition, law, governmental regulation, enquiry or other development or occurrence of any nature whatsoever which, in the reasonable opinion of any of the Underwriters, seriously adversely affects or involves, or may seriously affect or involve, the Canadian or United States financial markets or the business, operations or affairs of the Corporation together with the Subsidiaries considered as a whole, any of the Underwriters shall be entitled at its option, but subject to paragraph 10(d), to termin
ate its obligations under this Agreement by written notice to that effect given to the Corporation at any time prior to the Closing Time.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Conditions</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation agrees that all material terms and conditions of this Agreement shall be construed as conditions and complied with so far as the same relate to acts to be performed or caused to be performed by it, that it will use its commercially reasonable efforts to cause such conditions to be complied with, and that any breach or failure by the Corporation to comply with any of such conditions shall entitle any of the Underwriters, at its option, but subject to paragraph 10(d), to terminate its obligations to purchase Treasury Shares by notice to that effect given to the Corporation at the Closing Time unless otherwise expressly provided in this Agreement. &nbsp;The Underwriters may waive, in whole or in part, or extend the time for compliance with, any terms and conditions without prejudice to their rights in respect of any other of such terms and conditions or any
 other or subsequent breach or non-compliance, provided that any such waiver or extension shall be binding upon the Underwriters only if such waiver or extension is in writing and signed by all of the Underwriters.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(d)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Exercise of Termination Rights</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The rights of termination contained in paragraphs 10(a), (b) and (c) may be exercised by any one or more of the Underwriters; and such rights of termination are in addition </P>
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<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>to any other rights or remedies any of the Underwriters may have in respect of any default, act or failure to act or non-compliance by the Corporation in respect of any of the matters contemplated by this Agreement or otherwise. &nbsp;In the event of any such termination, there shall be no further liability on the part of the Underwriters to the Corporation or on the part of the Corporation to the Underwriters except in respect of any liability which may have arisen or may arise after such termination under paragraph 11, 12, 14 or 15. &nbsp;A notice of termination given by an Underwriter under paragraph 10(a), (b) or (c) shall not be binding upon any other Underwriter.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>11.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(3)</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Indemnity</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To the extent permitted by law, the Corporation agrees to protect, hold harmless and indemnify each of the Underwriters and each and every one of the Indemnified Persons from and against all Losses which any such Underwriter or any of them may be subject to or suffer or incur, whether under the provisions of any statute or otherwise, and which are caused or incurred by or arise directly or indirectly by reason of or in consequence of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any information or statement (except any information or statement relating solely to the Underwriters) contained in the Prospectus or in any certificate of the Corporation delivered under this Agreement which at the time and in light of the circumstances under which it was made contains or is alleged to contain a misrepresentation;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any omission or alleged omission to state in the Prospectus or any certificate of the Corporation delivered under this Agreement or pursuant to this Agreement any material fact or information (except facts or information relating solely to the Underwriters), required to be stated in such document or necessary to make any statement in such document not misleading in light of the circumstances under which it was made;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any order made or enquiry, investigation or proceedings commenced or threatened by any securities commission or other competent authority based upon any untrue statement or omission, or alleged untrue statement or alleged omission or any misrepresentation or alleged misrepresentation (except a statement or omission or alleged statement or omission relating solely to the Underwriters) in the Prospectus or based upon any failure to comply with Canadian Securities Laws or U.S. Securities Laws (other than any failure or alleged failure to comply by the Underwriters), preventing or restricting the trading in or the sale or distribution of the Purchased Shares in any of the Qualifying Jurisdictions;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iv)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>any breach of a representation or warranty made in this Agreement by the Corporation or the failure of the Corporation to comply with any of its obligations hereunder; or</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(v)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Corporation not complying with any requirement of any Canadian Securities Laws or U.S. Securities Laws applicable to it in connection with the offering and sale of the Purchased Shares as contemplated hereby.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Exception</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Notwithstanding the foregoing, this indemnity shall not apply to the extent that a court of competent jurisdiction in a final judgement that has become non-appealable shall determine that:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the Indemnified Person has been grossly negligent or dishonest or has committed any fraudulent act; and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, were directly caused by the gross negligence, dishonesty or fraud referred to in paragraph 11(b)(i).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Notification of Claims</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any matter or thing contemplated by this paragraph 11 (any such matter or thing being referred to as a <B>&#147;Claim&#148;</B>) is asserted against any one or more of the Indemnified Persons, such Indemnified Person will notify the Corporation as soon as reasonably practicable in writing of the nature of such Claim and the Corporation shall be entitled (but not required) to assume the defence of any suit brought to enforce such Claim; provided, however, that the defence shall be conducted through legal counsel acceptable to the Indemnified Person, acting reasonably, that no settlement of any such Claim may be made by the Corporation or the Indemnified Person without the prior written consent of the other party and the Corporation shall not be liable for any settlement of any such Claim unless it has consented in writing to such settlement, such consent not to be unr
easonably withheld.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(d)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Retaining Counsel</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In any such Claim, the Indemnified Person shall have the right to retain other counsel to act on his or its behalf, provided that the fees and disbursements of such counsel shall be paid by the Indemnified Person unless: (i) the Corporation on behalf of itself and the Indemnified Person shall have mutually agreed to the retention of other counsel, or (ii) the named parties to any such Claim (including any added third or impleaded party) include both the Indemnified Person on the one hand and the Corporation on the other hand and the representation of both parties by the same counsel would be inappropriate due to the actual or potential differing interests between them. &nbsp;Where more than one Indemnified Person is entitled to retain separate counsel in the circumstances described in this paragraph 11(d), all Indemnified Persons shall be represented by one separate leg
al counsel and the fees and disbursements of only one separate legal counsel for all Indemnified Persons shall be paid by the Corporation, unless (i) the Corporation and the Indemnified Persons have mutually agreed to retention of more than one legal counsel for the Indemnified Persons or (ii) the Indemnified Persons have or any one of them has been advised in writing by legal counsel thereto that representation of all of the </P>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 31</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>Indemnified Persons by the same legal counsel would be inappropriate due to actual or potential differing interests among them. &nbsp;Notwithstanding the foregoing, the Corporation shall not be liable for any settlement of any Claim unless the Corporation has consented in writing to such settlement, such consent not to be unreasonably withheld.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>12.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(4)</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Contribution</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In order to provide for a just and equitable contribution in circumstances in which the indemnity provided in paragraph 11 would otherwise be available in accordance with its terms but is, for any reason, held to be unavailable to or unenforceable by the Underwriters or enforceable otherwise than in accordance with its terms, the Corporation and the Underwriters, severally, shall contribute to the aggregate of all claims, expenses, costs and liabilities and all Losses of a nature contemplated in paragraph 11 in such proportions so that the Underwriters are responsible for the portion represented by the percentage that the aggregate fee payable by the Corporation to the Underwriters pursuant to paragraph 6 bears to the aggregate offering price of the Treasury Shares and the Corporation is responsible for the balance, whether or not they have been sued together or sued se
parately. &nbsp;The Underwriters shall not in any event be liable to contribute, in the aggregate, any amount in excess of such aggregate fee or any portion of such fee actually received. &nbsp;However, no party who has engaged in any fraud, fraudulent misrepresentation or gross negligence shall be entitled to claim contribution from any person or company who has not engaged in such fraud, fraudulent misrepresentation or gross negligence.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Right of Contribution in Addition to Other Rights</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The rights to contribution provided in this paragraph 12 shall be in addition to and not in derogation of any other right to contribution which the Underwriters or the Corporation may have by statute or otherwise at law.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Calculation of Contribution</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event that the Corporation may be held to be entitled to contribution from the Underwriters under the provisions of any statute or at law, the Corporation shall be limited to contribution in an amount not exceeding the lesser of:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the portion of the full amount of the loss or liability giving rise to such contribution for which the Underwriters are responsible, as determined in paragraph 12(a); and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the amount of the aggregate fee actually received by the Underwriters from the Corporation under this Agreement.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(d)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Notice</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any of the Underwriters has reason to believe that a claim for contribution may arise, it shall give the Corporation notice of such claim in writing, as soon as reasonably practicable, but failure to notify the Corporation shall not relieve the Corporation of any </P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 32</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 12pt; margin-bottom: 0pt" align=justify>obligation which it may have to the Underwriters under this paragraph except to the extent by which the Corporation is prejudiced by such failure.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If &nbsp;the Corporation has reason to believe that a claim for contribution may arise, it shall give the Underwriters notice of such claim in writing, as soon as reasonably practicable, but failure to notify the Underwriters shall not relieve either Underwriter of any obligation which it may have to the Corporation under this paragraph except to the extent by which such Underwriter is prejudiced by such failure. </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(e)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Right of Contribution in Favour of Others</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>With respect to paragraph 11 and this paragraph 12, the Corporation acknowledges and agrees that the Underwriters are contracting on their own behalf and as agents and trustees for each Indemnified Person.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>13.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Severability</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any provision of this Agreement shall be adjudged by a competent authority to be invalid or for any reason unenforceable in whole or in part, such invalidity or unenforceability shall not affect the validity, enforceability or operation of any other provision of this Agreement and such void or unenforceable provision shall be severable from this Agreement.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>14.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Expenses</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Whether or not the sale of the Purchased Shares shall be completed, except as specifically provided below, all expenses of or incidental to the creation, issue, delivery and sale of the Purchased Shares and all expenses of or incidental to all other matters in connection with the transactions set out in this Agreement, shall be borne by the Corporation directly, including, without limitation, (i)&nbsp;expenses payable in connection with the qualification of the Purchased Shares for distribution; (ii)&nbsp;all costs incurred in connection with the preparation, translation and printing of the Prospectus, (iii)&nbsp;all costs of the certificates representing the Purchased Shares, (iv)&nbsp;all costs incurred to list the Purchased Shares on the TSX and (v)&nbsp;all fees and disbursements of the Corporation&#146;s Auditors and the Corporation&#146;s Counsel and all other loc
al counsel to the Corporation. &nbsp;The &#147;out of pocket&#148; expenses incurred by the Underwriters, including, without limitation, the fees and disbursements of the Underwriters&#146; Counsel, shall be borne by the Underwriters, provided that if Closing does not occur, other than by reason of a failure of any Underwriter to comply with the provisions hereof, the Corporation shall reimburse the Underwriters for all of their reasonable &#147;out of pocket&#148; expenses, including all reasonable fees and disbursements of the Underwriters&#146; Counsel.</P>
<BR>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 33</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>15.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(5)</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Obligation of Underwriters to Purchase</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The obligation of the Underwriters to purchase the Treasury Shares shall be several and not joint and several and shall be limited as regards each Underwriter to the percentage of the Treasury Shares set out opposite the name of such Underwriters respectively below:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=246><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">RBC Dominion Securities Inc.</P>
</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>40%</P>
</TD></TR>
<TR><TD valign=top width=246><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GMP Securities Ltd.</P>
</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>30%</P>
</TD></TR>
<TR><TD valign=top width=246><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">BMO Nesbitt Burns Inc.</P>
</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20%</P>
</TD></TR>
<TR><TD valign=top width=246><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Haywood Securities Inc.</P>
</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5%</P>
</TD></TR>
<TR><TD valign=top width=246><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">McFarlane Gordon Inc.</P>
</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>5%</U></P>
</TD></TR>
<TR><TD valign=top width=246>&nbsp;</TD><TD valign=top width=132><P style="margin-top:0pt; margin-bottom:7pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>100%</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Subject to paragraph 15(b), if any one or more of the Underwriters fails to purchase its applicable percentage of the Treasury Shares at the Closing Time the remaining Underwriter or Underwriters, as the case may be, shall have the right, but shall not be obligated, to purchase such Treasury Shares. &nbsp;If more than one Underwriter wishes to purchase such Treasury Shares then each such Underwriter shall purchase such Treasury Shares on a pro rata basis with regards to the percentage of Treasury Shares set out opposite the name of such Underwriter respectively above. &nbsp;In the event that such right is not exercised by one or more of the remaining Underwriters, each such Underwriter which is not in default shall be relieved of all obligations to the Corporation. &nbsp;Nothing in this paragraph shall relieve from liability to the Corporation, any such Underwriter whic
h shall be so in default. &nbsp;In the event of a termination by the Corporation of its obligations under this Agreement, there shall be no further liability on the part of the Corporation to the Underwriters except in respect of any liability which may have arisen or may arise under paragraphs 11, 12 and 14. &nbsp;Nothing in this Agreement shall obligate a U.S. broker-dealer affiliate or any of the Underwriters to purchase Treasury Shares. &nbsp;Any U.S. broker-dealer that makes offers and sales of the Treasury Shares to U.S. persons will do so only as an agent for an Underwriter.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(b)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Rights to Purchase of the Other Underwriter</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If any one or more of the Underwriters shall exercise its right of termination under paragraph&nbsp;10, the remaining Underwriter or Underwriters, as the case may be, shall have the right, but shall not be obligated, to purchase on a pro rata basis all of the percentage of the Treasury Shares which would otherwise have been purchased by any such Underwriter which has so exercised its right of termination.</P>
<BR>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 34</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>(c)</B></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Corporation Not Obliged to Sell Less than All</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Nothing in this paragraph 15 shall oblige the Corporation to sell to the Underwriters less than all of the Treasury Shares.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>16.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Concurrent Offerings</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation shall not, directly or indirectly, without the prior written consent of RBC DS, such consent not to be unreasonably withheld, during the period commencing on the date hereof and ending 90 days following the Closing Date, (i) offer, pledge, sell, contract to sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer, lend or dispose of directly or indirectly, Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (&#147;<B>Equity Securities</B>&#148;), or (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of Equity Securities, whether any such transaction at (i) or (ii) of this paragraph may be settled by delivery of Equity Securities or cash or
 otherwise, other than: (A)&nbsp;pursuant to the Currently Issuable Shares and (B)&nbsp; the sale of the Purchased Shares.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>17.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Survival of Representations and Warranties</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The representations, warranties, obligations and agreement of the Corporation contained in this Agreement and in any certificate delivered pursuant to this Agreement or in connection with the purchase and sale of the Purchased Shares shall survive the purchase of the Purchased Shares for a period of two years and shall continue in full force and effect for a period of two years unaffected by any subsequent disposition of the Purchased Shares by the Underwriters or the termination of the Underwriters&#146; obligations and shall not be limited or prejudiced by any investigation made by or on behalf of the Underwriters in connection with the preparation of the Prospectus or the distribution of the Purchased Shares.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>18.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Time of the Essence</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Time shall be of the essence of this Agreement.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>19.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Governing Law</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable in the Province of British Columbia.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>20.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Funds</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All funds referred to in this Agreement shall be in Canadian dollars.</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 35</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>21.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Notice</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Unless herein otherwise expressly provided, any notice, request, direction, consent, waiver, extension, agreement or other communication that is required to or may be given or made hereunder shall be in writing and either personally delivered to a responsible officer of the addressee or sent by telecopy to:</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to the Corporation, addressed and sent to:</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Alamos Gold Inc.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1503 &#150; 110 Yonge Street</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Toronto, Ontario</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>M5C 1T4</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention: &nbsp;&nbsp;John McCluskey</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fax: &nbsp;&nbsp;(416) 368-2934</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>with a copy to (for information purposes only and not constituting notice):</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Axium Law Group</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Four Bentall Centre</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Suite 3350</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1055 Dunsmuir Street</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>PO Box 49222</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Vancouver, British Columbia</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>V7X 1L2</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Attention: </P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Joseph Giuffre</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Telecopier: </P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(604) 692-4900</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to RBC Dominion Securities Inc., addressed and sent to:</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">RBC Dominion Securities Inc.<BR>
4th Floor<BR>
200 Bay Street, South Tower<BR>
Royal Bank Plaza<BR>
Toronto, ON &nbsp;M5J 2W7<BR>
<BR>
Attention:Ewan Mason<BR>
Fax No.:(416) 842-7527</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 36</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to GMP Securities Inc., addressed and sent to:</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GMP Securities Inc<BR>
145 King Street West<BR>
11th Floor</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Toronto, ON M5H 1J8</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Mark Wellings</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax No.:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(416) 943-6160</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to BMO Nesbitt Burns Inc., addressed and sent to:</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">BMO Nesbitt Burns Inc.<BR>
1 First Canadian Place<BR>
PO Box 150<BR>
100 King Street West<BR>
4th Floor<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Egizio Bianchini</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax No.:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(416) 359-5143</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to Haywood Securities Inc., addressed and sent to:</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Haywood Securities Inc.<BR>
400 Burrard Street<BR>
Suite 1100</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Vancouver, BC &nbsp;V6C 3A6</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Keith Peck</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Fax No.:</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(604) 643-1199</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to McFarlane Gordon Inc., addressed and sent to:</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">McFarlane Gordon Inc.<BR>
26 Wellington Street E.<BR>
Suite 900<BR>
Toronto, ON &nbsp;M5E 1S2<BR>
<BR>
Attention:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">David Greifenberger<BR>
Fax:(416) 864-7359</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 37</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If to any of the Underwriters, with a copy (for informational purposes only and not constituting formal notice) to:</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fasken Martineau DuMoulin LLP<BR>
Toronto-Dominion Bank Tower<BR>
37th Floor<BR>
Toronto, ON &nbsp;M5K 1N6<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">John S.M. Turner</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Fax No.:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(416) 364-7813</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>or to such other address as any of the parties may designate by notice given to the others.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each notice shall be personally delivered to the addressee or sent by facsimile transmission to the addressee and (i) a notice which is personally delivered shall, if delivered on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice which is sent by facsimile transmission shall be deemed to be given and received on the Business Day sent if transmitted prior to 2:00 p.m. (Toronto time) on that day or the next Business Day following the day on which it is sent if transmitted on a day other than a Business Day or after 2:00 p.m. (Toronto time) on a Business Day.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>22.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Authority of RBC Dominion Securities Inc</B>.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>RBC DS is hereby authorized by each of GMP Securities Ltd., BMO Nesbitt Burns Inc., Haywood Securities Inc. and McFarlane Gordon Inc. to act on their behalf and the Corporation shall be entitled to and shall act on any notice given in accordance with paragraph 21 or agreement entered into by or on behalf of the Underwriters by RBC DS which represents and warrants that it has irrevocable authority to bind the Underwriters, except in respect of any consent to a settlement pursuant to paragraph 11(b) which consent shall be given by the Indemnified Person, a notice of termination pursuant to paragraph 10 which notice may be given (subject to paragraph 10(d)) by any of the Underwriters, or any waiver pursuant to paragraph 10(c), which waiver must be signed by all of the Underwriters. &nbsp;RBC DS shall consult with each of GMP Securities Ltd., BMO Nesbitt Burns Inc., Haywood
 Securities Inc. and McFarlane Gordon Inc. concerning any matter in respect of which it acts as representative of the Underwriters.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>23.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Counterparts</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Agreement may be executed by any one or more of the parties to this Agreement by facsimile or in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts together shall constitute one and the same instrument.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>24.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Schedules</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Schedules hereto form an integral part of this Agreement.</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 38</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>25.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Entire Agreement</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Agreement shall constitute the entire agreement between the parties with respect to the subject matter of this Agreement and shall not be changed, modified or rescinded, except in writing signed by the parties. &nbsp;The provisions of this Agreement supersede all contemporaneous oral agreements and all prior oral and written quotations, communications, agreements and understandings of the parties with respect to the subject matter of this Agreement.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[The remainder of this page is intentionally left blank]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="page-break-before:always; margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance by executing the enclosed copies of this letter where indicated below and returning the same to RBC DS upon which this letter as so accepted shall constitute an agreement among us.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0 width="326"><TR><TD valign=top width=322 colspan=2><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><B>RBC DOMINION SECURITIES INC.</B></P>
<P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Per:</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=top width=290><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">&#147;<I>Ewan Mason</I>&#148;</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Ewan Mason</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Managing Director</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288>
    <p style="text-indent: 0">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=322 colspan=2><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><B>GMP SECURITIES LTD.</B></P>
<P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Per:</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=top width=290><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">&#147;<I>Mark Wellings</I>&#147;</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Mark Wellings</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Director, Investment Banking</P>
</TD></TR>
<TR><TD valign=top width=322 colspan=2><P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><BR></P>
<P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><B>BMO NESBITT BURNS INC.</B></P>
<P style="font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Per:</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=top width=290><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">&nbsp;&#147;<I>Egizio Bianchini</I>&#148;</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Egizio Bianchini</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">Managing Director</P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288>
    <p style="text-indent: 0">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=322 colspan=2><P style="line-height: 100%; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><B>HAYWOOD SECURITIES INC.</B><BR></P>
</TD></TR>
<TR><TD valign=top width=30>Per:</TD><TD valign=top width=288 style="border-bottom: 1 solid #000000"><font size="3">&#147;<I>Keith Peck</I>&#148;</font>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><font size="3">Keith Peck</font></P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><font size="3">Vice President and Director</font></P>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288>
    <p style="text-indent: 0"><font size="3">&nbsp;</font></p>
  </TD></TR>
<TR><TD valign=top width=322 colspan=2><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt"><B>MCFARLANE GORDON INC.</B></P>
</TD></TR>
<TR><TD valign=top width=30>Per:</TD><TD valign=top width=288 style="border-bottom: 1 solid #000000"><font size="3">&#147;<I>David Greifenberger</I>&#148;</font>
</TD></TR>
<TR><TD valign=top width=30>
    <p style="text-indent: 0">&nbsp;</p>
  </TD><TD valign=top width=288><P style="line-height: 14pt; font-family: Times New Roman; font-size: 12pt; text-indent: 0; margin: 0pt">David Greifenberger</P>
</TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The foregoing is accepted and agreed to as of the date first above written.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=318.533 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=288 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;<I>John A. McCluskey</I>&#148;</P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">John A. McCluskey</P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President and Chief Executive Officer</P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B><U>SCHEDULE A</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Outstanding Convertible Securities</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>STOCK OPTIONS</B></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Number of shares</B></P>
</TD><TD valign=bottom width=76.8><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Exercise price<BR>
($ Cdn. )</B></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Expiry date</B></P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>Director stock options</B></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>528,500</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.50</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>December 9, 2008</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>357,483</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.13</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>July 23, 2008</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>510,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.25</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>June 25, 2009</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>150,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">0.76</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>January 30, 2008</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>100,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.00</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>July 22, 2007</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>182,500</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.16</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>June 3, 2007</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>42,517</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">0.47</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>February 23, 2006</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>1,871,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>Employee stock options</B></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>355,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.50</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>December 9, 2008</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>200,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.13</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>July 23, 2008</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>110,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.75</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>February 12, 2009</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>730,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.25</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>June 25, 2009</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>50,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:29.6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.00</P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>July 22, 2007</P>
</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=96></TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>1,445,000</P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8>&nbsp;</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=96></TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=220.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>Total Outstanding and exercisable</B></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>3,316,000</B></P>
</TD><TD valign=bottom width=76.8><P style="margin:0pt; text-indent:35.6pt; font-family:Times New Roman; font-size:12pt"><B><BR></B></P>
</TD><TD valign=bottom width=19.2>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=148.8>&nbsp;</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>WARRANTS</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=152.667>&nbsp;</TD><TD valign=bottom width=10.8>&nbsp;</TD><TD valign=bottom width=96><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Number of shares</B></P>
</TD><TD valign=bottom width=76>&nbsp;</TD><TD valign=bottom width=78><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Exercise price<BR>
Cdn. $</B></P>
</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=150><P style="margin-top:2pt; margin-bottom:2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Expiry date</B></P>
</TD></TR>
<TR><TD valign=bottom width=152.667>&nbsp;</TD><TD valign=bottom width=10.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=76>&nbsp;</TD><TD valign=bottom width=78><P style="margin:0pt; text-indent:48pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=150>&nbsp;</TD></TR>
<TR><TD valign=bottom width=152.667>&nbsp;</TD><TD valign=bottom width=10.8>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><B>5,000,000</B></P>
</TD><TD valign=bottom width=76>&nbsp;</TD><TD valign=bottom width=78><P style="margin:0pt; text-indent:42pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.50</P>
</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=150><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>April 8, 2006</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SCHEDULE B</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES OFFERS AND SALES</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>As used in this Schedule B, the following terms shall have the meanings indicated:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Accredited Investor</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means an &#147;accredited investor&#148; as defined in Rule 501(a) of Regulation D;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>affiliate</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means an &#147;affiliate&#148; as defined in Rule 405 under the U.S. Securities Act;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Directed Selling Efforts</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means &#147;directed selling efforts&#148; as that term is defined in Regulation S. &nbsp;Without limiting the foregoing, but for greater clarity in this schedule, it means, subject to the exclusions from the definition of directed selling efforts contained in Regulation S, any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Purchased Shares offered pursuant to Regulation S, and includes the placement of any advertisement in a publication with a general circulation in the United States that refers to the offering of any of the Purchased Shares;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Foreign Issuer</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means a &#147;foreign issuer&#148; as that term is defined in Regulation S;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Regulation D</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means Regulation D under the U.S. Securities Act;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Regulation S</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means Regulation S under the U.S. Securities Act;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SEC</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the United States Securities and Exchange Commission;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Subscription Agreement</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the form of subscription agreement attached to the U.S. Private Placement Memorandum as Exhibit 1;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Substantial U.S. Market Interest</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means &#147;substantial U.S. market interest&#148; as that term is defined in Regulation S;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Underwriters Certificate</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the Underwriters Certificate attached to this Schedule B as Exhibit 2;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>United States</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>- B2 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>U.S. Exchange Act</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the United States <I>Securities Exchange Act of 1934</I>, as amended;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>U.S. Person</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means &#147;U.S. person&#148; as that term is defined in Regulation S;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>U.S. Placement Agent</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means a registered U.S. broker dealer affiliate of an Underwriter who participates in the offer of the Purchased Shares in the United States;</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>U.S. Private Placement Memorandum</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the offering memorandum for the offering of the Purchased Shares in the United States attached to this Schedule B as Exhibit 1; and</P>
</TD></TR>
<TR><TD valign=top width=205.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>U.S. Securities Act</B></P>
</TD><TD valign=top width=433.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>means the United States <I>Securities Act of 1933</I>, as amended.</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All other capitalized terms used but not otherwise defined in this Schedule &#147;B&#148; shall have the meanings assigned to them in the Underwriting Agreement to which this Schedule &#147;B&#148; is attached.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>A.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Representations, Warranties and Covenants of the Underwriter</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Underwriters acknowledge that the Purchased Shares have not been and will not be registered under the U.S. Securities Act or applicable state securities laws and may not be offered or sold, except in accordance with an exemption or exclusion from the registration requirements of the U.S. Securities Act and applicable state securities laws. &nbsp;Accordingly, each of the Underwriter represents, warrants and covenants to and with the Corporation that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It has offered and sold, and will offer and sell the Purchased Shares only outside the United States to persons who are not, and are not acting on behalf of, U.S. Persons in accordance with Rule 903 of Regulation S or to Substituted Purchasers that are Accredited Investors as provided in paragraphs 2 through 8 below. &nbsp;Accordingly, neither the Underwriter, its affiliates nor any persons acting on its or their behalf, has made or will make (except as permitted in paragraphs 2 through 8 below): (i) any offer to sell or any solicitation of an offer to buy, any Purchased Shares to or for the benefit of any U.S. Person or person in the United States, (ii) any sale of Purchased Shares to any purchaser unless, at the time the buy order was or will have been originated, the purchaser was outside the United States, or the Underwriter or affiliates or persons acting on its b
ehalf reasonably believe that such purchaser was outside the United States, or (iii) any Directed Selling Efforts in the United States with respect to the Purchased Shares.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify>All offers and sales of Purchased Shares to persons in the United States or to U.S. Persons (collectively, &#147;U.S. Placees&#148;) have been or will be made by the U.S. Placement Agents in accordance with applicable U.S. federal and state broker-dealer requirements. &nbsp;All U.S. Placement Agents are duly registered brokers or dealers with the SEC and are members of, and in good standing with, the National Association of Securities Dealers, Inc. </P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any offer, sale or solicitation of an offer to buy the Purchased Shares that has been made or will be made to U.S. Placees that are Accredited Investors in transactions that are exempt from registration pursuant to Rule 506 of Regulation D under the U.S. Securities Act and available exemptions under all applicable state securities laws. </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It has not used and will not use any written material in connection with the offering of the Purchased Shares in the United States other than the U.S. Private Placement Memorandum, including the Prospectus (together, the &#147;Offering Documents&#148;). &nbsp;Immediately prior to transmitting the Offering Documents to offerees in the United States or to or on behalf of any U.S. Person, the Underwriters and the U.S. Placement Agents had reasonable grounds to believe and did believe that each offeree was an Accredited Investor and, on the date of this representation they continue to believe that each Purchaser in the United States or person who is a U.S. Person or is purchasing Purchased Shares on behalf of a U.S. Person is an Accredited Investor.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>None of the Underwriter, its affiliates or any person acting on its or their behalf has used or will use any form of general solicitation or general advertising (as those terms are used in Regulation D), including advertisements, articles, notices or other communications published in any newspaper, magazine, or similar media or broadcast over radio or television, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising, or has offered or will offer to sell the Purchased Shares in any manner involving a public offering in the United States within the meaning of Section 4(2) of the U.S. Securities Act.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>It has not entered and will not enter into any contractual arrangement with respect to the distribution of the Purchased Shares except with its affiliates, any selling group members or with the prior written consent of the Corporation. &nbsp;The Underwriter shall cause the U.S. Placement Agent and each affiliate or selling group member participating in the distribution of the Purchased Shares to agree, for the benefit of the Corporation, to the same provisions contained in this Schedule &#147;B&#148; as apply to the Underwriter as if such provisions applied to such persons.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All purchasers of Purchased Shares that are U.S. Placees shall be informed that the Purchased Shares have not been and will not be registered under the U.S. Securities Act and the Purchased Shares are being offered and sold to such U.S. Placees in reliance upon an exemption from the registration requirements of the U.S. Securities Act provided by Rule 506 of Regulation D.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Prior to completion of any sale of Purchased Shares to U.S. Placees, each U.S. Placee will be required to complete and execute a Subscription Agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>9.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At each Closing, the Underwriters and the U.S. Placement Agents will provide a certificate substantially in the form of Exhibit 2 to this Schedule B, relating to the manner of the offer and sale of the Purchased Shares in the United States.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Neither the Underwriters, their affiliates or any person acting on their behalf has taken or will take, directly or indirectly, any action in violation of Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Purchased Shares.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>B.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Representations, Warranties and Covenants of the Corporation</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation represents, warrants, covenants and agrees to and with the Underwriters and the U.S. Placement Agents that:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation is, and at the Closing will be, a Foreign Issuer with no Substantial U.S. Market Interest in any of its securities. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>During the period in which the Purchased Shares are offered for sale, neither the Corporation nor any of its affiliates, nor any person acting on its or their behalf (except the Underwriter, its affiliates and any person acting on its or their behalf, as to which no representation is made) has made or will make any Directed Selling Efforts in the United States, has taken or will take, directly or indirectly, any action in violation of Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Purchased Shares, or has taken or will take any action that would cause the exemption afforded by Rule 506 of Regulation D or Rule 903 of Regulation S to be unavailable for offers and sales of Purchased Shares pursuant to this Underwriting Agreement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify>None of the Corporation, its affiliates or any person acting on its or their behalf (except the Underwriter, its affiliates and any person acting on its or their behalf, as to which no representation is made) has engaged or will engage in any form of general solicitation or general advertising (as those terms are used in Regulation D) with respect to offers or sales of the Purchased Shares in the United States, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media, or broadcast over radio, or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation has not offered or sold, for a period of six months prior to commencement of the offering of the Purchased Shares and will not offer or sell any securities in a manner that would be integrated with the offer and sale of the Purchased Shares and would cause the exemption from registration set forth in Rule 506 of Regulation D to become unavailable with respect to the offer and sale of the Purchased Shares to the U.S. Placees.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>5.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation is not an open-end investment company, closed-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the United States <I>Investment Company Act</I> of 1940, as amended.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify>None of the Corporation or any of its affiliates or any person acting on its or their behalf (except the Underwriter, its affiliates and any person acting on its or their behalf, as to which no representation is made) has offered or sold or will offer or sell any of the Purchased Shares to U.S. Placees except for Purchased Shares offered and sold through the U.S. Placement Agent in accordance with this Schedule.</P>
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<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center>- B5 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>7.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Neither the Corporation nor any of its predecessors or affiliates has been subject to any order, judgment, or decree of any court of competent jurisdiction temporarily, preliminarily or permanently enjoining such person for failure to comply with Rule 503 of Regulation D.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>8.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Corporation will, within fifteen (15) days after the first sale of Purchased Shares in the United States, prepare and file with the SEC a notice on Form D with respect to the Securities and will file all amendments required to be filed as a result of subsequent sales of Securities in the United States. &nbsp;The Corporation shall also prepare and file within prescribed time periods any notices required to be filed with state securities authorities under applicable blue sky laws in connection with any securities sold pursuant to Rule 506 of Regulation D.</P>
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT 1 TO SCHEDULE &#147;B&#148;</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>U.S. Private Placement Memorandum</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>SUBJECT TO COMPLETION<BR>
U.S. PLACEMENT MEMORANDUM</b></P>
<P style="margin-top:0pt; margin-bottom:18pt; text-indent:380.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="left"><b>CONFIDENTIAL<BR>
SUBJECT TO COMPLETION</b></P>
<P style="margin-top:18pt; margin-bottom:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>ALAMOS GOLD INC.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Private Placement of Common Shares<BR>
_______________________</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The placement of common shares (the &#147;Common Shares&#148;) of Alamos Gold Inc. (the &#147;Corporation&#148;) in the United States and to, or for the account or benefit of, U.S. persons is being made only to &#147;accredited investors,&#148; as defined in Rule 501(a) (&#147;Accredited Investors&#148;) under the United States Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;), concurrently with a public offering of the Common Shares being made in Canada as described in the accompanying Canadian preliminary short-form prospectus dated October 18, 2004 (such short-form prospectus being referred to in this U.S. Placement Memorandum as the &#147;Canadian Prospectus&#148;). &nbsp;The Common Shares are being offered in the United States and to, or for the account or benefit of, U.S. persons (the &#147;U.S. Placement&#148;) by certain of the underwriter
s named in the Canadian Prospectus (&#147;Underwriters&#148;), through their United States affiliates (&#147;U.S. Affiliates&#148;), for sale by the Corporation to Accredited Investors pursuant to Rule 506 of Regulation D under the U.S. Securities Act and in accordance with the Underwriting Agreement referred to under &#147;Plan of Distribution&#148; in the Canadian Prospectus. &nbsp;The terms &#147;United States&#148; and &#147;U.S. person&#148; are as defined in Regulation S under the U.S. Securities Act.</P>
<P style="line-height: 13pt; font-family: Arial; font-size: 11pt; text-indent: 0; border-top: 2.25pt solid #000000; border-bottom: 2.25pt solid #000000; margin-top: 11pt; margin-bottom: 11pt; padding-left: 108pt; padding-right: 108pt; padding-top: 3pt; padding-bottom: 3pt" align="center"><B>Price: &nbsp;Cdn$3.00 per Common Share</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>The Common Shares have not been and will not be registered under the U.S. Securities Act and are being offered and sold only (i) in the U.S. Placement exclusively to Accredited Investors in accordance with Rule 506 of Regulation D under the U.S. Securities Act or (ii) outside the United States to non-U.S. persons in accordance with Rule 903 of Regulation S under the U.S. Securities Act. &nbsp;The Common Shares may only be resold or transferred in a transaction that is in accordance with the restrictions referred to below under &#147;Notice to Investors and Transfer Restrictions.&#148;</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>The Common Shares have not been recommended by any Canadian securities commission, the Securities and Exchange Commission or any state securities commission or regulatory authority, nor have any of the foregoing authorities passed on the accuracy or adequacy of this U.S. Placement Memorandum, the accompanying Canadian Prospectus or the information incorporated by reference into the Canadian Prospectus. &nbsp;Any representation to the contrary is a criminal offense.</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>In connection with this offering, and in accordance with applicable Canadian securities regulatory policies, the Underwriters may over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail on the open market. &nbsp;Such transactions, if commenced, may be discontinued at any time.</B></P>
<P style="margin-top:8pt; margin-bottom:0pt; font-family:Times New Roman; font-size:8pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; color:#FF0000">The information in this Memorandum is not complete and may be changed. &nbsp;These securities may not be sold prior to the time the Memorandum is delivered in final form. &nbsp;This Memorandum is not an offer to sell these securities and the Company is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>
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2 -</P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><BR></P>
<P style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align=justify>The information contained herein is delivered on a confidential basis to each offeree in the U.S. Placement solely to enable such offeree to evaluate the Common Shares, and does not constitute an offer to any other person or to the public generally to subscribe for or purchase any of the Common Shares. &nbsp;Distribution of this information to any person other than such offeree, or those persons, if any, retained to advise such offeree with respect hereto is unauthorized, and any disclosure of any of this information without the prior written consent of the Corporation is prohibited. &nbsp;Each such offeree, by accepting delivery of this information, agrees to the foregoing and further agrees to make no photocopies of this information or of any documents attached hereto. &nbsp;The Corporation, the Underwriters and the U.S. Affiliates reserve the right to reject any o
ffer to purchase Common Shares, in whole or in part, for any reason.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>For information concerning the Common Shares being offered in the U.S. Placement, see &#147;Description of Share Capital&#148; in the Canadian Prospectus. &nbsp;For certain risk factors relating to the Common Shares, see &#147;Risk Factors&#148; in the Canadian Prospectus and &#147;Risk Factors&#148; in the Corporation&#146;s Initial Annual Information Form for the year ended December 31, 2003 and dated June 22, 2004, which was submitted to the United States Securities and Exchange Commission (&#147;SEC&#148;) in the Corporation&#146;s annual report on Form 40-F on June 4, 2004, and the Corporation&#146;s Initial Annual Information Form Form 6-K on July 26, 2004, which is incorporated by reference into the Canadian Prospectus.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>None of the Underwriters or the U.S. Affiliates makes any representation or warranty, express or implied, relating to the accuracy or completeness of the information set forth herein, in the Canadian Prospectus, in the information incorporated by reference into the Canadian Prospectus or in any other written or oral communication transmitted or made available to an offeree, and each of them expressly disclaims any and all liability based on such information or omissions therefrom. &nbsp;No dealer, salesman or any other person has been authorized by the Corporation, any Underwriter or any U.S. Affiliate to give any information to any offeree or its advisors other than this U.S. Placement Memorandum, the Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus or to make any representations in connection with the issue or sale of the 
Common Shares and, if given or made, any such information or representation must not be relied upon as having been authorized by the Corporation, any Underwriter or any U.S. Affiliate. &nbsp;Neither the delivery of this U.S. Placement Memorandum, the accompanying Canadian Prospectus or the information incorporated by reference into the Canadian Prospectus nor any sale made in connection herewith shall, under any circumstances, constitute a representation or create any implication that the information contained in this U.S. Placement Memorandum, the accompanying Canadian Prospectus or the information incorporated by reference into the Canadian Prospectus is correct as of any time subsequent to the date hereof and thereof. &nbsp;Each offeree, prior to purchasing any Common Shares, should perform its own investigation and analysis of the Corporation and the terms of the offering of the Common Shares.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Corporation is a corporation governed by the <I>Company Act</I> (British Columbia). &nbsp;Most or all of the Corporation&#146;s assets are located outside the United States. &nbsp;The Corporation, certain of the directors and officers of the Corporation and certain of the experts named in the Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus are residents of countries other than the United States. &nbsp;As a result, it may be difficult for investors to effect service of process within the United States upon the Corporation and those directors, officers and experts, or to realize in the United States upon judgments of courts of the United States predicated upon civil liability of the Corporation and such persons under the United States federal securities laws.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Each person receiving this U.S. Placement Memorandum acknowledges that (i) such person has not relied on any of the Underwriters or any of the U.S. Affiliates in connection with (a) its investigation of the accuracy of this U.S. Placement Memorandum, the accompanying Canadian Prospectus or the information incorporated by reference into the Canadian Prospectus or (b) its investment decision and (ii) </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align=justify>no person is authorized in connection with any offering made hereby to give any information or make any representation other than as contained in this U.S. Placement Memorandum, the accompanying Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus and, if given or made, such information or representation must not be relied upon as having been authorized by the Corporation, any of the Underwriters or any of the U.S. Affiliates.</P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B>Taxation
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Prospective investors should be aware that purchasing, holding and disposing of the Common Shares may have tax consequences under the laws of both Canada and the United States. &nbsp;Such consequences for holders that are residents of, or citizens of, or otherwise subject to taxation in the United States are not described in this U.S. Placement Memorandum or the Canadian Prospectus. &nbsp;Prospective investors are solely responsible for determining the tax consequences applicable to their particular circumstances and should consult their tax advisors concerning investment in the Common Shares.</P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B>Canadian Prospectus and Available Information
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>This U.S. Placement Memorandum is accompanied by the Canadian Prospectus, which has been filed by the Corporation with the securities regulatory authorities in the provinces of British Columbia, Alberta, Quebec and Ontario in Canada, for the purpose of qualifying the Common Shares for sale therein. &nbsp;The Canadian Prospectus incorporates by reference certain documents that have been filed by the Corporation with the securities regulatory authorities in Canada. &nbsp;The Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus are incorporated by reference herein, and this U.S. Placement Memorandum is qualified in its entirety by the more detailed information contained in the Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus have been filed by the Corporation with the securities regulatory authorities in Canada on SEDAR, an electronic database maintained on behalf of the Canadian provincial securities regulators. &nbsp;SEDAR is the System for Electronic Document Analysis and Retrieval, and documents filed on SEDAR may be viewed at the following Web site address: www.sedar.com. &nbsp;The Corporation, the Underwriters and the U.S. Affiliates do not endorse or accept any responsibility for the content on, or the use of, SEDAR. &nbsp;Reference is made to SEDAR for informational purposes only, and is not intended for trading or investment purposes. &nbsp;The Corporation, the Underwriters and the U.S. Affiliates do not guarantee the sequence, accuracy or completeness of any information or data displ
ayed through SEDAR, nor shall the Corporation, any of the Underwriters or any of the U.S. Affiliates be liable in any way to any offeree in the U.S. Placement or to any other person whatsoever for any delays, inaccuracies, errors in, or omission of any such information or data or the transmission thereof, or for any action taken in reliance thereon, or for any damages arising therefrom or occasioned thereby or by reason of non-performance or interruption, or termination, of the information or data for any cause whatsoever.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Corporation does not assume any duty of disclosure beyond that which is imposed by law, and expressly disclaims any duty to update any information set forth in its filings with the Canadian provincial securities regulators.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Canadian Prospectus and the information incorporated by reference into the Canadian Prospectus have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws. &nbsp;In particular, and without limiting </P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align=justify>the generality of the foregoing, the terms &#147;mineral reserves,&#148; &#147;probable reserves,&#148; &#147;proven reserves,&#148; &#147;inferred resources,&#148; &#147;indicated resources,&#148; &#147;measured resources&#148; and &#147;mineral resources&#148; used or incorporated by reference in the Canadian Prospectus are, unless otherwise stated, Canadian mining terms as defined in accordance with National Instrument 43-101 &#150; Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves (&#147;CIM&#148;). &nbsp;CIM standards differ significantly from standards in the United States. &nbsp;While the terms &#147;mineral resource,&#148; &#147;measured resources,&#148; &#147;indicated resources,&#148; and &#147;inferred resources&#148; ar
e recognized and required by Canadian regulations, they are not defined terms under standards in the United States. &nbsp;As such, information regarding mineralization and resources contained or incorporated by reference in the Canadian Prospectus may not be comparable to similar information made public by United States companies. &nbsp;</P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B>Preparation of Financial Statements
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Prospective investors should be aware that the financial statements and other financial information contained in and incorporated by reference into the Canadian Prospectus have been prepared in accordance with Canadian generally accepted accounting principles, and thus may not be comparable to financial statements and financial information of United States companies. &nbsp;Offerees should refer to note 15 to the Corporation&#146;s audited consolidated financial statements for the year ended December 31, 2003, which is incorporated by reference into the Canadian Prospectus, for a description of the significant accounting principles used in the preparation of the Corporation&#146;s consolidated financial statements and for adjustments and/or additional disclosures which would be required in order to present the financial statements in accordance with U.S. generally accept
ed accounting principles and in accordance with practices prescribed by the United States Securities and Exchange Commission, respectively.</P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B>Notice to Investors and Transfer Restrictions
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Each purchaser in the U.S. Placement will, prior to its purchase of Common Shares, be required to make certain representations, warranties and covenants to the Corporation, the Underwriters and the U.S. Affiliates and will be required to sign and deliver a U.S. subscription agreement in the form attached as <U>Exhibit 1</U> hereto (the &#147;U.S. Subscription Agreement&#148;).</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Common Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except that the Common Shares may be offered or sold to Accredited Investors pursuant to Rule 506 of Regulation D under the U.S. Securities Act, and exemptions from registration under applicable state securities laws.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Common Shares may be offered, sold or otherwise transferred by purchasers in the U.S. Placement only (A) to the Corporation, (B) outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, (C) in compliance with the exemption from the registration requirements under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with applicable state securities laws, or (D) in a transaction that does not require registration under the U.S. Securities Act or any applicable state laws and regulations governing the offer and sale of securities, and with respect to subparagraphs (C) and (D) hereof, on the condition that the holder has, prior to such sale, furnished to the Corporation an opinion of counsel as to the availability of the exemption reasonably satisfactory to the Corporation. &nbsp;Upon the is
suance thereof, and until such time as the same is no longer required under the applicable requirements of the U.S. Securities Act or applicable U.S. state laws and regulations, the certificates representing the Common Shares, and all certificates </P>
<BR>
<BR>
<BR>
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<P style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align=justify>issued in exchange therefor or in substitution thereof, will bear a legend to the foregoing effect, in substantially the form set forth in the U.S. Subscription Agreement; <I>provided</I>, that if, at any time the Corporation is a &#147;foreign issuer&#148; as defined in Regulation S under the U.S. Securities Act, the Common Shares are being sold in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act, the legend may be removed by providing a declaration to Pacific Corporate Trust Company, as registrar and transfer agent for the Common Shares, to the effect that the Common Shares are being sold in compliance with Rule 904 of Regulation S under the U.S. Securities Act in the form set forth below (or as the Corporation may prescribe from time to time):</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:36pt; padding-right:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&#147;The undersigned (a) acknowledges that the sale of the securities of Alamos Gold Inc. (the &#147;Corporation&#148;) to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;) and (b) certifies that (1) the undersigned is not an &#147;affiliate&#148; of the Corporation as that term is defined in Rule 405 under the U.S. Securities Act, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States or (B) the transaction was executed on or through the facilities of the Toronto Stock Exchange and nei
ther the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on behalf of either of them has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of &#147;washing off&#148; the resale restrictions imposed because the securities are &#147;restricted securities&#148; (as that term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace such securities with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. &nbsp;Terms used herein have the meanings given to them by Regu
lation S under the U.S. Securities Act.&#148;</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Corporation's registrar and transfer agent may impose additional requirements for the removal of legends from securities that are sold in compliance with Rule 904 of Regulation S under the U.S. Securities Act in the future.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In addition, until 40 days after the commencement of the offering of the Common Shares, an offer or sale of the Common Shares within the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the U.S. Securities Act if such an offer or sale is made otherwise than in accordance with an exemption under the U.S. Securities Act.</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Legal Matters
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Certain legal matters in connection with the offering of the Common Shares in the United States will be passed upon by Dorsey &amp; Whitney LLP.</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Exchange Rates
</B></P>
<P style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0pt" align=center><B><BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Corporation reports in United States dollars. &nbsp;Except where otherwise indicated, all dollar figures in this U.S. Placement Memorandum and in the accompanying Canadian Prospectus are expressed </P>
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<P style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align=justify>in United States dollars. On October 15, 2004, the rate of exchange of the Canadian dollar (Cdn$), expressed in U.S. dollars, based on the noon buying rate in The City of New York for cable transfers in Canadian dollars as certified for customs purposes by the Federal Reserve Bank of New York, was Canadian $1.00&nbsp;= U.S.$0.7987.</P>
<P style="margin-top:11pt; margin-bottom:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>NOTICE TO PROSPECTIVE PURCHASERS IN FLORIDA<BR>
</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE FLORIDA SECURITIES ACT, IN RELIANCE UPON AN EXEMPTION THEREFROM. &nbsp;ANY SALE MADE PURSUANT TO SUCH EXEMPTION IS VOIDABLE BY A FLORIDA PURCHASER WITHIN THREE (3) DAYS AFTER THE FIRST TENDER OF CONSIDERATION IS MADE BY SUCH PURCHASER TO THE ISSUER, AN AGENT OF THE ISSUER OR AN ESCROW AGENT IN PAYMENT FOR SUCH SECURITIES. &nbsp;HOWEVER, THIS RIGHT IS NOT AVAILABLE TO ANY PURCHASER WHO IS A BANK, TRUST COMPANY, SAVINGS INSTITUTION, INSURANCE COMPANY, SECURITIES DEALER, INVESTMENT COMPANY AS DEFINED IN THE INVESTMENT COMPANY ACT OF 1940, PENSION OR PROFIT-SHARING TRUST OR QUALIFIED INSTITUTIONAL BUYER AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933.</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:11pt; margin-bottom:2.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>NOTICE TO NEW HAMPSHIRE RESIDENTS</B></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER RSA 421-D IS TRUE, COMPLETE, AND NOT MISLEADING. &nbsp;NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.</P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT 1</B></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=center><B>U.S. Subscription Agreement</B></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=center><B>(Accredited Investors)</B></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54.15pt; text-indent:-54.15pt; line-height:14pt; font-family:Times New Roman; font-size:11pt" align=justify>To:</P>
<P style="margin:0pt; padding-left:54.15pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Alamos Gold Inc. </B>(the &#147;Company&#148;)</P>
<P style="margin:0pt; padding-left:45pt; text-indent:-45pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-54pt; line-height:14pt; font-family:Times New Roman; font-size:11pt" align=justify>And To:</P>
<P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify><B>RBC Dominion Securities Inc.</B></P>
<B><P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify>GMP Securities Ltd.</B></P>
<B><P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify>BMO Nesbitt Burns Inc.</B></P>
<B><P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify>Haywood Securities Inc.</B></P>
<B><P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify>McFarlane Gordon Inc.</B> </P>
<P style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt" align=justify>(collectively, the &#147;Underwriters&#148;)</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Times New Roman; font-size:11pt; color:#0000FF" align=justify><font color="#000000"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:11pt; color:#0000FF" align=justify><font color="#000000">And To: &nbsp;</font></P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt; color:#0000FF" align=justify><font color="#000000">the U.S. broker-dealer affiliates of the Underwriters offering Common Shares</font></P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt; color:#0000FF" align=justify><FONT COLOR=#000000>(collectively, the &#147;U.S. Affiliates&#148;)</FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Re:</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Subscription to Purchase Common Shares of Alamos Gold Inc.</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>1.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The undersigned hereby irrevocably subscribes for and agrees to purchase from Alamos Gold Inc.<B> </B>(the &#147;Company&#148;) the number of common shares (the &quot;Common Shares&quot;) of the Company for the aggregate consideration (the &quot;Subscription Price&quot;), representing a subscription price of Cdn$3.00 per Common Share, set forth on the signature page below. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>2.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The undersigned acknowledges that this subscription is subject to acceptance by the Company. &nbsp;The Company may also accept this subscription in part. &nbsp;The undersigned agrees that if this subscription is not accepted in full, any funds related to the portion of this subscription not accepted will be returned to the undersigned, without interest.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>3.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>By executing this subscription, the undersigned represents, warrants and covenants to the Company, the Underwriters and the U.S. Affiliates (and acknowledges that the Company, the Underwriters and the U.S. Affiliates are relying thereon) that:</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it is authorized to consummate the purchase of the Common Shares;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it understands that the Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;) or any applicable state securities laws and that the offer and sale of Common Shares to it are being made in reliance on a private placement exemption available under Rule 506 of Regulation D to Accredited Investors (as such term is defined on <U>Annex A</U> hereto, &#147;Accredited Investors&#148;);</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it has received a copy, for its information only, of the Canadian Short-Form Prospectus, together with a U.S. covering memorandum, relating to the offering in the United States of the Common Shares and it has had access to such additional information, if any, concerning the Company as it has considered necessary in connection with its investment decision to acquire the Common Shares;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Common Shares and is able to bear the economic risks of such investment;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 8 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it is purchasing the Common Shares for its own account (or for the account of one or more Accredited Investors) for investment purposes only and not with a view to resale or distribution and, in particular, it has no intention to distribute either directly or indirectly any of the Common Shares in the United States or to U.S. persons (as such term is defined in Regulation S of the U.S. Securities Act); <I>provided, however</I>, that the holder may sell or otherwise dispose of any of the Common Shares pursuant to registration thereof under the U.S. Securities Act and any applicable state securities laws or under an exemption from such registration requirements;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(f)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it acknowledges that it has not purchased the Common Shares as a result of any general solicitation or general advertising (as those terms are used in Regulation D under the U.S. Securities Act), including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(g)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it agrees that if it decides to offer, sell or otherwise transfer any of the Common Shares, it will not offer, sell or otherwise transfer any of such securities directly or indirectly, unless:</P>
<P style="margin-top:5pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(i) </P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman" align=justify>the sale is to the Company;</P>
<P style="margin-top:5pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(ii) </P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman" align=justify>the sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations;</P>
<P style="margin-top:5pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(iii) </P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman" align=justify>the sale is made in compliance with the exemption from the registration requirements under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or &#147;Blue Sky&#148; laws; or</P>
<P style="margin-top:5pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(iv) </P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman" align=justify>the securities are sold in a transaction that does not require registration under the U.S. Securities Act or any applicable U.S. state laws and regulations governing the offer and sale of securities; and</P>
<P style="margin-top:5pt; margin-bottom:0pt; padding-left:71.25pt; text-indent:0.75pt; font-family:Times New Roman" align=justify>with respect to subparagraphs (iii) and (iv) hereof, it has prior to such sale furnished to the Company an opinion of counsel reasonably satisfactory to the Company;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(h)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it has been independently advised as to the applicable hold period and restrictions with respect to trading imposed in respect of the Common Shares, by securities legislation in the jurisdiction in which it resides, and confirms that no representation has been made respecting the applicable hold periods for the Common Shares and is aware of the risks and other characteristics of the Common Shares and of the fact that the undersigned may not be able to resell the Common Shares except in accordance with applicable securities legislation and regulatory policy;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(i)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it understands and acknowledges that upon the original issuance thereof, and until such time as the same is no longer required under applicable requirements of the U.S. Securities Act or applicable state securities laws, certificates representing the Common Shares, and all certificates issued in exchange therefor or in substitution thereof, shall bear the following legend:</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman" align=justify>&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#147;U.S. SECURITIES ACT&#148;). &nbsp;THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN COMPLIANCE WITH CERTAIN OTHER PROCEDURES SATISFACTORY TO THE COMPANY.</P>
<p>
<BR>
<BR></p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 9 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="text-indent: 0; font-family: Times New Roman; margin: 0pt; padding-left: 72pt" align=justify>DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &#147;GOOD DELIVERY&#148; IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. &nbsp;IF, AT ANY TIME WHEN THE CORPORATION IS A &#147;FOREIGN ISSUER&#148; AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT, THESE SECURITIES ARE BEING SOLD IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, A NEW CERTIFICATE BEARING NO LEGEND MAY BE OBTAINED FROM THE COMPANY&#146;S REGISTRAR AND TRANSFER AGENT, UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.&#148;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman" align=justify><I>provided that</I>, if any such securities are being sold under clause (C) above, the legend may be removed by delivery to Pacific Corporate Trust and the Company of an opinion of counsel, of recognized standing reasonably satisfactory to the Company, that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws, and <I>provided further that</I> if securities are being sold under clause&nbsp;(B) above and in compliance with Canadian local laws and regulations, and provided that the Company is a &#147;Foreign Issuer&#148; within the meaning of Regulation S at the time of sale, such legend may be removed by providing a declaration to Pacific Corporate Trust Company, as registrar and transfer agent for the Common Shares, to the effect that the Common Shares are being sold in compliance with Rule 904 of Regulation S under the U.S. Securities Act 
in the form set forth below (or as the Corporation may prescribe from time to time):</P>
<P style="margin:0pt; padding-left:108pt; padding-right:36pt; font-family:Times New Roman" align=justify>&#147;The undersigned (a) acknowledges that the sale of the securities of Alamos Gold Inc. (the &#147;Corporation&#148;) to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the &#147;U.S. Securities Act&#148;) and (b) certifies that (1) the undersigned is not an &#147;affiliate&#148; of the Corporation as that term is defined in Rule 405 under the U.S. Securities Act, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States or (B) the transaction was executed on or through the facilities of the Toronto Stock Exchange and neither the seller nor any person acting on its behalf knows
 that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on behalf of either of them has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of &#147;washing off&#148; the resale restrictions imposed because the securities are &#147;restricted securities&#148; (as that term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace such securities with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. &nbsp;Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.&#148;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>Notwithstanding the foregoing, Pacific Corporate Trust Company may impose additional requirements for the removal of legends from securities that are sold in compliance with Rule 904 of Regulation S under the U.S. Securities Act in the future; &nbsp;</P>
<BR>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 10 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:71.25pt; text-indent:-34.2pt; font-family:Times New Roman" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.25pt; text-indent:-34.2pt; font-family:Times New Roman" align=justify>(j)</P>
<P style="margin:0pt; padding-left:71.25pt; font-family:Times New Roman" align=justify>it consents to the Company making a notation on its records or giving instructions to any transfer agent of the Common Shares in order to implement the restrictions on transfer set forth and described herein;<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.25pt; text-indent:-34.2pt; font-family:Times New Roman" align=justify>(k)</P>
<P style="margin:0pt; padding-left:71.25pt; font-family:Times New Roman" align=justify>the office or other address of the undersigned at which the undersigned received and accepted the offer to purchase the Common Shares is the address listed on the signature page hereof;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.25pt; text-indent:-34.2pt; font-family:Times New Roman" align=justify>(l)</P>
<P style="margin:0pt; padding-left:71.25pt; font-family:Times New Roman" align=justify>it understands and acknowledges that the Company is not obligated to file and has no present intention of filing with the U.S. Securities and Exchange Commission or with any state securities administrator any registration statement in respect of resales of the Common Shares in the United States;</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(m)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it understands and acknowledges that the Company is not obligated to remain a &#147;foreign issuer&#148; within the meaning of Regulation S under the U.S. Securities Act;</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(n)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>if required by applicable securities legislation, regulatory policy or order or by any securities commission, stock exchange or other regulatory authority, it will execute, deliver and file and otherwise assist the Company in filing reports, questionnaires, undertakings and other documents with respect to the issue of the Common Shares; </P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(o)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it acknowledges that purchasing and holding the Common Shares may have material tax consequences to the undersigned and any beneficial purchaser thereof under United States federal, state and local tax laws and foreign tax laws and that the undersigned and any such beneficial purchaser are solely responsible for determining such tax consequences; and</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(p)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>it understands that, in connection with the issue and sale of Common Shares, the Underwriters will receive from the Company on Closing, a cash fee equal to 5% of the gross proceeds of the offering and the Company will reimburse the Underwriters for all expenses reasonably incurred by them in connection with the offering.</P>
<P style="margin-top:10pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>The undersigned acknowledges that the representations and warranties and agreements contained herein are made by it with the intent that they may be relied upon by you in determining its eligibility to purchase the Common Shares. &nbsp;By this agreement the undersigned represents and warrants that the foregoing representations and warranties are true at the closing time with the same force and effect as if they had been made by it at the closing time.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>4.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>You are irrevocably authorized to produce this agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>5.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The contract arising out of the acceptance of this subscription by the Company shall be governed by and construed in accordance with the laws of the province of British Columbia and the laws of Canada applicable in the province of British Columbia and represents the entire agreement of the parties hereto relating to the subject matter hereof.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>6.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Company, the Underwriters, and the U.S. Affiliate shall be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by the Company of a facsimile copy of this Subscription Agreement shall create a legal, valid and binding agreement among the undersigned, the Company, the Underwriters and the U.S. Affiliate in accordance with the terms hereof.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>7.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>A certified cheque or bank draft in the amount set forth on the signature page that accompanies this Agreement. </P>
<p>
<BR>
<BR>
</p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- 11 -</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<TABLE style="font-size: 10pt" cellspacing=0 width="776" height="668"><TR><TD valign=bottom width=768 colspan="2" height="115"><P style="margin-top:10pt; margin-bottom:0pt; font-family:Times New Roman" align=justify><B><font size="3">Signature
      Page</font></B></P>
<P style="margin-top:0pt; margin-bottom:6pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U><font size="3">Execution
by the Subscriber:</font></U></B></P>
<P style="margin-top:0pt; margin-bottom:6pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><font size="3">EXECUTED
by the Subscriber this _________ day of _________ &nbsp;2004.</font></P>
      <p>&nbsp;
</TD></TR>
  <TR><TD valign=bottom width=454 height="77"><P style="margin-top:10pt; margin-bottom:0pt; font-family:Times New Roman" align=justify><font size="3">&nbsp;<U><BR>
</U>Number of Common Shares</font></P>
<P style="margin-top:0pt; margin-bottom:6pt; text-indent:263.9pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp; </P>
</TD><TD valign=bottom width=314 height="77"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt" align=justify><font size="3"><U><BR>
</U>Total Purchase Price</font> </P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt" align=justify><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Number of Common Shares x Cdn$3.00)</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="59"><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
    <P style="text-indent: 36pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0">&nbsp;</P>
    <P style="text-indent: 36pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0"><font size="3">by: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
    </U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</font></P>
</TD><TD valign=bottom width=314 height="59"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(Subscriber&#146;s Residential or Head Office Address)</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<BR>
</U>Name of the Subscriber <I>(please print)</I></font></P>
</TD><TD valign=bottom width=314 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3">&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
    (Telephone Number)</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="86"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 3pt">&nbsp;</P>
    <P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 3pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<BR>
</U>Name and Official Capacity or Title of Authorized Signatory<BR>
<I>(please print)</I></font></P>
</TD><TD valign=bottom width=314 height="86"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 3pt"><font size="3"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
    (Facsimile Number)</font></P>
    <P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 3pt">&nbsp;</P>
</TD></TR>
<TR><TD style="border-top: 3 double #000000" valign=bottom width=456 height="121"><P style="margin-top:3pt; margin-bottom:6pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U><font size="3">Registration Instructions (if other than in name of Subscriber):<BR>
    </font>
</U></B></P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Name and Address <I>(as it should appear on the certificates)</I></font></P>
</TD><TD style="border-top: 3 double #000000" valign=bottom width=316 height="121"><P style="margin-top:3pt; margin-bottom:6pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U><font size="3">Certificate Delivery Instructions (if other than the address above):</font></U></B></P>
<P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Address</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Account reference, if applicable</font></P>
</TD><TD valign=bottom width=314 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Account reference, if applicable</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Address of Intermediary</font></P>
</TD><TD valign=bottom width=314 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 6pt"><font size="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Contact Name</font></P>
</TD></TR>
<TR><TD valign=bottom width=454 height="48"><P style="margin-top:0pt; margin-bottom:6pt; text-indent:263.9pt; font-family:Times New Roman; font-size:12pt"><U><font size="3"><BR></font></U></P>
</TD><TD valign=bottom width=314 height="48"><P style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: -14pt"><U><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    ( &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="margin-top:0pt; margin-bottom:6pt; text-indent:263.9pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><font size="3"><U><BR>
</U>Telephone Number</font></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>ACCEPTANCE</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; text-indent:1.05pt; font-family:Times New Roman"><B>The Company hereby accepts the above subscription as of this ____ day of _________________, 2004.</B></P>
<P style="margin:0pt; text-indent:1.05pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:1.05pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; font-family:Times New Roman">Alamos Gold Inc.</P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; font-family:Times New Roman">Per:_________________________________</P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; font-family:Times New Roman">Its:_________________________________</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman" align=right><B>ANNEX A</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>DEFINITION OF ACCREDITED INVESTOR</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>&#147;Accredited Investor&#148; means any entity which comes within any of the following categories:</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>1.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>2.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>3.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>4.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>An insurance company as defined in Section 2(13) of the U.S. Securities Act; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>5.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>An investment company registered under the United States Investment Company Act of 1940; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>6.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>7.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>8.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of U.S. $5,000,000; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>9.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of U.S. $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>10.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>11.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of U.S. $5,000,000; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>12.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>13.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A natural person whose individual net worth, or joint net worth with that person's spouse, at the date hereof exceeds U.S.$1,000,000; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>14.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A natural person who had an individual income in excess of U.S.$200,000 in each of the two most recent years or joint income with that person's spouse in excess of U.S.$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>15.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>A trust, with total assets in excess of U.S.$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>16.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman" align=justify>Any entity in which all of the equity owners meet the requirements of at least one of the above categories.</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT 2 TO SCHEDULE &#147;B&#148;</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNDERWRITERS CERTIFICATE</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In connection with the private placement in the United States of Common Shares of Alamos Gold Inc. (the &#147;Corporation&#148;) pursuant to the underwriting agreement dated October 18, 2004, between the Corporation and the Underwriters named therein (the &#147;Underwriting Agreement&#148;), each of the undersigned, does hereby certify as follows:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i) each U.S. Placement Agent is a duly registered broker or dealer with the United States Securities and Exchange Commission, and is a member of and in good standing with the National Association of Securities Dealers, Inc. on the date hereof, and (ii) all offers and sales of the Purchased Shares in the United States have been and will be effected by the U.S. Placement Agents in accordance with all U.S. broker-dealer requirements;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>each offeree of Purchased Shares in the United States was provided with a copy of the U.S. Private Placement Memorandum, including the Prospectus, (the &#147;Offering Documents&#148;) for the offering of the Purchased Shares in the United States, and we and our U.S. Placement Agents have not used and will not use any written material other than the Offering Documents;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all offers and sales of the Purchased Shares in the United States or to U.S. Persons were made to &#147;accredited investors&#148; (as defined below) (each, a &#147;U.S. Placee&#148;) by the U.S. Placement Agent;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>all offers and sales of the Purchased Shares in the United States have been effected in accordance with all applicable U.S. broker-dealer requirements;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(e)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>immediately prior to our transmitting a Offering Documents to each U.S. Placee, we had reasonable grounds to believe and did believe that such U.S. Placee was an &#147;accredited investor&#148; as defined in Rule 501(a) under the U.S. Securities Act, and, on the date hereof, we continue to believe that each U.S. Placee is an &#147;accredited investor&#148; within the meaning of Regulation D under the U.S. Securities Act (&#147;Regulation D&#148;);</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(f)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>no form of general solicitation or general advertising (as those terms are used in Regulation D) was used by us, our affiliates or any person acting on our behalf, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising, in connection with the offer or sale of the Purchased Shares to U.S. Placees; </P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(g)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>prior to any sale of Purchased Shares to U.S. Placees, we caused each U.S. Placee to complete and sign a Subscription Agreement; and</P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- &nbsp;2 &nbsp;- </P>
<BR>
<BR>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(h)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>we conducted the offering of the Purchased Shares in accordance with the Underwriting Agreement, including Schedule &#147;B&#148; thereto.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Capitalized terms used in this certificate and not defined in this certificate have the meanings ascribed thereto in the Underwriting Agreement (including the Schedule &#147;B&#148; thereto).</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DATED the </P>
<U><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"></U>&nbsp;day of</P>
<P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2004.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>RBC DOMINION SECURITIES INC.</B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; padding-left:216pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman">Name:</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman">Title:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<B><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GMP SECURITIES INC. </B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; padding-left:216pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman">Name:</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman">Title:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<B><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">BMO NESBITT BURNS INC.</B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; padding-left:216pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
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<B><P style="margin:0pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">HAYWOOD SECURITIES INC.</B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; padding-left:216pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman">Name:</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman">Title:</P>
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<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>McFARLANE GORDON INC.</B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
<P style="margin:0pt; padding-left:216pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman">Name:</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman">Title:</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- &nbsp;3 &nbsp;- </P>
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<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>[Names of Respective U.S. Placement Agents]</B></P>
<P style="margin:0pt; padding-left:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>amendingagreement.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Filed by Filing Services Canada inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Fasken Campbell Godfrey">
<META NAME="date" CONTENT="03/29/2005">
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<BODY style="line-height:12pt; font-size:10pt; color:#000000">
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<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>AMDENDING AGREEMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">October 26, 2004</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Alamos Gold Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1503 &#150; 110 Yonge Street</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Toronto, Ontario</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">M5C 1T4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attention: &nbsp;&nbsp;John McCluskey</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dear Sirs:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The undersigned, RBC Dominion Securities Inc., GMP Securities Ltd., BMO Nesbitt Burns Inc., Haywood Securities Inc. and McFarlane Gordon Inc. (individually, an <B>&#147;Underwriter&#148;</B> and together collectively the <B>&#147;Underwriters&#148;</B>) hereby agree to amend paragraph 1 of the underwriting agreement entered into between the Underwriters and Alamos Gold Inc. (the <B>&#147;Corporation&#148;</B>) dated October 18, 2004 (the &#147;<B>Underwriting Agreement</B>&#148;) by replacing the second sentence of such paragraph with the following:</P>
<P style="margin-top:12pt; margin-bottom:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&#147;The Corporation shall use its best efforts to have prepared and filed, as soon as possible after any comments of the securities regulatory authorities in the Qualifying Jurisdictions have been resolved and in any event not later than 5:00 p.m. (Toronto time) on October 27, 2004, the Final Prospectus and other related documents relating to the proposed distribution of the Purchased Shares with the securities regulatory authorities in each of the Qualifying Jurisdictions. &nbsp;The Corporation shall have obtained, not later than 12:00 p.m. (Toronto time) on October 28, 2004, a final MRRS decision document (as such term is defined in National Policy 43-201 of the Canadian Securities Administrators) under Canadian Securities Laws for the Final Prospectus and other related documents relating to the proposed distribution of the Purchased Shares, and shall have fulfille
d and complied with, to the reasonable satisfaction of the Underwriters, the Canadian Securities Laws required to be fulfilled or complied with by the Corporation to enable the Purchased Shares to be lawfully distributed or distributed to the public, as the case may be, in the Qualifying Jurisdictions through the Underwriters or any other investment dealers or brokers duly registered as such in the Qualifying Jurisdictions.&#148;</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All terms not otherwise defined in this Amending Agreement shall bear the meaning assigned to them in the Underwriting Agreement. &nbsp;Except as expressly amended herein, all terms and conditions of the Underwriting Agreement remain unamended and the Underwriting Agreement remains in full force and effect. This Amending Agreement and the Underwriting Agreement shall be read together as a single agreement. &nbsp;In the event of any conflict between this Amending Agreement and the Underwriting Agreement, this Amending Agreement shall govern.</P>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance by executing the enclosed copies of this letter where indicated below and returning the same to RBC DS upon which this letter as so accepted shall constitute an agreement among us.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=318.533 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>RBC DOMINION SECURITIES INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Ewan Mason&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ewan Mason</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288>&nbsp;</TD></TR>
<TR><TD valign=top width=318.533 colspan=2 rowspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>GMP SECURITIES LTD.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Mark Wellings&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Mark Wellings</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director, Investment Banking</P>
</TD></TR>
<TR><TD valign=top width=318.533 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>BMO NESBITT BURNS INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Egizio Bianchini&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Egizio Bianchini</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288>&nbsp;</TD></TR>
<TR><TD valign=top width=318.533 colspan=2 rowspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>HAYWOOD SECURITIES INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;Keith Peck&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Keith Peck</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Vice President and Director</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288>&nbsp;</TD></TR>
<TR><TD valign=top width=318.533 colspan=2 rowspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>MCFARLANE GORDON INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Per:</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;David Greifenberger&quot;</I></P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">David Greifenberger</P>
</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Managing Director</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>- &nbsp;2 &nbsp;- </P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The foregoing is accepted and agreed to as of the date first above written.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=318.533 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ALAMOS GOLD INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=288 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=30.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:</P>
</TD><TD style="border-bottom:0.25pt solid #000000" valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>&quot;John A. McCluskey&quot;</I></P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">John A. McCluskey</P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
<TR><TD valign=top width=30.533>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President and Chief Executive Officer</P>
</TD><TD valign=top width=17.467>&nbsp;</TD><TD valign=top width=28.733>&nbsp;</TD><TD valign=top width=259.267>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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