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<SEC-DOCUMENT>0000950123-10-110793.txt : 20101203
<SEC-HEADER>0000950123-10-110793.hdr.sgml : 20101203
<ACCEPTANCE-DATETIME>20101203152618
ACCESSION NUMBER:		0000950123-10-110793
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101203
FILED AS OF DATE:		20101203
DATE AS OF CHANGE:		20101203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gildan Activewear Inc.
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		101231301

	BUSINESS ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		600 BOULEVARD DE MAISONNEUVE OUEST
		STREET 2:		33RD FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3J2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>x66662e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


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




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

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

<DIV align="center" style="font-size: 18pt; margin-top: 15pt"><B>Form&nbsp;6-K</B>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>For the month of: December 2010</B>
</TD>
    <TD>&nbsp;</TD>

<TD align="right" valign="top"><B>Commission File Number: 1-14830</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 15pt"><B>GILDAN ACTIVEWEAR INC.</B>
</DIV>

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



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>600 de Maisonneuve Boulevard West<BR>
33rd Floor<BR>
Montr&#233;al, Qu&#233;bec<BR>
Canada H3A 3J2</B><BR>
<I>(Address of Principal Executive Offices)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Indicate by check mark if the registrant is submitting the form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">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&nbsp;12g3-2(b)
under the Securities Exchange Act of 1934:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b): N/A
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 4pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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

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

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

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>
<TR style="font-size: 3pt" valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement
Dated December&nbsp;1<SUP>st</SUP>, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>x66662exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>SHAREHOLDER RIGHTS PLAN AGREEMENT</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>BETWEEN</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>GILDAN ACTIVEWEAR INC.</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>- and -</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>COMPUTERSHARE INVESTOR SERVICES INC.,</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt">
<B>as Rights Agent</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 78pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DATED AS OF DECEMBER 1, 2010</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

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



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 1 INTERPRETATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Currency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Number and Gender</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sections and Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statutory References</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Determination of Percentage Ownership</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acting Jointly or in Concert</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Generally Accepted Accounting Principles</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 2 THE RIGHTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legend on Share Certificates</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Exercise Price; Exercise of Rights; Detachment of Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustments to Exercise Price; Number of Rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date on which Exercise is Effective</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution, Authentication, Delivery and Dating of Rights Certificates</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Lost, Stolen and Destroyed Rights Certificates</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Deemed Owners</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivery and Cancellation of Certificates</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement of Rights Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 3 ADJUSTMENTS  TO THE RIGHTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Flip-in Event</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fiduciary Duties of the Board of Directors of the Corporation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 4 THE RIGHTS AGENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Amalgamation, Consolidation or Change of Name of Rights Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties of Rights Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Change of Rights Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 5 MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption, Waiver and Termination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expiration</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuance of New Rights Certificates</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplements and Amendments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fractional Rights and Fractional Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Action</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holder of Rights Not Deemed a Shareholder</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Proposed Actions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Costs of Enforcement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regulatory Approvals</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration as to Non-Canadian and Non-U.S. Holders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.13</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.14</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Benefits of this Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.15</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Review</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Determination and Actions by the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.17</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.18</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Language</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.19</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.20</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.21</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.22</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Time of the Essence</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS AGREEMENT </B>dated as of December&nbsp;1, 2010.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>BETWEEN:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>GILDAN ACTIVEWEAR INC.</B>, 600 de Maisonneuve
Boulevard West, Montr&#233;al, Qc H3A 3J2<BR><BR>
(the &#147;<B>Corporation&#148;</B>)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>AND:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>COMPUTERSHARE INVESTOR SERVICES INC. </B>7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Floor, 1500 University Street, Montr&#233;al, Qc H3A&nbsp;3S8<BR><BR>
(the &#147;<B>Rights Agent&#148;</B>)</TD>
</TR>
</TABLE>
</DIV>

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


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors has determined that it is advisable to adopt a shareholder rights plan
(the &#147;<B>Rights Plan</B>&#148;) to ensure, to the extent possible, that all shareholders of the
Corporation are treated fairly in connection with any take-over offer or other acquisition of
control of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to implement the Rights Plan, the Board of Directors has:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the issuance, effective at 5:01 p.m. on the Effective Date, of one
right (a &#147;<B>Right</B>&#148;) in respect of each Share outstanding at the Record Time;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the issuance of one Right in respect of each Share issued after the
Record Time and prior to the earlier of the Separation Time and the Expiration Time;
and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the issuance of Rights Certificates to holders of Rights pursuant to
the terms and subject to the conditions set forth herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Right entitles the holder thereof, after the Separation Time, to purchase securities of
the Corporation pursuant to the terms and subject to the conditions set forth herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation desires to appoint the Rights Agent to act on behalf of the Corporation, and
the Rights Agent is willing to so act, in connection with the issuance, transfer, exchange and
replacement of Rights Certificates, the exercise of Rights and the other matters referred to
herein.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>NOW THEREFORE </B>in consideration of the premises and respective agreements set forth herein, the
parties hereby agree as follows:</DIV>

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

INTERPRETATION</B></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.1</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Certain Definitions</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">For the purposes of this agreement (the &#147;<B>Agreement</B>&#148;), including the recitals hereto, the following
terms have the meanings indicated:</DIV>


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Acquiring Person</B>&#148; shall mean any Person who is at any time after the date hereof the
Beneficial Owner of 20% or more of the outstanding Voting Shares of the Corporation; provided,
however, that the term &#147;<B>Acquiring Person</B>&#148; shall not include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation or any corporation controlled by the Corporation;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Person who becomes the Beneficial Owner of 20% or more of the
outstanding Voting Shares as a result of one or any combination of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Voting Share Reduction;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Permitted Bid Acquisition;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Exempt Acquisition; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Pro Rata Acquisition;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that if a Person shall become the Beneficial Owner of 20% or more
of the outstanding Voting Shares by reason of one or any combination of a Voting
Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata
Acquisition, and thereafter becomes the Beneficial Owner of an additional one
percent of the Voting Shares then outstanding (otherwise than pursuant to a Voting
Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition or a Pro Rata
Acquisition or any combination thereof), then, as of the date that such Person
becomes a Beneficial Owner of such additional Voting Shares, such Person shall
become an &#147;<B>Acquiring Person</B>&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for a period of 10&nbsp;days after the Disqualification Date (as
hereinafter defined), any Person who becomes the Beneficial Owner of 20% or more of
the outstanding Voting Shares as a result of such Person becoming disqualified from
relying on subsection 1.1(d)(vi) hereof solely because such Person makes or
announces a current intention to make a Take-over Bid, either alone or by acting
jointly or in concert with any other Person; for the purposes of this definition,
&#147;<B>Disqualification Date</B>&#148; means the first date of public announcement that any Person
is making or intends to make a Take-over Bid;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter or member of a banking or selling group acting in such
capacity that becomes the Beneficial Owner of 20% or more of the Voting Shares in
connection with a distribution of securities; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Person (a &#147;<B>Grandfathered Person</B>&#148;) who is the Beneficial Owner of 20%
or more of the outstanding Voting Shares determined as of the Record Time,
provided, however, that this exemption shall not be, and shall cease to be,
applicable to a Grandfathered Person in the event that such Grandfathered Person
shall, after the Record Time, become the Beneficial Owner of additional Voting
Shares that increases its Beneficial Ownership of Voting Shares by more than one
percent of the number of Voting Shares outstanding as at the Record Time, other
than through one or any combination of a Voting Share Reduction, a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro Rata Acquisition.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Affiliate</B>&#148; shall mean, when used to indicate a relationship with a specified body corporate,
a Person that directly or indirectly through one or more intermediaries controls, or is a body
corporate controlled by, or under common control with, such specified body corporate.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Associate</B>&#148; shall mean, when used to indicate a relationship with a specified Person, (i)&nbsp;a
spouse of that Person, (ii)&nbsp;any Person of the same or opposite sex with whom that Person is
living in a conjugal relationship outside marriage, (iii)&nbsp;any relative of that Person if that
relative has the same residence as that Person or (iv)&nbsp;any relative of such spouse or other
Person referred to in the immediately preceding Clauses (i), (ii)&nbsp;or (iii)&nbsp;above, if that
relative has the same residence as the specified Person.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Person shall be deemed the &#147;<B>Beneficial Owner</B>&#148; of, and to have &#147;<B>Beneficial Ownership</B>&#148; of,
and to &#147;<B>Beneficially Own</B>&#148;:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any securities of which such Person or any of such Person&#146;s Affiliates or
Associates is owner at law or in equity;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any securities which the Person or any of such Person&#146;s Affiliates or
Associates has the right to acquire within 60&nbsp;days (where such right is exercisable
within a period of 60&nbsp;days whether or not upon the occurrence of a contingency or the
making of a payment) pursuant to any Convertible Security, agreement, arrangement,
pledge or understanding, whether or not in writing (other than (A)&nbsp;customary agreements
with and between underwriters and/or banking group and/or selling group members with
respect to a distribution of securities or (B)&nbsp;pledges of securities in the ordinary
course of the pledgee&#146;s business); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any securities that are Beneficially Owned within the meaning of Clause (i)&nbsp;or
(ii)&nbsp;of this Subsection 1.1(d) by any other Person with which such Person is acting
jointly or in concert;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 5%">provided, however, that a Person shall not be deemed the &#147;<B>Beneficial Owner</B>&#148; of, or to have
&#147;<B>Beneficial Ownership</B>&#148; of, or to &#147;<B>Beneficially Own</B>&#148;, any security:
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such security has been deposited or tendered pursuant to a Take-over
Bid made by such Person or any of such Person&#146;s Affiliates or Associates or any other
Person acting jointly or in concert with such Person until such deposited or tendered
security is taken up or paid for, whichever shall first occur;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such security has been agreed to be deposited or tendered pursuant to a
Lock-up Agreement until such deposited or tendered security is taken up or paid for,
whichever shall first occur;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such Person or any of the Affiliates or Associates of such Person or
any other Person referred to in clause 1.1d)(iii) above holds such security provided
that: (A)&nbsp;the ordinary business of any such Person (the &#147;<B>Fund Manager</B>&#148;) includes the
management of pension or mutual or investment funds for others and such security is
held by the Fund Manager in the ordinary course of such business in the performance of
such Fund Manager&#146;s duties for the account of any other Person (a &#147;<B>Client</B>&#148;), including
non-discretionary accounts held on behalf of a Client by a broker or dealer registered
under applicable laws; (B)&nbsp;such Person (the &#147;<B>Trust Company</B>&#148;) is licensed to carry on
the business of a trust company under applicable laws and, as such, acts as trustee or
administrator or in a similar capacity in relation to the estates of deceased or
incompetent Persons (each an &#147;<B>Estate Account</B>&#148;) or in relation to other accounts (each
an &#147;<B>Other Account</B>&#148;) and holds such security in the ordinary course of such duties for
such Estate Accounts or for such Other Accounts; (C)&nbsp;such Person (the &#147;<B>Plan
Administrator</B>&#148;) is the administrator or the trustee of one or more pension funds or
plans (a &#147;<B>Plan</B>&#148;) registered under the laws of Canada or any province thereof or the
laws of the United States of America or any state thereof and such security is held by
the Plan Administrator or the Plan in the ordinary course of such Plan Administrator&#146;s
or Plan&#146;s activities; (D)&nbsp;such Person (the &#147;<B>Statutory Body</B>&#148;) is established by statute
for purposes that include, and the ordinary business or activity of such Person
includes, the management of investment funds for employee benefit plans, pension plans
or insurance plans of various public bodies and such security is held by the Statutory
Body in the ordinary course of the management of such investment funds; (E)&nbsp;such Person
(the &#147;<B>Crown Agent</B>&#148;) is acting as an agent of the Crown for purposes that include, and
the ordinary business or activity of such Person includes, the management of public
assets and such security is held by the Crown Agent in the ordinary course of the
management of such public assets; or (F)&nbsp;such Person is a Plan and such security is
held by the Plan in the ordinary course of such Plan&#146;s activities; provided, however,
that in any of the foregoing cases the Fund Manager, the Trust Company, the Plan
Administrator, the Statutory Body, the Crown Agent or the Plan, as the case may be, is
not then making or has not then announced a current intention to make a Take-over Bid,
alone or by acting jointly or in concert with any other Person, other than an Offer to
Acquire Voting Shares or other securities (x)&nbsp;pursuant to a distribution by the
Corporation or (y)&nbsp;by means of a Permitted Bid or (z)&nbsp;by means of market transactions
made in the ordinary course of business of such Person (including pre-arranged trades
entered into in the ordinary
course of business of such Person) executed through the facilities of a stock
exchange or organized over-the-counter-market;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such Person is a Client of the same Fund Manager as another Person on
whose account the Fund Manager holds such security, or because such Person is an Estate
Account or an Other Account of the same Trust Company as another Person on whose
account the Trust Company holds such security, or because such Person is a Plan with
the same Plan Administrator as another Plan on whose account the Plan Administrator
holds such security;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such Person is a Client of a Fund Manager and such security is owned at law
or in equity by the Fund Manager, or because such Person is an Estate Account or an
Other Account of a Trust Company and such security is owned at law or in equity by the
Trust Company, or because such Person is a Plan and such security is owned at law or in
equity by the Plan Administrator; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>because such Person is the registered holder of securities as a result of
carrying on the business of, or acting as, a nominee of a securities depositary.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, in determining the percentage of the outstanding Voting
Shares with respect to which a Person is, or is deemed to be, the Beneficial Owner, any
unissued Voting Shares as to which such Person is deemed the Beneficial Owner pursuant to
this Subsection 1.1(d) shall be deemed outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Board of Directors</B>&#148; shall mean the board of directors of the Corporation or any duly
constituted and empowered committee thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Business Day</B>&#148; shall mean any day, other than a Saturday or Sunday or a day on which banking
institutions in Montr&#233;al, Quebec are authorized or obligated by law to close.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Canada Business Corporations Act</B>&#148; shall mean the <I>Canada Business Corporations Act </I>(Canada),
R.S.C. 1985, c. C-44, as amended and the regulations thereunder, as from time to time in
effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Canadian Dollar Equivalent</B>&#148; of any amount which is expressed in United States dollars shall
mean on any date the Canadian dollar equivalent of such amount determined by reference to the
U.S. &#151; Canadian Exchange Rate in effect on such date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Close of Business</B>&#148; on any given date shall mean the time on such date (or, if such date is
not a Business Day, the time on the next Business Day) at which the principal office of the
transfer agent for the Shares in Montr&#233;al, Quebec (or after the Separation Time, the principal
office of the Rights Agent in Montr&#233;al, Quebec) is closed to the public.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Closing Price</B>&#148; per security of any securities on any date of determination shall mean:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the closing board lot sale price or, if such price is not available, the
average of the closing bid and asked prices, for such securities on such date as
reported by the stock exchange or national securities quotation system on which such
securities</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are listed or admitted to trading (provided that, if at the date of determination
such securities are listed or admitted to trading on more than one stock exchange or
national securities quotation system, such price or prices shall be determined based
on the stock exchange or quotation system on which such securities are then listed
or admitted to trading on which the largest number of such securities were traded
during the most recently completed calendar year or, if a calendar year has not been
completed prior to the date of determination, during such shorter period as the
Board of Directors acting in good faith determines to be appropriate); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if for any reason none of such prices is available on such date or the
securities are not listed or admitted to trading on a stock exchange or a national
securities quotation system on such date, the last sale price, or in case no sale takes
place on such date, the average of the high bid and low asked prices for each of such
securities in the over-the-counter market;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that (A)&nbsp;if for any reason none of such prices is available on such date,
the &#147;<B>Closing Price</B>&#148; per security of such securities on such date shall mean the fair value
per security of the securities on such date as determined at the request of the Board of
Directors by a nationally or internationally recognized investment dealer or investment
banker; and (B)&nbsp;if the Closing Price so determined is expressed in United States dollars,
such amount shall be converted to the Canadian Dollar Equivalent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Competing Permitted Bid</B>&#148; means a Take-over Bid that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is made after a Permitted Bid has been made and prior to the expiry of the
Permitted Bid;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>satisfies all components of the definition of a Permitted Bid other than the
requirement in subclause (ii)(A)(x) thereof; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contains, and the take-up and payment for securities tendered or deposited
thereunder is subject to, irrevocable and unqualified conditions that no Voting Shares
shall be taken up or paid for pursuant to the Take-over Bid prior to the Close of
Business on a date that is earlier than the later of (A)&nbsp;35&nbsp;days (or such longer
minimum period of days that a Take-over Bid must remain open for acceptance under the
Securities Act) after the date of the Take-over Bid; and (B)&nbsp;the 60<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day
after the earliest date on which any other Permitted Bid that is then in existence was
made.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>controlled</B>&#148;: a body corporate is &#147;<B>controlled</B>&#148; by another Person or two or more Persons
acting jointly or in concert if and only if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities entitled to vote in the election of directors carrying more than 50%
of the votes for the election of directors are held, directly or indirectly, by or for
the benefit of the other Person or two or more Persons acting jointly or in concert;
and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the votes carried by such securities are entitled, if exercised, to elect a
majority of the board of directors of such body corporate;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and &#147;<B>controls</B>&#148;, &#147;<B>controlling</B>&#148; &#147;<B>under common control with</B>&#148; shall be interpreted accordingly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Convertible Security</B>&#148; means, with respect to any security, a security convertible into or
exercisable or exchangeable for the first-mentioned security including, without limitation,
share purchase rights, exchange rights, options and warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Co-Rights Agents</B>&#148; shall have the meaning ascribed thereto in Subsection 4.1(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Disposition Date</B>&#148; shall have the meaning ascribed thereto in Subsection 5.1(b).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Effective Date</B>&#148; shall mean December&nbsp;1, 2010 or any other later date determined by a duly
authorized officer or director of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Election to Exercise</B>&#148; shall have the meaning ascribed thereto in Subsection 2.2(d).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Exempt Acquisition</B>&#148; means a share acquisition (i)&nbsp;in respect of which the Board of Directors
has waived the application of Section&nbsp;3.1 pursuant to Subsection 5.1(b), 5.1(d) or 5.1(e) or
(ii)&nbsp;pursuant to an amalgamation, merger or other statutory procedure requiring shareholder
approval.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Exercise Price</B>&#148; shall mean, as of any date from and after the Separation Time, the price at
which a holder of a Right may purchase the securities issuable upon exercise of one whole
Right which, subject to adjustment in accordance with the terms hereof, shall be an aggregate
dollar amount equal to the Market Price per Share (determined as at the Separation Time)
multiplied by five.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Expiration Time</B>&#148; shall mean the earlier of (i)&nbsp;the Termination Time; and (ii)&nbsp;the Close of
Business on the date on which the annual meeting of shareholders of the Corporation is held in
2014; provided, however, that if the resolution referred to in Section&nbsp;5.15 is approved by the
Independent Shareholders in accordance with Section&nbsp;5.15 at or prior to such annual meeting,
&#147;<B>Expiration Time</B>&#148; shall mean the earlier of (A)&nbsp;the Termination Time; and (B)&nbsp;the Close of
Business on the date on which the annual meeting of shareholders of the Corporation is held in
2017.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Fiduciary</B>&#148; shall mean, when acting in that capacity, a trust company registered under the
trust company legislation of Canada or any province thereof, a trust company organized under
the laws of any state of the United States, a portfolio manager registered under the
securities legislation of one or more provinces of Canada or an investment adviser registered
under the United States Investment Advisers Act of 1940 or any other securities legislation of
the United States or any state of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Flip-in Event</B>&#148; shall mean a transaction or event in or pursuant to which any Person becomes
an Acquiring Person.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>holder</B>&#148; shall have the meaning ascribed thereto in Section&nbsp;2.8.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Independent Shareholders</B>&#148; shall mean holders of outstanding Voting Shares, other than Voting
Shares Beneficially Owned by (i)&nbsp;any Acquiring Person or Offeror other than a Person who is
deemed not to Beneficially Own such Voting Shares by reason of Clause 1.1(d)(vi) hereof; (ii)
any Person acting jointly or in concert with such Acquiring Person or Offeror; (iii)&nbsp;any
Associate or Affiliate of such Acquiring Person or Offeror; and (iv)&nbsp;any employee benefit
plan, stock purchase plan, deferred profit sharing plan and any similar plan or trust for the
benefit of employees of the Corporation or a corporation controlled by the Corporation, unless
the beneficiaries of the plan or trust direct the manner in which the Voting Shares are to be
voted or withheld from voting or direct whether the Voting Shares are to be tendered to a
Take-over Bid.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Lock-up Agreement</B>&#148; means an agreement between an Offeror or any Affiliate or Associate of an
Offeror and one or more holders of Voting Shares (each such holder herein referred to as a
&#147;<B>Locked-up Person</B>&#148;) (the terms of which are publicly disclosed and a copy of which is made
available to the public (including the Corporation) not later than the date of the Lock-up Bid
(as hereinafter defined) or, if the Lock-up Bid has been made prior to the date of the Lock-up
Agreement, not later than the Business Day following the date the Lock-up Agreement was
entered into) pursuant to which each Locked-up Person agrees to deposit or tender the Voting
Shares held by such holder to a Take-over Bid (the &#147;<B>Lock-up Bid</B>&#148;) made by the Offeror or any
Affiliates or Associates of the Offeror or any other Person acting jointly or in concert with
the Offeror, provided that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Lock-up Agreement permits the Locked-up Person to withdraw its Voting
Shares from the Lock-up Agreement and the Lock-up Bid in order to deposit or tender the
Voting Shares to another Take-over Bid or to support another transaction prior to the
Voting Shares being taken up and paid for under the Lock-up Bid:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at a price or value per Voting Share that exceeds the price or
value per Voting Share offered under the Lock-up Bid; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for a number of Voting Shares that exceeds by as much as or
more than a number specified in the Lock-up Agreement (the &#147;<B>Specified Number</B>&#148;)
the number of Voting Shares that the Offeror has offered to purchase under the
Lock-up Bid at a price or value per Voting Share that is not less than the
price or value per Voting Share offered under the Lock-up Bid, provided that
the Specified Number is not greater than 7% of the number of Voting Shares
offered to be purchased under the Lock-up Bid; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at such price or value that exceeds by as much as or more than
an amount specified in the Lock-up Agreement (the &#147;<B>Specified Amount</B>&#148;) the
offering price for each Voting Share contained in or proposed to be contained
in the Lock-up Bid, provided that the Specified Amount is not greater than 7%
of the offering price contained in or proposed to be contained in the Lock-up
Bid;</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and for greater certainty, the Lock-up Agreement may contain a right of first
refusal or require a period of delay to give the Person who made the Lock-up Bid an
opportunity to match a higher price in another Take-over Bid or transaction or other
similar limitation on a Locked-up Person&#146;s right to withdraw Voting Shares from the
agreement, so long as the limitation does not preclude the exercise by the Locked-up
Person of the right to withdraw Voting Shares during the period of the other
Take-over Bid or transaction; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no &#147;break-up&#148; fees, &#147;topping&#148; fees, penalties, expenses or other amounts that
exceed in aggregate the greater of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>% of the price or value of the aggregate consideration
payable under the Lock-up Bid to a Locked-up Person; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>50% of the amount by which the price or value of the
consideration received by a Locked-up Person under another Take-over Bid or
transaction exceeds the price or value of the consideration that the Locked-up
Person would have received under the Lock-up Bid;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 10%">shall be payable by such Locked-up Person if the Locked-up Person fails to deposit
or tender Voting Shares to the Lock-up Bid, or withdraws Voting Shares previously
tendered thereto, in order to deposit or tender such Voting Shares to another
Take-over Bid or support another transaction.
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Market Price</B>&#148; per security of any securities on any date of determination shall mean the
average of the daily Closing Prices per security of such securities on each of the 20
consecutive Trading Days through and including the Trading Day immediately preceding such date
of determination; provided, however, that if an event of a type analogous to any of the events
described in Section&nbsp;2.3 hereof shall have caused any Closing Price used to determine the
Market Price on any Trading Day not to be fully comparable with the Closing Price on the
Trading Day immediately preceding such date of determination, each such Closing Price so used
shall be appropriately adjusted in a manner analogous to the applicable adjustment provided
for in Section&nbsp;2.3 hereof (as determined by the Board of Directors acting in good faith) in
order to make it fully comparable with the Closing Price on the Trading Day immediately
preceding such date of determination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Nominee</B>&#148; shall have the meaning ascribed thereto in Subsection 2.2(c).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Offer to Acquire</B>&#148; shall include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an offer to purchase or a solicitation of an offer to sell Voting Shares, or a
public announcement of an intention to make such an offer or solicitation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an acceptance of an offer to sell Voting Shares, whether or not such offer to
sell has been solicited;</TD>
</TR>

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


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or any combination thereof, and the Person accepting an offer to sell shall be deemed to be
making an Offer to Acquire to the Person that made the offer to sell.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Offeror</B>&#148; shall mean a Person who has announced a current intention to
make, or who is making, a Take-over Bid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Offeror&#146;s Securities</B>&#148; shall mean the Voting Shares Beneficially Owned
on the date of a Take-over Bid by an Offeror.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Permitted Bid</B>&#148; means a Take-over Bid made by way of a take-over bid
circular which also complies with the following additional provisions:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Take-over Bid is made to all holders of record of Voting Shares, other than
the Offeror;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Take-over Bid contains, and the take-up and payment for securities tendered
or deposited thereunder is subject to, irrevocable and unqualified conditions that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Voting Shares shall be taken up or paid for pursuant to the
Take-over Bid (x)&nbsp;prior to the Close of Business on a date which is not less
than 60&nbsp;days following the date of the Take-over Bid and (y)&nbsp;unless, at the
Close of Business on that date, the Voting Shares deposited or tendered
pursuant to the Take-over Bid and not withdrawn constitute more than 50% of the
Voting Shares outstanding which are held by Independent Shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless the Take-over Bid is withdrawn, Voting Shares may be
deposited pursuant to such Take-over Bid at any time prior to the Close of
Business on the date of the first take-up of or payment for Voting Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Voting Shares deposited pursuant to the Take-over Bid may
be withdrawn until taken up and paid for; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that the requirement set forth in subclause (A)(y)
of this Clause 1.1(ee)(ii) is satisfied, the Offeror will make a public
announcement of that fact and the Take-over Bid will remain open for deposits
and tenders of Voting Shares for not less than 10 Business Days from the date
of such public announcement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, the term &#147;<B>Permitted Bid</B>&#148; shall include a Competing Permitted
Bid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Permitted Bid Acquisition</B>&#148; means an acquisition of Voting Shares
made pursuant to a Permitted Bid.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Person</B>&#148; includes any individual, firm, partnership, association,
trust, trustee, executor, administrator, legal personal
representative, government, governmental body or authority,
corporation, or other incorporated or unincorporated organization,
syndicate or other entity.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Pro Rata Acquisition</B>&#148; means an acquisition by a Person of Voting
Shares pursuant to (i)&nbsp;any dividend reinvestment plan, such purchase
plan or other plan of the Corporation
made available to all holders of Voting Shares (other than holders resident in any jurisdiction where participation in such plan is
restricted or impractical as a result of applicable law); (ii)&nbsp;a stock dividend, a stock split or other event pursuant to which
such Person becomes the Beneficial Owner of Voting Shares on the same pro rata basis as all other holders of Voting Shares of the
same class or series; (iii)&nbsp;the acquisition or exercise of rights to purchase Voting Shares distributed to all holders of Voting
Shares (other than holders resident in any jurisdiction where such distribution or exercise is restricted or impractical as a result
of applicable law) by the Corporation pursuant to a rights offering (but only if such rights are acquired directly from the
Corporation); or (iv)&nbsp;a distribution of Voting Shares or Convertible Securities in respect thereof offered pursuant to a prospectus
or by way of a private placement by the Corporation or a conversion or exchange of any such Convertible Security, provided that, in
the cases of (iii)&nbsp;and (iv)&nbsp;above, such Person does not thereby acquire a greater percentage of Voting Shares or Convertible
Securities so offered than the Person&#146;s percentage of Voting Shares Beneficially Owned immediately prior to such acquisition.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Record Time</B>&#148; means on the Close of Business on the Effective Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Redemption Price</B>&#148; shall have the meaning attributed thereto in Subsection 5.1(a).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Regular Cash Dividend</B>&#148; means cash dividends paid on the Shares in any fiscal year of the Corporation to
the extent that such cash dividends do not exceed in the aggregate in any fiscal year the greatest of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>200% of the aggregate amount of cash dividends declared payable by the
Corporation on its Shares in its immediately preceding fiscal year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>300% of the arithmetic mean of the aggregate amounts of cash dividends declared
payable by the Corporation on its Shares in its three immediately preceding fiscal
years; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% of the aggregate consolidated net income of the Corporation, before
extraordinary items, for its immediately preceding fiscal year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Right</B>&#148; shall mean a right to purchase a Share pursuant to the terms
and subject to the conditions set forth herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Rights Certificate</B>&#148; shall mean the certificates representing the
Rights after the Separation Time which shall be substantially in the
form attached hereto as Exhibit&nbsp;A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Rights Register</B>&#148; and &#147;<B>Rights Registrar</B>&#148; shall have the respective
meanings ascribed thereto in Subsection 2.6(a).</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Securities Act</B>&#148; shall mean the <I>Securities Act</I>, R.S.Q., c. V-1.1, as
amended and the regulations, rules and policy statements made
thereunder, as from time to time in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Separation Time</B>&#148; means the Close of Business on the eighth Trading
Day after the earlier of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Stock Acquisition Date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of the commencement of, or first public announcement or disclosure of
the intent of any Person (other than the Corporation or any corporation controlled by
the Corporation) to commence, a Take-over Bid (other than a Permitted Bid, so long as
such Take-over Bid continues to satisfy the requirements of a Permitted Bid);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or such later Business Day as may be determined at any time or from time to time by the
Board of Directors provided, however, that if any such Take-over Bid expires, is cancelled,
is terminated or is otherwise withdrawn prior to the Separation Time, without securities
deposited thereunder being taken up and paid for, such Take-over Bid shall be deemed, for
purposes of this Subsection 1.1(pp), never to have been made, and, provided further, that if
the Board of Directors determines, pursuant to Section&nbsp;5.1, to waive the application of
Section&nbsp;3.1 to a Flip-in Event, the Separation Time in respect of such Flip-in Event shall
be deemed never to have occurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Shares</B>&#148; means the common shares in the share capital of the
Corporation as constituted at the Record Time, as such shares may be
subdivided, consolidated, reclassified or otherwise changed from time
to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Stock Acquisition Date</B>&#148; shall mean the first date of public
announcement or disclosure by the Corporation or an Acquiring Person
of facts indicating that a Person has become an Acquiring Person
(which, for the purposes of this definition, shall include, without
limitation, a report filed pursuant to Section&nbsp;147.11 of the
Securities Act or Section 13(d) of the U.S. Exchange Act disclosing
such information).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Take-over Bid</B>&#148; means an Offer to Acquire Voting Shares of any class,
or Convertible Securities with respect thereto, where the Voting
Shares subject to the Offer to Acquire, together with the Voting
Shares into or for which the securities subject to the Offer to
Acquire are convertible or exchangeable and the Offeror&#146;s Securities
constitute in the aggregate 20% or more of the outstanding Voting
Shares at the date of the Offer to Acquire.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Termination Time</B>&#148; means the time at which the right to exercise
Rights shall terminate pursuant to subsection 5.1(g) or sections 5.15
or 5.21 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trading Day</B>&#148; when used with respect to any securities, means the day
on which the principal Canadian or United States securities exchange
(as determined by the Board of Directors acting in good faith) on
which such securities are listed or admitted to trading is open for
the transaction of business or, if the securities are not listed or
admitted to trading on any Canadian or United States securities
exchange, a Business Day.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">vv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. &#150; Canadian Exchange Rate</B>&#148; on any date shall mean:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if on such date the Bank of Canada sets an average noon spot rate of exchange
for the conversion of one United States dollar into Canadian dollars, such rate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other case, the rate for such date for the conversion of one United
States dollar into Canadian dollars which is calculated in the manner which shall be
determined by the Board of Directors from time to time acting in good faith.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">ww)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. Exchange Act</B>&#148; means the United States Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder as from
time to time in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">xx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Voting Share Reduction</B>&#148; means an acquisition or redemption by the
Corporation or any corporation controlled by the Corporation of Voting
Shares which, by reducing the number of Voting Shares outstanding,
increases the percentage of Voting Shares Beneficially Owned by any
Person to 20% or more of the Voting Shares then outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">yy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Voting Shares</B>&#148; means the Shares and any other securities the holders
of which are entitled to vote generally on the election of directors
of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.2</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Currency</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">All sums of money which are referred to in this Agreement are expressed in lawful money of Canada,
unless otherwise specified.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.3</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Number and Gender</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Wherever the context will require, terms (including defined terms) used herein importing the
singular number only shall include the plural and vice versa and words importing any one gender
shall include all others.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.4</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Sections and Headings</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The division of this Agreement into Articles, Sections, Subsections, Clauses and Subclauses and the
insertion of headings are for convenience of reference only and shall not affect the construction
or interpretation of this Agreement. The terms this &#147;<B>Agreement</B>&#148;, &#147;<B>hereunder</B>&#148;, &#147;<B>hereof</B>&#148; and similar
expressions refer to this Agreement as amended or supplemented from time to time and not to any
particular Article, Section or other portion hereof and include any agreement or instrument
supplemental or ancillary hereto. Unless something in the subject matter or context is inconsistent
therewith, references herein to Articles, Sections, Subsections, Clauses and Subclauses are to
Articles, Sections, Subsections, Clauses and Subclauses of this Agreement.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.5</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Statutory References</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Unless the context otherwise requires, any reference to a specific Section, Subsection, Clause or
Rule of any statute or regulation shall be deemed to refer to the same as it may be amended,
reenacted or replaced or, if repealed and there shall be no replacement therefor, to the same as it
is in effect on the date of this Agreement.</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.6</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Determination of Percentage Ownership</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The percentage of Voting Shares Beneficially Owned by any Person, shall, for the purposes of this
Agreement, be and be deemed to be the product determined by the formula:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">100</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">x
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;A&nbsp;
<DIV style="FONT-size: 3pt; margin-top: 2pt; width: 5%; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;&nbsp;&nbsp;B&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">where:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">A</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the aggregate number of votes for the election of all
directors generally attaching to the Voting Shares Beneficially Owned by such
Person; and</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">B</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the aggregate number of votes for the election of all
directors generally attaching to all outstanding Voting Shares.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Where any Person is deemed to Beneficially Own unissued Voting Shares pursuant to Subsection
1.1(d), such Voting Shares shall be deemed to be outstanding for the purpose of both A and B in the
formula above.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.7</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Acting Jointly or in Concert</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">For the purposes of this Agreement, a Person is acting jointly or in concert with every Person who
is a party to an agreement, commitment or understanding, whether formal or informal and whether or
not in writing, with the first Person, to acquire or to Offer to Acquire Voting Shares or
Convertible Securities in respect thereof (other than customary agreements with and between
underwriters and banking group or selling group members with respect to a distribution of
securities or pursuant to a pledge of securities in the ordinary course of the pledgee&#146;s business).</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.8</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Generally Accepted Accounting Principles</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Wherever in this Agreement reference is made to generally accepted accounting principles, such
reference shall be deemed to be to the recommendations at the relevant time of the Canadian
Institute of Chartered Accountants, or any successor institute, applicable on a consolidated basis
(unless otherwise specifically provided herein to be applicable on an unconsolidated basis) as at
the date on which a calculation is made or required to be made in accordance with generally
accepted accounting principles. Where the character or amount of any asset or liability or item of
revenue or expense is required to be determined, or any consolidation or other accounting
computation is required to be made for the purpose of this Agreement or any document contemplated
hereby, such determination or calculation shall, to the extent applicable and except as otherwise
specified herein or as otherwise agreed in writing by the parties, be made in accordance with
generally accepted accounting principles applied on a consistent basis.</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>ARTICLE 2<BR>

THE RIGHTS</B></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.1</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Legend on Share Certificates</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificates representing the Shares, including without limitation Shares issued upon the
conversion of Convertible Securities, issued after the Record Time but prior to the Close of
Business on the earlier of the Separation Time and the Expiration Time shall also evidence one
Right for each Share represented thereby and shall have impressed on, printed on, written on
or otherwise affixed to them the following legend:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Until the Separation Time (as defined in the Rights Agreement referred to below), this
certificate also evidences and entitles the holder hereof to certain Rights as set forth in
a Shareholder Rights Plan Agreement, dated as of December&nbsp;1, 2010 (the &#147;<B>Rights Agreement</B>&#148;),
between the Corporation and Computershare Investor Services Inc., as rights agent, as the
same may be amended or supplemented from time to time in accordance with the terms thereof,
the terms of which are hereby incorporated herein by reference and a copy of which is on
file at the registered office of the Corporation. Under certain circumstances, as set forth
in the Rights Agreement, such Rights may be amended or redeemed, may expire, may become void
(if, in certain cases, they are &#147;Beneficially Owned&#148; by an &#147;Acquiring Person&#148;, as such terms
are defined in the Rights Agreement, whether currently held by or on behalf of such Person
or any subsequent holder) or may be evidenced by separate certificates and may no longer be
evidenced by this certificate. The Corporation will mail or arrange for the mailing of a
copy of the Rights Agreement to the holder of this certificate without charge as soon as
practicable after the receipt of a written request therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Jusqu&#146;&#224; l&#146;heure de s&#233;paration (d&#233;finie dans la convention visant les Droits mentionn&#233;e
ci-dessous), le pr&#233;sent certificat atteste &#233;galement que son porteur jouit de certains
Droits stipul&#233;s dans une convention visant un r&#233;gime de droits de souscription des
actionnaires intervenue en date du 1er d&#233;cembre 2010 (&#147;convention visant les Droits&#148;) entre
la Soci&#233;t&#233; et Services aux Investisseurs Computershare Inc., &#224; titre d&#146;agent des Droits, en
sa version pouvant &#234;tre modifi&#233;e ou compl&#233;t&#233;e de temps &#224; autre conform&#233;ment aux modalit&#233;s
des pr&#233;sentes, convention dont les conditions sont int&#233;gr&#233;es dans les pr&#233;sentes par renvoi
et dont une copie se trouve dans les dossiers tenus au si&#232;ge social de la Soci&#233;t&#233;. Dans
certaines circonstances stipul&#233;es dans la convention visant les Droits, ces Droits peuvent
&#234;tre modifi&#233;s ou rachet&#233;s ou peuvent expirer ou devenir nuls (si, dans certains cas, ils
sont &#147;d&#233;tenus &#224; titre de v&#233;ritable propri&#233;taire&#148; par une &#147;personne faisant une acquisition&#148;,
selon la d&#233;finition de ces termes dans la convention visant les Droits, qu&#146;ils soient
d&#233;tenus actuellement par cette personne ou un porteur ult&#233;rieur ou pour le compte de
ceux-ci). Les Droits peuvent aussi &#234;tre attest&#233;s par des certificats distincts et peuvent ne
plus &#234;tre attest&#233;s par le pr&#233;sent certificat. La Soci&#233;t&#233; postera ou fera poster sans frais
une copie de la convention visant les Droits au porteur du pr&#233;sent certificat d&#232;s que
possible apr&#232;s la r&#233;ception d&#146;une demande &#233;crite &#224; cet effet.&#148;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificates representing Shares that have been issued prior to and remain outstanding at the
Record Time shall evidence one Right for each Share evidenced thereby notwithstanding the
absence of the foregoing legend, until the earlier of the Separation Time and the Expiration
Time.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.2</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Initial Exercise Price; Exercise of Rights; Detachment of Rights</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to adjustment as herein set forth, including without limitation as set forth in
Article&nbsp;3, each Right will entitle the holder thereof, from and after the Separation Time and
prior to the Expiration Time, to purchase one Share for the Exercise Price (which Exercise
Price and number of Shares are subject to adjustment as set forth below). Notwithstanding any
other provision of this Agreement, any Rights held by the Corporation or any of its
subsidiaries shall be void.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until the Separation Time, (i)&nbsp;the Rights shall not be exercisable and no Right may be
exercised; and (ii)&nbsp;for administrative purposes, each Right will be evidenced by the
certificate for the associated Shares registered in the name of the holder thereof (which
certificate shall be deemed to represent a Rights Certificate) and will be transferable only
together with, and will be transferred by a transfer of, such associated Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the Separation Time and prior to the Expiration Time, the Rights may be
exercised, and the registration and transfer of the Rights shall be separate from and
independent of Shares. Promptly following the Separation Time, the Corporation will prepare or
cause to be prepared and the Rights Agent will mail to each holder of record of Shares as of
the Separation Time (other than an Acquiring Person and, in respect of any Rights Beneficially
Owned by such Acquiring Person which are not held of record by such Acquiring Person, the
holder of record of such rights (a &#147;<B>Nominee</B>&#148;)) at such holder&#146;s address as shown by the
records of the Corporation (the Corporation hereby agreeing to furnish copies of such record
to the Rights Agent for this purpose):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Rights Certificate in substantially the form of Exhibit&nbsp;A hereto
appropriately completed, representing the number of Rights held by such holder at the
Separation Time and having such marks of identification or designation and such
legends, summaries or endorsements printed thereon as the Corporation may deem
appropriate and as are not inconsistent with the provisions of this Agreement, or as
may be required to comply with any law, rule or regulation or judicial or
administrative order, or with any article, requirement or regulation of any stock
exchange or quotation system on which the Rights may from time to time be listed or
traded, or to conform to usage; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a disclosure statement prepared by the Corporation describing the Rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that a Nominee shall be sent the materials provided for in (i)&nbsp;and (ii)&nbsp;only in
respect of all Shares held of record by it which are not Beneficially Owned by an Acquiring
Person and the Corporation may require any Nominee or suspected Nominee to provide such
information and documentation as the Corporation may reasonably require for such purpose.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rights may be exercised in whole or in part on any Business Day after the Separation Time and
prior to the Expiration Time by submitting to the Rights Agent at its principal office in
Toronto, Ontario, or any other office of the Rights Agent designated for that purpose from
time to time by the Corporation:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Rights Certificate evidencing such Rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an election to exercise (an &#147;<B>Election to Exercise</B>&#148;) substantially in the form
attached to the Rights Certificate duly completed and executed in a manner acceptable
to the Rights Agent; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment by certified cheque, banker&#146;s draft or money order payable to the
order of the Rights Agent, of a sum equal to the Exercise Price multiplied by the
number of Rights being exercised and a sum sufficient to cover any transfer tax or
charge which may be payable in respect of any transfer involved in the transfer or
delivery of Rights Certificates or the issuance or delivery of certificates for Shares
in a name other than that of the holder of the Rights being exercised.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon receipt of a Rights Certificate, which is accompanied by an appropriately completed and
duly executed Election to Exercise (which does not indicate that such Right is null and void
as provided by Subsection 3.1(b)) and payment as set forth in Subsection 2.2(d), the Rights
Agent (unless otherwise instructed by the Corporation) will thereupon as soon as possible:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requisition from the transfer agent of the Shares, certificates representing
the number of Shares to be purchased (the Corporation hereby irrevocably authorizing
its transfer agent to comply with all such requisitions);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after receipt of such share certificates, deliver such certificates to, or to
the order of, the registered holder of such Rights Certificate, registered in such name
or names as may be designated by such holder;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when appropriate, requisition from the Corporation the amount of cash, if any,
to be paid in lieu of issuing fractional Shares;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when appropriate, after receipt of such cash, deliver such cash to, or to the
order of, the registered holder of the Rights Certificate; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tender to the Corporation all payments received on exercise of the Rights.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the holder of any Rights shall exercise less than all of the Rights evidenced by such
holder&#146;s Rights Certificate, a new Rights Certificate evidencing the Rights remaining
unexercised will be issued by the Rights Agent to such holder or to such holder&#146;s duly
authorized assigns.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take all such action as may be necessary and within its power to ensure that
all Shares delivered upon the exercise of Rights shall, at the time of delivery of the
certificates for such Shares (subject to payment of the Exercise Price), be duly and
validly authorized, executed, issued and delivered as fully paid and non-assessable;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take all such action as may reasonably be considered to be necessary and within
its power to comply with any applicable requirements of the Canada Business
Corporations Act, the Securities Act, the U.S. Exchange Act, the United States
Securities Act of 1933, as amended, and applicable comparable legislation of each of
the provinces and territories of Canada and states of the United States of America, or
the rules and regulations thereunder or any other applicable law, rule or regulation,
in connection with the issuance and delivery of the Rights, the Rights Certificates and
the issuance of any Shares upon exercise of the Rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use reasonable efforts to cause all Shares issued upon exercise of the Rights
to be listed on the stock exchanges on which the Shares are listed at that time;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause to be reserved and kept available out of its authorized and unissued
Shares, the number of Shares that, as provided in this Agreement, will from time to
time be sufficient to permit the exercise in full of all outstanding Rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay when due and payable, if applicable, any and all federal, provincial, state
and municipal taxes (not in the nature of income, capital gains or withholding taxes)
and charges which may be payable in respect of the original issuance or delivery of the
Rights Certificates or certificates for Shares issued upon the exercise of Rights,
provided that the Corporation shall not be required to pay any transfer tax or charge
which may be payable in respect of any transfer of Rights or the issuance or delivery
of certificates for Shares issued upon the exercise of Rights, in a name other than
that of the holder of the Rights being transferred or exercised; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the Separation Time, except as permitted by Section&nbsp;5.1 or Section&nbsp;5.4,
not take (or permit any corporation it controls to take) any action if at the time such
action is taken it is reasonably foreseeable that such action will diminish
substantially or otherwise eliminate the benefits intended to be afforded by the
Rights.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.3</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Adjustments to Exercise Price; Number of Rights</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Exercise Price, the number and kind of securities subject to purchase upon exercise of
each Right and the number of Rights outstanding are subject to adjustment from time to time as
provided in this Section&nbsp;2.3 and in Article&nbsp;3. Fractional interests in securities resulting
from such adjustments are subject to Section&nbsp;5.5.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Corporation shall at any time after the Record Time and prior to the
Expiration Time:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare or pay a dividend on the Shares payable in Voting Shares or Convertible
Securities in respect thereof other than pursuant to any dividend reinvestment plan or
program;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subdivide or change the then outstanding Shares into a greater number of
Shares;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consolidate, combine or change the then outstanding Shares into a smaller
number of Shares; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue any Voting Shares (or Convertible Securities in respect thereof) in
respect of, in lieu of, or in exchange for existing Shares, whether in a
reclassification, amalgamation, statutory arrangement, consolidation or otherwise;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Exercise Price and the number of Rights outstanding (or, if the payment or effective
date therefor shall occur after the Separation Time, the securities purchasable upon the
exercise of Rights) shall be adjusted as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Exercise Price and number of Rights outstanding are to
be adjusted:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Exercise Price in effect after such
adjustment will be equal to the Exercise Price in effect immediately
prior to such adjustment divided by the number of Shares (or other
securities of the Corporation) that a holder of one Share immediately
prior to such dividend, subdivision, change, consolidation or issuance
would hold thereafter as a result thereof; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Right held prior to such adjustment will
become that number of Rights equal to that number that is equal to the
number of Shares (or other securities of the Corporation) that a holder
of one Share immediately prior to such dividend, subdivision, change,
consolidation or issuance would hold immediately thereafter as a result
thereof, and the adjusted number of Rights will be deemed to be
allocated among the Shares with respect to which the original Rights
were associated (if they remain outstanding) and the securities of the
Corporation issued in respect of such dividend, subdivision, change,
consolidation or issuance, so that each such Share (or other security
of the Corporation) will have exactly one Right associated with it.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the securities purchasable upon exercise of Rights are to be
adjusted, the securities purchasable upon exercise of each Right after such
adjustment will be the securities that a holder of the securities purchasable
upon exercise of one Right immediately prior to such dividend, subdivision,
change, consolidation or issuance would hold thereafter as a result thereof.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Adjustments pursuant to Subsection 2.3(b) shall be made successively, whenever an event
referred to in Subsection 2.3(b) occurs.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an event occurs which would require an adjustment under both this Section&nbsp;2.3 and Section
3.1 hereof, the adjustment provided for in this Section&nbsp;2.3 shall be in addition to, and shall
be made prior to, any adjustment required pursuant to Section&nbsp;3.1 hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Corporation shall at any time after the Record Time and prior to the
Expiration Time issue any Shares otherwise than in a transaction referred to in Subsection
2.3(b), each such Share so issued shall automatically have one new Right associated with it,
which Right shall be evidenced by the certificate representing such Share.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Corporation shall, at any time after the Record Time and prior to the
Expiration Time, fix a record date for the making of a distribution to all holders of Shares
of rights or warrants entitling them (for a period expiring within 45 calendar days after such
record date) to subscribe for or purchase Shares (or Convertible Securities in respect of
Shares) at a price per Share (or, in the case of such a Convertible Security, having a
conversion, exchange or exercise price per share (including the price required to be paid to
purchase such Convertible Security)) less than 90% of the Market Price per Share on such
record date, the Exercise Price in effect after such record date will equal the Exercise Price
in effect immediately prior to such record date multiplied by a fraction;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of which the numerator shall be the number of Shares outstanding on such record
date plus the number of Shares which the aggregate offering price of the total number
of Shares so to be offered (and/or the aggregate initial conversion, exchange or
exercise price of the Convertible Securities so to be offered (including the price
required to be paid to purchase such Convertible Securities)) would purchase at such
Market Price per Share; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of which the denominator shall be the number of Shares outstanding on such
record date plus the number of additional Shares to be offered for subscription or
purchase (or into which the Convertible Securities so to be offered are initially
convertible, exchangeable or exercisable).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In case such subscription price is satisfied, in whole or in part, by consideration other
than cash, the value of such consideration shall be as determined in good faith by the Board
of Directors. Such adjustment shall be made successively whenever such a record date is
fixed. To the extent that such rights or warrants are not exercised prior to the expiration
thereof, the Exercise Price shall be readjusted in the manner contemplated above based on
the number of Shares (or securities convertible into or exchangeable for Shares) actually
issued on the exercise of such rights or warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, the granting of the right to purchase Shares (whether from
treasury or otherwise) pursuant to any dividend or interest reinvestment plan or program or
any share purchase plan or program providing for the reinvestment of dividends or interest
payable on securities of the Corporation or the investment of</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>periodic optional payments or employee benefit or similar plans (so long as such right to
purchase is in no case evidenced by the delivery of rights or warrants by the Corporation)
shall not be deemed to constitute an issue of rights or warrants by the Corporation;
provided, however, that in the case of any dividend or interest reinvestment or share
purchase plan or program, the right to purchase Shares is at a price per share of not less
than 90% of the current market price per share (determined as provided in such plans) of the
Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Corporation shall, at any time after the Record Time and prior to the
Expiration Time, fix a record date for the making of a distribution to all holders of Shares
of (i)&nbsp;evidences of indebtedness or assets (other than a Regular Cash Dividend or a dividend
paid in Shares, but including any dividend payable in securities other than Shares), (ii)
rights or warrants entitling them to subscribe for or purchase Voting Shares (or Convertible
Securities in respect of Voting Shares), at a price per Voting Share (or, in the case of a
Convertible Security in respect of Voting Shares, having a conversion, exchange or exercise
price per share (including the price required to be paid to purchase such Convertible
Security)) less than 90% of the Market Price per Share on such record date (excluding rights
or warrants referred to in Subsection 2.3(f)) or (iii)&nbsp;other securities of the Corporation,
the Exercise Price in effect after such record date shall be equal to the Exercise Price in
effect immediately prior to such record date less the fair market value (as determined in good
faith by the Board of Directors) of the portion of the assets, evidences of indebtedness,
rights or warrants or other securities so to be distributed applicable to each of the
securities purchasable upon exercise of one Right. Such adjustment shall be made successively
whenever such a record date is fixed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each adjustment made pursuant to Section&nbsp;2.3 shall be made as of</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the payment or effective date for the applicable dividend, subdivision, change,
consolidation or issuance, in the case of an adjustment made pursuant to Subsection
2.3(b) above; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for the applicable dividend or distribution, in the case of an
adjustment made pursuant to Subsections 2.3(f) or 2.3(g) above, subject to readjustment
to reverse the same if such distribution shall not be made.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Corporation shall, at any time after the Record Time and prior to the
Expiration Time, issue any shares (other than Shares), or rights or warrants to subscribe for
or purchase any such shares, or Convertible Securities in respect of any such shares, in a
transaction referred to in any of Clauses 2.3(b)(i) to (iv), Subsection 2.3(f) or Subsection
2.3(g) above, if the Board of Directors acting in good faith determines that the adjustments
contemplated by Subsections 2.3(b), 2.3(f) and 2.3(g) above in connection with such
transaction would not appropriately protect the interests of the holders of Rights, the Board
of Directors may from time to time acting in good faith determine what other adjustments, if
any, to the Exercise Price, number of Rights or securities purchasable upon exercise of Rights
would be appropriate in the circumstances, if any, and such other adjustments (if any) shall
be made upon the Board of Directors providing written certification thereof to the Rights
Agent pursuant to Subsection 2.3(q) and no</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adjustments contemplated by Subsections 2.3(b), 2.3(f) or 2.3(g) shall be made
notwithstanding the terms thereof. The Corporation and the Rights Agent shall amend this
Agreement in accordance with Section&nbsp;5.4 to provide for any such other adjustments
contemplated by this Subsection 2.3(i).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything herein to the contrary, no adjustment of the Exercise Price shall be
required unless such adjustment would require an increase or decrease of at least 1% in such
Exercise Price; provided, however, that any adjustments which by reason of this Subsection
2.3(j) are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All adjustments to the Exercise Price made pursuant to this Section&nbsp;2.3
shall be calculated to the nearest cent.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Rights originally issued by the Corporation subsequent to any adjustment made to the
Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price,
the number of Shares purchasable from time to time hereunder upon exercise of the Rights, all
subject to further adjustment as provided herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Corporation shall have exercised its election as provided in Subsection 2.3(m) to
adjust the number of Rights in lieu of any adjustment in the number of Shares purchasable upon
the exercise of a Right, upon each adjustment of the Exercise Price as a result of the
calculations made in Subsections 2.3(f) and 2.3(g), each Right outstanding immediately prior
to the making of such adjustment shall thereafter evidence the right to purchase, at the
adjusted Exercise Price, that number of Shares obtained by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>multiplying (A)&nbsp;the number of Shares covered by a Right immediately prior to
such adjustment, by (B)&nbsp;the Exercise Price in effect immediately prior to such
adjustment; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dividing the product so obtained by the Exercise Price in effect immediately
after such adjustment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation may elect on or after the date of any adjustment of the Exercise Price to
adjust the number of Rights, in lieu of any adjustment in the number of Shares purchasable
upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the
number of Rights shall be exercisable for the number of Shares for which a Right was
exercisable immediately prior to such adjustment. Each Right held of record prior to such
adjustment of the number of Rights shall become the number of Rights obtained by dividing the
relevant Exercise Price in effect immediately prior to adjustment of the relevant Exercise
Price by the relevant Exercise Price in effect immediately after adjustment of the relevant
Exercise Price. The Corporation shall make a public announcement of its election to adjust the
number of Rights pursuant to this Subsection 2.3(m), indicating the record date for the
adjustment; and, if known at the time, the amount of the adjustment to be made. This record
date may be the date on which the relevant Exercise Price is adjusted or any day thereafter,
but, if the Rights Certificates have been issued, shall be at least 10 calendar days later
than the date of the public announcement. If Rights Certificates have been issued, upon each
adjustment of the number of Rights pursuant to this Subsection 2.3(m), the Corporation shall,
as</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly as practicable, cause to be distributed to holders of record of Rights Certificates
on such record date, Rights Certificates evidencing, subject to Section&nbsp;5.5, the additional
Rights to which such holders shall be entitled as a result of such adjustment, or, at the
option of the Corporation, shall cause to be distributed to such holders of record in
substitution and replacement for the Rights Certificates held by such holders prior to the
date of adjustment, and upon surrender thereof, if required by the Corporation, new Rights
Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Rights Certificates so to be distributed shall be issued, executed and
countersigned in the manner provided for herein and may bear, at the option of the
Corporation, the relevant adjusted Exercise Price and shall be registered in the names of
holders of record of Rights Certificates on the record date specified in the public
announcement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In any case in which this Section&nbsp;2.3 shall require that an adjustment in an Exercise Price
be made effective as of a record date for a specified event, the Corporation may elect to
defer until the occurrence of such event the issuance to the holder of any Right exercised
after such record date of the number of Shares and other securities of the Corporation, if
any, issuable upon such exercise over and above the number of Shares and other securities of
the Corporation, if any, issuable upon such exercise on the basis of the relevant Exercise
Price in effect prior to such adjustment; provided, however, that the Corporation shall
deliver to such holder an appropriate instrument evidencing such holder&#146;s right to receive
such additional Shares (fractional or otherwise) or other securities upon the occurrence of
the event requiring such adjustment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in this Section&nbsp;2.3 to the contrary, the Corporation shall be
entitled to make such adjustments in the Exercise Price, in addition to those adjustments
expressly required by this Section&nbsp;2.3, as and to the extent that in its good faith judgment
the Board of Directors shall determine to be advisable in order that any (i)&nbsp;subdivision or
consolidation of the Shares, (ii)&nbsp;issuance wholly for cash of any Shares at less than the
applicable Market Price, (iii)&nbsp;issuance wholly for cash of any Shares or securities that by
their terms are exchangeable for or convertible into or give a right to acquire Shares, (iv)
stock dividends, or (v)&nbsp;issuance of rights, options or warrants referred to in this Section
2.3, hereafter made by the Corporation to holders of its Shares, shall not be taxable to such
shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Irrespective of any adjustment or change in the securities purchasable upon exercise of the
Rights, the Rights Certificates theretofore and thereafter issued may continue to represent
the securities so purchasable which were represented in the initial Rights Certificates issued
hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever an adjustment to the Exercise Price is made pursuant to this Section&nbsp;2.3, the
Corporation shall</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly prepare a certificate setting forth such adjustment and a brief
statement of the facts accounting for such adjustment; and</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly file with the Rights Agent and with each transfer agent for the Shares
a copy of such certificate and mail a brief summary thereof to each holder of Rights
who requests a copy.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure to file such certificate or to cause such notice to be given as aforesaid, or any
defect therein, shall not affect the validity of any such adjustment or change.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.4</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Date on which Exercise is Effective</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Each Person in whose name any certificate for Shares is issued upon the exercise of Rights shall
for all purposes be deemed to have become the holder of record of the Shares represented thereby
on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such
Rights was duly surrendered (together with a duly completed Election to Exercise) and payment of
the Exercise Price for such Rights (and any applicable transfer taxes and other governmental
charges payable by the exercising Person hereunder) was made; provided, however, that if the date
of such surrender and payment is a date upon which the transfer books of the Corporation&#146;s Shares
are closed, such Person shall be deemed to have become the record holder of such shares on, and
such certificate shall be dated, the next Business Day on which the transfer books of the
Corporation&#146;s Shares are open.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.5</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Execution, Authentication, Delivery and Dating of Rights Certificates</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Certificates shall be executed on behalf of the Corporation by any two officers of
the Corporation. The signature of any of these officers on the Rights Certificates may be
manual or facsimile. Rights Certificates bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Corporation shall bind the
Corporation, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the countersignature and delivery of such Rights Certificates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Promptly following the Separation Time, the Corporation will notify the Rights Agent of such
Separation Time and will deliver Rights Certificates executed by the Corporation to the Rights
Agent for countersignature and a statement describing the Rights, and the Rights Agent shall
countersign manually (or by facsimile signature in a manner satisfactory to the Corporation)
and deliver such Rights Certificates and statement to the holders of the Rights pursuant to
Section&nbsp;2.2 hereof. No Rights Certificate shall be valid for any purpose until countersigned
by the Rights Agent as aforesaid.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Rights Certificate shall be dated the date of countersignature thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.6</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Registration, Transfer and Exchange</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the Separation Time, the Corporation shall cause to be kept a register (the &#147;<B>Rights
Register</B>&#148;) in which, subject to such reasonable regulations as it may prescribe, the
Corporation will provide for the registration and transfer of Rights. The Rights Agent is
hereby appointed &#147;<B>Rights Registrar</B>&#148; for the purpose of maintaining the Rights Register for the
Corporation and registering Rights and transfers of Rights as herein provided and the Rights
Agent hereby accepts such appointment. In the event that the Rights Agent
shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the
Rights Register at all reasonable times.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->

<DIV style="margin-top: 9pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the Separation Time and prior to the Expiration Time, upon surrender for registration
of transfer or exchange of any Rights Certificate, and subject to the provisions of
Subsections 2.6(d) and 3.1(b) below, the Corporation will execute, and the Rights Agent will
countersign, deliver and register, in the name of the holder or the designated transferee or
transferees, as required pursuant to the holder&#146;s instructions, one or more new Rights
Certificates evidencing the same aggregate number of Rights as did the Rights Certificates so
surrendered.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Rights issued upon any registration of transfer or exchange of Rights Certificates shall
be valid obligations of the Corporation, and such Rights shall be entitled to the same
benefits under this Agreement as the Rights surrendered upon such registration of transfer or
exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every Rights Certificate surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the
Corporation or the Rights Agent, as the case may be, duly executed by the holder thereof or
such holder&#146;s attorney duly authorized in writing. As a condition to the issuance of any new
Rights Certificate under this Section&nbsp;2.6, the Corporation may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Rights Agent) in
connection therewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.7</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Mutilated, Lost, Stolen and Destroyed Rights Certificates</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any mutilated Rights Certificate is surrendered to the Rights Agent prior to the
Expiration Time, the Corporation shall execute and the Rights Agent shall countersign and
deliver in exchange therefor a new Rights Certificate evidencing the same number of Rights as
did the Rights Certificate so surrendered.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there shall be delivered to the Corporation and the Rights Agent prior to the Expiration
Time: (i)&nbsp;evidence to their reasonable satisfaction of the destruction, loss or theft of any
Rights Certificate; and (ii)&nbsp;such security or indemnity as may be reasonably required by them
to save each of them and any of their agents harmless, then, in the absence of notice to the
Corporation or the Rights Agent that such Rights Certificate has been acquired by a bona fide
purchaser, the Corporation shall execute and, upon the Corporation&#146;s request the Rights Agent
shall countersign and deliver, in lieu of any such destroyed, lost or stolen Rights
Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights
Certificate so destroyed, lost or stolen.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition to the issuance of any new Rights Certificate under this Section&nbsp;2.7, the
Corporation may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Rights Agent) connected therewith.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every new Rights Certificate issued pursuant to this Section&nbsp;2.7 in lieu of any destroyed,
lost or stolen Rights Certificate shall evidence a contractual obligation of the Corporation,
whether or not the destroyed, lost or stolen Rights Certificate shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Rights duly issued hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.8</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Persons Deemed Owners</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent may deem and
treat the Person in whose name a Rights Certificate (or, prior to the Separation Time, the
associated share certificate representing the Shares) is registered as the absolute owner thereof
and of the Rights evidenced thereby for all purposes whatsoever. As used in this Agreement, unless
the context otherwise requires, the term &#147;<B>holder</B>&#148; of any Rights shall mean the registered holder of
such Rights (or, prior to the Separation Time, the associated Shares).</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.9</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Delivery and Cancellation of Certificates</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">All Rights Certificates surrendered upon exercise or for redemption, for registration of transfer
or for exchange shall, if surrendered to any Person other than the Rights Agent, be delivered to
the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Corporation
may at any time deliver to the Rights Agent for cancellation any Rights Certificates previously
countersigned and delivered hereunder which the Corporation may have acquired in any manner
whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the Rights
Agent. No Rights Certificate shall be countersigned in lieu of or in exchange for any Rights
Certificates cancelled as provided in this Section&nbsp;2.9 except as expressly permitted by this
Agreement. The Rights Agent shall, subject to applicable law, destroy all cancelled Rights
Certificates and deliver a certificate of destruction to the Corporation.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.10</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Agreement of Rights Holders</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Every holder of Rights, by accepting such Rights, consents and agrees with the Corporation and the
Rights Agent and with every other holder of Rights:</DIV>


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be bound by and subject to the provisions of this Agreement, as amended from time to time
in accordance with the terms hereof, in respect of all Rights held;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, prior to the Separation Time, each Right will be transferable only together with, and
will be transferred by a transfer of, the associated Shares;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, after the Separation Time, the Rights will be transferable only on the Rights Register
as provided herein;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the
associated Share certificate) for registration of transfer, the Corporation, the Rights Agent
and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose
name the Rights Certificate (or, prior to the Separation Time, the associated Share
certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby
(notwithstanding any notations of ownership or writing on such Rights Certificate</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or the associated share certificate made by anyone other than the Corporation or the Rights
Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall
be affected by any notice to the contrary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that such holder of Rights has waived its right to receive any fractional Rights or any
fractional Shares or other securities upon exercise of a Right (except as provided herein);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, subject to the provisions of Section&nbsp;5.4, without the approval of any holder of Rights
or Voting Shares and upon the sole authority of the Board of Directors acting in good faith,
this Agreement may be supplemented or amended from time to time as provided herein; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that notwithstanding anything in this Agreement to the contrary, neither the Corporation nor
the Rights Agent shall have any liability to any holder of a Right or any other Person as a
result of its inability to perform any of its obligations under this Agreement by reason of
any preliminary or permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, regulatory or administrative agency or
commission, or any statute, rule, regulation or executive order promulgated or enacted by any
governmental authority, prohibiting or otherwise restraining performance of such obligation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>ARTICLE 3<BR>

ADJUSTMENTS TO THE RIGHTS</B></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>3.1</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Flip-in Event</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Sections&nbsp;3.1(b) and 5.1, in the event that prior to the Expiration Time a Flip-in
Event occurs, each Right shall thereafter constitute the right to purchase from the
Corporation, upon exercise thereof in accordance with the terms hereof, that number of Shares
as have an aggregate Market Price on the date of consummation or occurrence of such Flip-in
Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price
(such Right to be appropriately adjusted in a manner analogous to the applicable adjustment
provided for in Section&nbsp;2.3 in the event that, after such date of consummation or occurrence,
an event of a type analogous to any of the events described in Section&nbsp;2.3 shall have occurred
with respect to such Shares).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything in this Agreement to the contrary, upon the occurrence of any
Flip-in Event, any Rights that are or were Beneficially Owned on or after the earlier of the
Separation Time and the Stock Acquisition Date, or which may thereafter be Beneficially Owned,
by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Acquiring Person (or any Affiliate or Associate of an Acquiring Person or
any other Person acting jointly or in concert with an Acquiring Person or any Associate
or Affiliate of such other Person); or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transferee of Rights, direct or indirect, from an Acquiring Person (or from
any Affiliate or Associate of an Acquiring Person or any Person acting jointly or in
concert with an Acquiring Person or any Associate or Affiliate thereof) where</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such a transferee becomes a transferee concurrently with or subsequent to the
Acquiring Person becoming such in a transfer that the Board of Directors, acting in
good faith, has determined is part of a plan, arrangement or scheme of an Acquiring
Person (or of any Person acting jointly or in concert with an Acquiring Person or
any Associate or Affiliate of an Acquiring Person), that has the purpose or effect
of avoiding Clause 3.1(b)(i);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall become null and void without any further action and any holder of such Rights
(including any transferee of, or other successor entitled to, such Rights, whether directly
or indirectly) shall thereafter have no right to exercise such Rights under any provisions
of this Agreement and further shall thereafter not have any rights whatsoever with respect
to such Rights, whether under any provision of this Agreement or otherwise. The holder of
any Rights represented by a Rights Certificate which is submitted to the Rights Agent upon
exercise or for registration of transfer or exchange which does not contain the necessary
certifications set forth in the Rights Certificate establishing that such Rights are not
void under this Subsection 3.1(b) shall be deemed to be an Acquiring Person for the purposes
of this Subsection 3.1(b) and such Rights shall become null and void.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Rights Certificate that represents Rights Beneficially Owned by a Person described in
either of Clause 3.1(b)(i) or (ii)&nbsp;or transferred to any Nominee of any such Person, and any
Rights Certificate issued upon transfer, exchange, replacement or adjustment of any other
Rights Certificate referred to in this sentence, shall contain or will be deemed to contain
the following legend:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 9pt; margin-left: 20%; margin-right:20%; font-size: 10pt">&#147;The Rights represented by this Rights Certificate were issued
to a Person who was an Acquiring Person or an Affiliate or an
Associate of an Acquiring Person (as such terms are defined in the
Rights Agreement) or to a Person acting jointly or in concert with
any of them. This Rights Certificate and the Rights represented
hereby shall be void in the circumstances specified in Subsection
3.1(b) of the Rights Agreement.
</DIV>

<DIV align="left" style="margin-top: 9pt; margin-left: 20%; margin-right:20%; font-size: 10pt">Les Droits repr&#233;sent&#233;s par le pr&#233;sent certificat de Droits ont &#233;t&#233;
&#233;mis &#224; une personne qui &#233;tait une personne faisant une acquisition
ou un membre du m&#234;me groupe qu&#146;elle ou une personne avec qui elle
avait des liens (selon la d&#233;finition de ces termes dans la
convention visant les Droits) ou &#224; une personne agissant
conjointement ou de concert avec l&#146;un de ceux-ci. Le pr&#233;sent
certificat de Droits et les Droits repr&#233;sent&#233;s par celui-ci seront
nuls dans les circonstances pr&#233;cis&#233;es &#224; l&#146;alin&#233;a 3.1(b) de la
convention visant les Droits.&#148;
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent shall not be under any responsibility to ascertain the existence of
facts that would require the imposition of such legend but shall be required to impose such
legend only if instructed to do so in writing by the Corporation or if a holder fails to
certify upon transfer or exchange in the space provided to do so that such holder is not a
Person described in such legend.</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the Separation Time, the Corporation shall do all such acts and things necessary and
within its power to ensure compliance with the provisions of this Section&nbsp;3.1 including,
without limitation, all such acts and things as may be required to satisfy the requirements of
the Canada Business Corporations Act, the Securities Act and the securities laws or comparable
legislation in each of the provinces of Canada and in any other jurisdiction where the
Corporation is subject to such laws and the rules of the stock exchanges or quotation systems
where the Shares are listed or quoted at such time in respect of the issue of Shares upon the
exercise of Rights in accordance with this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>3.2</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Fiduciary Duties of the Board of Directors of the Corporation</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">For clarification, it is understood that nothing contained in this Article&nbsp;3 shall be considered to
affect the obligations of the Board of Directors to exercise its fiduciary duties. Without limiting
the generality of the foregoing, nothing contained herein shall be construed to suggest or imply
that the Board of Directors shall not be entitled to recommend that holders of the Voting Shares
reject or accept any Take-over Bid or take any other action including, without limitation, the
commencement, prosecution, defence or settlement of any litigation and the submission of additional
or alternative Take-over Bids or other proposals to the shareholders of the Corporation with
respect to any Take-over Bid or otherwise that the Board of Directors believes is necessary or
appropriate in the exercise of its fiduciary duties.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>ARTICLE 4<BR>

THE RIGHTS AGENT</B></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>4.1</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation hereby appoints the Rights Agent to act as agent for the Corporation and the
holders of the Rights in accordance with the terms and conditions hereof, and the Rights Agent
hereby accepts such appointment. The Corporation may from time to time appoint such co-rights
agents (&#147;<B>Co-Rights Agents</B>&#148;) as it may deem necessary or desirable subject to the prior written
approval of the Rights Agent. In the event the Corporation appoints one or more Co-Rights
Agents, the respective duties of the Rights Agent and Co-Rights Agents shall be as the
Corporation may determine with the written approval of the Rights Agent. The Corporation
agrees to pay to the Rights Agent reasonable compensation for all services rendered by it
hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and
other disbursements reasonably incurred in the administration and execution of this Agreement
and the exercise and performance of its duties hereunder, including the reasonable fees and
disbursements of counsel and other experts consulted by the Rights Agent pursuant to
Subsection 4.3(a). The Corporation also agrees to indemnify the Rights Agent, its officers,
directors, employees and agents for, and to hold it harmless against any loss, liability,
cost, claim, action, damage, suit or expense, incurred without negligence, bad faith or
willful misconduct on the part of the Rights Agent for anything done or omitted by the Rights
Agent in connection with the acceptance and administration of this Agreement including its
reasonable legal costs and expenses, which right to indemnification will survive the
termination of this Agreement or the removal or resignation of the Rights Agent.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent shall be protected and shall incur no liability for or in respect of any
action taken, suffered or omitted by it in connection with its administration of this
Agreement in reliance upon any certificate for Shares, Rights Certificate, certificate for
other securities of the Corporation, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other
paper or document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall inform the Rights Agent in a reasonably timely manner of events which
may materially affect the administration of this Agreement by the Rights Agent and, at any
time upon request, shall provide to the Rights Agent an incumbency certificate certifying the
then current officers of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>4.2</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Merger, Amalgamation, Consolidation or Change of Name of Rights Agent</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any corporation into which the Rights Agent or any successor Rights Agent may be merged or
amalgamated or with which it may be consolidated, or any corporation resulting from any
merger, amalgamation or consolidation to which the Rights Agent or any successor Rights Agent
is a party, or any corporation succeeding to the shareholder services business of the Rights
Agent or any successor Rights Agent, will be the successor to the Rights Agent under this
Agreement without the execution or filing of any document or any further act on the part of
any of the parties hereto, provided that such corporation would be eligible for appointment as
a successor Rights Agent under the provisions of Section&nbsp;4.4 hereof. In case at the time such
successor Rights Agent succeeds to the agency created by this Agreement any of the Rights
Certificates have been countersigned but not delivered, any such successor Rights Agent may
adopt the countersignature of the predecessor Rights Agent and deliver such Rights
Certificates so countersigned; and in case at that time any of the Rights Certificates have
not been countersigned, any successor Rights Agent may countersign such Rights Certificates
either in the name of the predecessor Rights Agent or in the name of the successor Rights
Agent; and in all such cases such Rights Certificates will have the full force provided in the
Rights Certificates and in this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In case at any time the name of the Rights Agent is changed and at such time any of the
Rights Certificates shall have been countersigned but not delivered, the Rights Agent may
adopt the countersignature under its prior name and deliver Rights Certificates so
countersigned; and in case at that time any of the Rights Certificates shall not have been
countersigned, the Rights Agent may countersign such Rights Certificates either in its prior
name or in its changed name; and in all such cases such Rights Certificates shall have the
full force provided in the Rights Certificates and in this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>4.3</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Duties of Rights Agent</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following
terms and conditions, by all of which the Corporation and the holders of Rights Certificates, by
their acceptance thereof, shall be bound:</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /Folio -->



<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent may retain and consult with legal counsel (who may be legal counsel for the
Corporation) or such other experts that the Rights Agent considers necessary to carry out its
duties under this Agreement and the opinion of such counsel or other expert will be full and
complete authorization and protection to the Rights Agent as to any action taken or omitted by
it in good faith and in accordance with such opinion; the Rights Agent may also, with the
approval of the Corporation (such approval not to be unreasonably withheld), consult with such
other experts (at the expense of the Corporation) as the Rights Agent shall consider necessary
or appropriate to properly carry out the duties and obligations imposed under this Agreement
and the Rights Agent shall be entitled to act and rely in good faith on the advice of any such
expert.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever in the performance of its duties under this Agreement the Rights Agent deems it
necessary or desirable that any fact or matter be proved or established by the Corporation
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a certificate signed by a person believed by the Rights Agent to be a
senior officer of the Corporation and delivered to the Rights Agent; and such certificate will
be full authorization to the Rights Agent for any action taken or suffered in good faith by it
under the provisions of this Agreement in reliance upon such certificate.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights agent will be liable hereunder only for its own negligence, bad faith or wilful
misconduct.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent will not be liable for or by reason of any of the statements of fact or
recitals contained in this Agreement or in the certificates for Shares, or the Rights
Certificates (except its countersignature thereof) or be required to verify the same, and all
such statements and recitals are and will be deemed to have been made by the Corporation only.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent will not be under any responsibility in respect of the validity of this
Agreement or the execution and delivery hereof (except the due authorization, execution and
delivery hereof by the Rights Agent) or in respect of the validity or execution of any share
certificate, or Rights Certificate (except its countersignature thereon) nor will it be
responsible for any breach by the Corporation of any covenant or condition contained in this
Agreement or in any Rights Certificate; nor will it be responsible for any change in the
exercisability of the Rights (including the Rights becoming void pursuant to Subsection 3.1(b)
hereof) or any adjustment required under the provisions of Section&nbsp;2.3 hereof or responsible
for the manner, method or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment (except with respect to the exercise of Rights
after receipt of the certificate contemplated by Section&nbsp;2.3 describing any such adjustment or
any written notice from the Corporation or any holder that a Person has become an Acquiring
Person); nor will it by any act hereunder be deemed to make any representation or warranty as
to the authorization of any Shares to be issued pursuant to this Agreement or any Rights or as
to any Shares, when issued, being duly and validly authorized, issued and delivered as fully
paid and non-assessable.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments
and assurances as may reasonably be required by the Rights Agent for the carrying out or
performing by the Rights Agent of the provisions of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from any person designated in writing by the Corporation,
and to apply to such individuals for advice or instructions in connection with its duties, and
it shall not be liable for any action taken or suffered by it in good faith in accordance with
instructions of any such individual. It is understood that instructions to the Rights Agent
shall, except where circumstances make it impractical or the Rights Agent otherwise agrees, be
given in writing and, where not in writing, such instructions shall be confirmed in writing as
soon as reasonably practicable after the giving of such instructions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to applicable law, the Rights Agent and any shareholder or director, officer or
employee of the Rights Agent may buy, sell or deal in Shares, Rights or other securities of
the Corporation or become pecuniarily interested in any transaction in which the Corporation
may be interested, or contract with or lend money to the Corporation or otherwise act as fully
and freely as though it were not the Rights Agent under this Agreement. Nothing herein shall
preclude the Rights Agent from acting in any other capacity for the Corporation or for any
other legal entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or
perform any duty hereunder either itself or by or through its attorneys or agents, and the
Rights Agent will not be answerable or accountable for any act, default, neglect or misconduct
of any such attorneys or agents or for any loss to the Corporation resulting from any such
act, default, neglect or misconduct, provided reasonable care was exercised in the selection
and continued employment of such attorneys and agents.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>4.4</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Change of Rights Agent</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The Rights Agent may resign and be discharged from its duties under this Agreement by giving 60
days&#146; prior written notice (or such lesser notice as is acceptable to the Corporation) thereof to
the Corporation, to each transfer agent of the Shares and to the holders of the Rights, all in
accordance with Section&nbsp;5.9 and at the expense of the Corporation. The Corporation may remove the
Rights Agent by giving 30&nbsp;days&#146; prior written notice thereof to the Rights Agent, to each transfer
agent of the Shares and to the holders of the Rights in accordance with Section&nbsp;5.9. If the Rights
Agent should resign or be removed or otherwise become incapable of acting, the Corporation will
appoint a successor to the Rights Agent. If the Corporation fails to make such appointment within a
period of 30&nbsp;days after such removal or after it has been notified in writing of such resignation
or incapacity by the resigning or incapacitated Rights Agent or by the holder of any Rights (which
holder shall, with such notice, submit such holder&#146;s Rights Certificate for inspection of the
Corporation), then the holder of any Rights or the Rights Agent may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent at the Corporation&#146;s expense. Any successor
Rights Agent, whether appointed by the Corporation or by such a court, must be a corporation
incorporated under the laws of Canada or a province thereof</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">and authorized to carry on the business of a trust company in the Province of Quebec. After
appointment, the successor Rights Agent will be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without further act or deed;
but the predecessor Rights Agent, upon receipt of any outstanding fees and expenses then owing,
shall deliver and transfer to the successor Rights Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the
purpose. Not later than the effective date of any such appointment, the Corporation will file
notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Shares
and mail a notice thereof in writing to the holders of the Rights in accordance with Section&nbsp;5.9.
Failure to give any notice provided for in this Section&nbsp;4.4, however, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>ARTICLE 5<BR>

MISCELLANEOUS</B></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.1</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Redemption, Waiver and Termination</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the prior consent of the holders of the Voting Shares or the Rights obtained as
set forth herein, the Board of Directors acting in good faith may, at any time prior to a
Flip-in Event as to which the application of Section&nbsp;3.1 has not been waived pursuant to this
Section&nbsp;5.1, elect to redeem all but not less than all of the then outstanding Rights at a
redemption price of $0.0001 per Right (appropriately adjusted in a manner analogous to the
applicable adjustments provided for in Section&nbsp;2.3 in the event that an event of the type
analogous to any of the events described in Section&nbsp;2.3 shall have occurred (such redemption
price being herein referred to as the &#147;<B>Redemption Price</B>&#148;)).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors shall waive the application of Section&nbsp;3.1 in respect of the
occurrence of any Flip-in Event if the Board of Directors has determined, following the Stock
Acquisition Date and prior to the Separation Time, that a Person became an Acquiring Person by
inadvertence and without any intention to become, or knowledge that it would become, an
Acquiring Person under this Agreement and, in the event that such a waiver is granted by the
Board of Directors, such Stock Acquisition Date shall be deemed not to have occurred. Any such
waiver pursuant to this Subsection 5.1(b) may only be given on the condition that such Person,
within 10&nbsp;days after the foregoing determination by the Board of Directors or such later date
as the Board of Directors may determine (the &#147;<B>Disposition Date</B>&#148;), has reduced its Beneficial
Ownership of Voting Shares such that the Person is no longer an Acquiring Person. If the
Person remains an Acquiring Person at the Close of Business on the Disposition Date, the
Disposition Date shall be deemed to be the date of occurrence of a further Stock Acquisition
Date and Section&nbsp;3.1 shall apply thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that a Person acquires Voting Shares pursuant to a Permitted Bid or an Exempt
Acquisition referred to in Subsection 5.l(d), then the Board of Directors of the Corporation
shall, immediately upon the consummation of such acquisition and without further formality, be
deemed to have elected to redeem the Rights at the Redemption Price.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors acting in good faith may, prior to the occurrence of the relevant
Flip-in Event, upon prior written notice delivered to the Rights Agent, determine to waive the
application of Section&nbsp;3.1 to a Flip-in Event that may occur by reason of a Take-over Bid made
by means of a take-over bid circular to all holders of record of Voting Shares, provided that
if the Board of Directors waives the application of Section&nbsp;3.1 in respect of a Take-over Bid
pursuant to this Subsection 5.1(d), the Board of Directors shall also be deemed to have waived
the application of Section&nbsp;3.1 in respect of any other Take-over Bid made by means of a
take-over bid circular to all holders of record of Voting Shares prior to the expiry of any
Take-over Bid (as the same may be extended from time to time) in respect of which a waiver is,
or is deemed to have been, granted under this Subsection 5.1(d).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors acting in good faith may with the prior consent of the holders of
Voting Shares obtained as set forth herein, prior to the occurrence of the relevant Flip-in
Event, upon prior written notice delivered to the Rights Agent, determine to waive the
application of Section&nbsp;3.1 to a Flip-in Event that may occur by reason of an acquisition of
Voting Shares other than pursuant to a Take-over Bid made by means of a take-over bid circular
to all holders of Voting Shares and other than in the circumstances set out in Subsection
5.1(b). In the event that the Board of Directors proposes such a waiver, the Board of
Directors shall extend the Separation Time to a time and date subsequent to and not more than
10 Business Days following the meeting of shareholders held to approve such waiver.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a Take-over Bid that is not a Permitted Bid is withdrawn or otherwise terminated after
the Separation Time has occurred and prior to the occurrence of a Flip-in Event, the Board of
Directors may elect to redeem all the outstanding Rights at the Redemption Price without the
consent of the holders of the Voting Shares or the Rights and reissue Rights under this
Agreement to holders of record of Voting Shares immediately following such redemption. Upon
the Rights being redeemed and reissued pursuant to this Subsection 5.1(f), all the provisions
of this Agreement shall continue to apply as if the Separation Time had not occurred and
Rights Certificates representing the number of Rights held by each holder of record of Shares
at the Separation Time had not been mailed to each such holder, and for all purposes of this
Agreement the Separation Time shall be deemed not to have occurred and the Corporation shall
be deemed to have issued replacement Rights to the holders of its then outstanding Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Board of Directors is deemed under Subsection 5.1(c) to have elected or elects under
Subsection 5.1(a) to redeem the Rights, the right to exercise the Rights will thereupon,
without further action and without notice, terminate and the only right thereafter of the
holders of Rights shall be to receive the Redemption Price.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within 10&nbsp;days after the Board of Directors is deemed under Subsection 5.1(c) to have elected
or elects under Subsection 5.1(a) or (f)&nbsp;to redeem the Rights, the Corporation shall give
notice of redemption to the holders of the then outstanding Rights by mailing such notice to
each such holder at his last address as it appears upon the registry books of the Rights Agent
or, prior to the Separation Time, on the registry books of the transfer agent for the Voting
Shares. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of redemption
will state the method by which the payment of the Redemption Price will be made.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a redemption of Rights pursuant to Subsection 5.1(a) or a waiver of a Flip-in Event
pursuant to Subsection 5.1(e) is proposed at any time prior to the Separation Time, such
redemption or waiver shall be submitted for approval to the holders of Voting Shares. Such
approval shall be deemed to have been given if the redemption or waiver is approved by the
affirmative vote of a majority of the votes cast by Independent Shareholders represented in
person or by proxy at a meeting of such holders duly held in accordance with applicable laws
and the Corporation&#146;s by-laws.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a redemption of Rights pursuant to Subsection 5.1(a) or a waiver of a Flip-in Event
pursuant to Subsection 5.1(e) is proposed at any time after the Separation Time, such
redemption or waiver shall be submitted for approval to the holders of Rights. Such approval
shall be deemed to have been given if the redemption or waiver is approved by holders of
Rights as set forth in Subsection 5.4(d).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.2</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Expiration</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">No Person will have any rights pursuant to this Agreement or in respect of any Right after the
Expiration Time, except in respect of any right to receive cash, securities or other property which
has accrued at the Expiration Time and except as specified in Subsections 4.1(a) and 4.1(b) hereof.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.3</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Issuance of New Rights Certificates</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the
Corporation may, at its option, issue new Rights Certificates evidencing Rights in such form as may
be approved by its Board of Directors to reflect any adjustment or change in the number or kind or
class of shares purchasable upon exercise of Rights made in accordance with the provisions of this
Agreement.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.4</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Supplements and Amendments</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Subsections 5.4(b) and (c)&nbsp;and this Subsection 5.4(a), the Corporation may from
time to time amend, vary or delete any of the provisions of this Agreement and the Rights
provided that no amendment, variation or deletion made on or after the date of the meeting of
shareholders at which the resolution referred to in Section&nbsp;5.21 is to be considered shall be
made without the prior consent of the holders of the Rights, given as provided in Subsection
5.4(b) below, except that amendments, variations or deletions made for any of the following
purposes shall not require such prior approval but shall be subject to subsequent ratification
in accordance with Subsection 5.4(b):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in order to make such changes as are necessary in order to maintain the
validity of this Agreement and the Rights as a result of any change in any applicable
legislation, regulations or rules; or</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in order to make such changes as are necessary in order to cure any clerical or
typographical error.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, variation or deletion to or from this Agreement made by the Board of Directors
pursuant to Subsection 5.4(a) shall:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if made prior to the Separation Time, be submitted to the shareholders of the
Corporation at the next meeting of shareholders and the shareholders may, by resolution
passed by a majority of the votes cast by Independent Shareholders who vote in respect
of such amendment, variation or deletion, confirm or reject such amendment or
supplement; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if made after the Separation Time, be submitted to the holders of Rights at a
meeting to be held on a date not later than the date of the next meeting of
shareholders of the Corporation and the holders of Rights may, by resolution passed by
a majority of the votes cast by the holders of Rights which have not become void
pursuant to Subsection 3.1(b) who vote in respect of such amendment, variation or
deletion, confirm or reject such amendment or supplement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, variation or deletion pursuant to Subsection 5.4(a) shall be effective only
when so consented to by the holders of Voting Shares or Rights, as applicable (except in the
case of an amendment, variation or deletion made prior to the date of the meeting of
shareholders at which the resolution referred to in Section&nbsp;5.21 is considered or those
referred to in any of Clauses 5.4(a)(i) or (ii), which shall be effective from the date of
the resolution of the Board of Directors adopting such amendment, variation or deletion and
shall continue in effect until it ceases to be effective (as in this paragraph described)
and, where such amendment, variation or deletion is confirmed, it shall continue in effect
in the form so confirmed). If an amendment, variation or deletion pursuant to Clause
5.4(a)(i) or (ii)&nbsp;is rejected by the shareholders or the holders of Rights or is not
submitted to the shareholders or holders of Rights as required, then such amendment,
variation or deletion shall cease to be effective from and after the termination of the
meeting at which it was rejected or to which it should have been but was not submitted or
from and after the date of the meeting of holders of Rights that should have been but was
not held, and no subsequent resolution of the Board of Directors to amend, vary or delete
any provision of this Agreement to substantially the same effect shall be effective until
confirmed by the shareholders or holders of Rights, as the case may be.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty and notwithstanding anything herein contained, (i)&nbsp;the Corporation, at
or prior to the meeting of shareholders referred to in Section&nbsp;5.21 or any adjournment or
postponement thereof, may supplement or amend this Agreement without the approval of any
holders of Rights or Voting Shares in order to make any changes that the Board of Directors
acting in good faith may deem necessary or desirable, (ii)&nbsp;no amendment, variation or deletion
to the provisions of Article&nbsp;4 shall be made except with the concurrence of the Rights Agent
thereto, and (iii)&nbsp;neither the exercise by the Board of Directors of any power or discretion
conferred on it hereunder nor the making by the</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Board of Directors of any determination or the granting of any waiver it is permitted to
make or give hereunder shall constitute an amendment, variation or deletion of the
provisions of this Agreement or the Rights, for purposes of this Section&nbsp;5.4 or otherwise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval, confirmation or consent of the holders of Rights with respect to any matter
arising hereunder shall be deemed to have been given if the action requiring such approval,
confirmation or consent is authorized by the affirmative votes of the holders of Rights
present or represented at and entitled to be voted at a meeting of the holders of Rights and
representing a majority of the votes cast in respect thereof. For the purposes hereof, each
outstanding Right (other than Rights which are void pursuant to the provisions hereof or
which, prior to the Separation Time, are held otherwise than by Independent Shareholders)
shall be entitled to one vote, and the procedures for the calling, holding and conduct of the
meeting shall be those, as nearly as may be, which are provided in the Corporation&#146;s by-laws
and the Canada Business Corporations Act with respect to meetings of shareholders of the
Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall be required to provide the Rights Agent with notice in writing of any
such amendment, variation or deletion to this Agreement as referred to in this Section&nbsp;5.4
within 5&nbsp;days of effecting such amendment, variation or deletion.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any supplement or amendment to this Agreement pursuant to Subsections 5.4 (b)&nbsp;through (e)
shall be subject to the receipt of any requisite approval or consent from any governmental or
regulatory authority having jurisdiction over the Corporation, including without limitation
any requisite approval of stock exchanges on which the Shares are listed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.5</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Fractional Rights and Fractional Shares</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation will not be required to issue fractions of Rights or to distribute Rights
Certificates which evidence fractional Rights. After the Separation Time there shall be paid,
in lieu of such fractional Rights, to the registered holders of the Rights Certificates with
regard to which fractional Rights would otherwise be issuable, an amount in cash equal to the
same fraction of the Market Price of a whole Right. The Rights Agent shall have no obligation
to make any payments in lieu of fractional Rights unless the Corporation shall have provided
the Rights Agent with the necessary funds to pay in full all amounts payable in accordance
with Subsection 2.2(e).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall not be required to issue fractional Shares upon exercise of the Rights
or to distribute certificates that evidence fractional Shares. In lieu of issuing fractional
Shares, the Corporation shall pay to the registered holder of Rights Certificates at the time
such Rights are exercised as herein provided, an amount in cash equal to the same fraction of
the Market Price of one Share at the date of such exercise. The Rights Agent shall have no
obligation to make any payments in lieu of fractional Shares unless the Corporation shall have
provided the Rights Agent with the necessary funds to pay in full all amounts payable in
accordance with Subsection 2.2(e).</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.6</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Rights of Action</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Subject to the terms of this Agreement, rights of action in respect of this Agreement, other than
rights of action vested solely in the Rights Agent, are vested in the respective holders of the
Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder of
any other Rights may, on such holder&#146;s own behalf and for such holder&#146;s own benefit and the benefit
of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding
against the Corporation to enforce, or otherwise act in respect of, such holder&#146;s right to exercise
such holder&#146;s Rights in the manner provided in this Agreement and in such holder&#146;s Rights
Certificate. Without limiting the foregoing or any remedies available to the holders of Rights, it
is specifically acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and will be entitled to specific performance of the obligations
under, and injunctive relief against actual or threatened violations of, the obligations of any
Person subject to this Agreement.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.7</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Holder of Rights Not Deemed a Shareholder</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">No holder, as such, of any Rights or Rights Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of Shares or any other securities which may at
any time be issuable on the exercise of Rights, nor shall anything contained herein or in any
Rights Certificate be construed to confer upon the holder of any Rights, as such, any of the rights
of a shareholder of the Corporation or any right to vote for the election of directors or upon any
matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting shareholders (except
as provided in Section&nbsp;5.8 hereof) or to receive dividends or subscription rights or otherwise,
until such Rights shall have been exercised in accordance with the provisions hereof.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.8</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Notice of Proposed Actions</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">In case the Corporation proposes after the Separation Time and prior to the Expiration Time to
effect the liquidation, dissolution or winding up of the Corporation or the sale of all or
substantially all of the Corporation&#146;s assets, then, in each such case, the Corporation shall give
to each holder of a Right, in accordance with Section&nbsp;5.9 hereof, a notice of such proposed action,
which shall specify the date on which such liquidation, dissolution, winding up or sale is to take
place, and such notice shall be so given at least 20 Business Days prior to the date of the taking
of such proposed action by the Corporation.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.9</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Notices</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Notices or demands authorized or required by this Agreement to be given or made to or by the Rights
Agent, the holder of any Rights or the Corporation will be sufficiently given or made and shall be
deemed to be received if delivered or sent by first-class mail, postage prepaid, or by fax machine
or other means of printed telecommunication, charges prepaid and confirmed in writing by mail or
delivery, addressed (until another address is filed in writing with the Rights Agent or the
Corporation, as applicable), as follows:</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->



<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the Corporation:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gildan Activewear Inc.<BR>
600 de Maisonneuve Boulevard West<BR>
Montr&#233;al, Qc H3A 3J2</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-President, Public and Legal Affairs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Facsimile No. (514)&nbsp;734-8379</TD>
</TR>

<TR>
    <TD style="font-size: 9pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the Rights Agent:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computershare Investor Services Inc.<BR>
Suite&nbsp;700<BR>
1500 University Street<BR>
Montr&#233;al, QC H3A 3S8<BR>
<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Manager, Investor Services</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Facsimile No. (514)&nbsp;982-7635</TD>
</TR>

<TR>
    <TD style="font-size: 9pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="20%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if to the holder of any Rights, to the address
of such holder as it appears on the registry books of the Rights Agent
or, prior to the Separation Time, on the registry books of the
Corporation for the Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.10</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Costs of Enforcement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The Corporation agrees that if the Corporation or any other Person the securities of which are
purchasable upon exercise of Rights fails to fulfil any of its obligations pursuant to this
Agreement, then the Corporation or such Person will reimburse the holder of any Rights for the
costs and expenses (including legal fees) incurred by such holder in actions to enforce his rights
pursuant to any Rights or this Agreement.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.11</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Regulatory Approvals</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Any obligation of the Corporation or action or event contemplated by this Agreement shall be
subject to applicable law and to the receipt of any requisite approval or consent from any
governmental or regulatory authority. Without limiting the generality of the foregoing, any
issuance or delivery of debt or equity securities (other than non-convertible debt securities) of
the Corporation upon the exercise of Rights and any amendment to this Agreement shall be subject to
any required prior consent of the stock exchange(s) on which the Corporation is from time to time
listed or has been listed during the six months prior to such amendment.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.12</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Declaration as to Non-Canadian and Non-U.S. Holders</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">If in the opinion of the Board of Directors (who may rely upon the advice of counsel), any action
or event contemplated by this Agreement would require compliance with the securities laws or
comparable legislation of a jurisdiction outside Canada and the United States of America, its</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">territories and possessions, the Board of Directors acting in good faith may take such actions as
it may deem appropriate to ensure that such compliance is not required, including without
limitation establishing procedures for the issuance to a Canadian resident Fiduciary of Rights or
securities issuable on exercise of Rights, the holding thereof in trust for the Persons entitled
thereto (but reserving to the Fiduciary or to the Fiduciary and the Corporation, as the Corporation
may determine, absolute discretion with respect thereto) and the sale thereof and remittance of the
proceeds of such sale, if any, to the Persons entitled thereto. In no event shall the Corporation
or the Rights Agent be required to issue or deliver Rights or securities issuable on exercise of
Rights to Persons who are citizens, residents or nationals of any jurisdiction other than Canada
and a province or territory thereof and the United States of America and any state thereof in which
such issue or delivery would be unlawful without registration of the relevant Persons or securities
for such purposes.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.13</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Successors</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the
Rights Agent shall bind and enure to the benefit of their respective successors and assigns
hereunder.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.14</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Benefits of this Agreement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Nothing in this Agreement shall be construed to give to any Person other than the Corporation, the
Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim under this
Agreement; this Agreement shall be for the sole and exclusive benefit of the Corporation, the
Rights Agent and the holders of the Rights.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.15</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Shareholder Review</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">At or prior to the annual meeting of shareholders of the Corporation to be held in 2014, provided
that a Flip-in Event has not occurred prior to such time, the Board of Directors shall submit a
resolution ratifying the continued existence of this Agreement to the Independent Shareholders for
their consideration and, if thought advisable, approval. Unless a majority of the votes cast by
Independent Shareholders who vote in respect of such resolution are voted in favour of the
continued existence of this Agreement, the Board of Directors shall, immediately upon the
confirmation by the chairman of such shareholders&#146; meeting of the result of the vote on such
resolution and without further formality, be deemed to have elected to redeem the Rights at the
Redemption Price and thereafter this Agreement shall have no further force or effect.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.16</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Determination and Actions by the Board of Directors</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">All actions, calculations, interpretations and determinations (including all omissions with respect
to the foregoing) which are done or made by the Board of Directors pursuant to this Agreement, in
good faith, (i)&nbsp;may be relied on by the Rights Agent, and (ii)&nbsp;shall not subject the Board of
Directors to any liability to the holders of the Rights or to any other parties.</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.17</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Governing Law</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Agreement and the Rights issued hereunder shall be deemed to be a contract made under the laws
of the Province of Quebec and the laws of Canada applicable therein and for all purposes will be
governed by and construed in accordance with the laws of such province applicable to contracts to
be made and performed entirely within such province.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.18</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Language</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Les parties aux pr&#233;sentes ont exig&#233; que la pr&#233;sente convention ainsi que tous les documents et avis
qui s&#146;y rattachent ou qui en d&#233;coulent soient r&#233;dig&#233;s en langue anglaise. The parties hereto have
required that this Agreement and all documents and notices related thereto or resulting therefrom
be drawn up in English.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.19</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Counterparts</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Agreement may be executed in any number of counterparts and each of such counterparts will for
all purposes be deemed to be an original, and all such counterparts shall together constitute one
and the same instrument.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.20</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Severability</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">If any term or provision hereof or the application thereof to any circumstance is, in any
jurisdiction and to any extent, invalid or unenforceable, such term or provision will be
ineffective only to the extent of such invalidity or unenforceability in such jurisdiction without
invalidating or rendering unenforceable the remaining terms and provisions hereof or the
enforceability thereof in any other jurisdiction or the application of such term or provision to
circumstances other than those as to which it is held invalid or unenforceable.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.21</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Effective Date</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Agreement shall be effective as of the Effective Date. If the Rights Plan is not confirmed by
resolution passed by a majority of the votes cast by Independent Shareholders at a meeting to be
held not later than June&nbsp;1, 2011, then this Agreement and any outstanding Rights shall be of no
further force and effect from the earlier of (a)&nbsp;the date of termination of the meeting called to
consider the confirmation of this Agreement under this Section&nbsp;5.21, and (b)&nbsp;June&nbsp;1, 2011.</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.22</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Time of the Essence</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Time shall be of the essence hereof.</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly executed as of
December&nbsp;1, 2010.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>GILDAN ACTIVEWEAR INC.<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>(s) Glenn J. Chamandy</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Glenn J. Chamandy&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;<BR>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>COMPUTERSHARE INVESTOR SERVICES INC.<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>(s) Francine Beausejour</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Francine Beausejour&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>(s) Steve Gilbert</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steve Gilbert&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Form of Rights Certificate</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Certificate No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE TERMS SET FORTH IN
THE SHAREHOLDER RIGHTS PLAN AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN SUBSECTION 3.1(b)
OF SUCH AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON, CERTAIN RELATED PARTIES OF AN
ACQUIRING PERSON OR A TRANSFEREE OF AN ACQUIRING PERSON OR ANY SUCH RELATED PARTIES WILL BECOME
VOID WITHOUT FURTHER ACTION.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This certifies that &nbsp;&nbsp;<FONT style="font-family: Wingdings">&#108;</FONT>&nbsp;&nbsp; is the registered holder of the number of Rights set forth above, each
of which entitles the registered holder thereof, subject to the terms, provisions and conditions of
the Shareholder Rights Plan Agreement (the &#147;<B>Rights Agreement</B>&#148;) made as of December&nbsp;1, 2010 between
Gildan Activewear Inc., a corporation existing under the laws of Canada (the &#147;<B>Corporation</B>&#148;) and
Computershare Investor Services Inc., a corporation incorporated under the laws of Canada, as
Rights Agent (the &#147;<B>Rights Agent</B>&#148;), which term shall include any successor Rights Agent under the
Rights Agreement, to purchase from the Corporation, at any time after the Separation Time and prior
to the Expiration Time (as such terms are defined in the Rights Agreement), one fully paid Share
(as defined in the Rights Agreement) at the Exercise Price referred to below, upon presentation and
surrender of this Rights Certificate, together with the Form of Election to Exercise appropriately
completed and duly executed, to the Rights Agent at its principal office in Montr&#233;al. Until
adjustment thereof in certain events as provided in the Rights Agreement, the Exercise Price per
Right shall be an aggregate dollar amount equal to the Market Price (as defined in the Rights
Agreement) per Share (determined as at the Separation Time) multiplied by five (payable by
certified cheque, banker&#146;s draft or money order payable to the order of the Rights Agent). The
number of Shares which may be purchased for the Exercise Price is subject to adjustment as set
forth in the Rights Agreement.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights
Agreement, which terms, provisions and conditions are hereby incorporated by reference and made a
part hereof and to which Rights Agreement reference is hereby made for a full description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Rights Agent,
the Corporation and the holders of the Rights Certificates. Copies of the Rights Agreement are on
file at the registered office of the Corporation and are available upon written request.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Rights Certificate, with or without other Rights Certificates, upon surrender at the principal
office of the Rights Agent in Montr&#233;al, may be exchanged for another Rights Certificate or Rights
Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number
of Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If this</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive,
upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole
Rights not exercised.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate
may be redeemed by the Corporation at a redemption price of $0.0001 per Right subject to adjustment
in certain events.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">No fractional Shares will be issued upon the exercise of any Right or Rights evidenced hereby, but
in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of Shares or any other securities which may at any time be
issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein
be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the
Corporation or any right to vote for the election of directors or upon any matter submitted to
shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of any meeting or other actions affecting shareholders (except as provided in the
Rights Agreement), or to receive dividends or subscription rights or otherwise, until the Rights
evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">This Rights Certificate shall not be valid for any purpose until it shall have been countersigned
by the Rights Agent.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">WITNESS the facsimile signature of the proper officers of the Corporation.</DIV>


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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>GILDAN ACTIVEWEAR INC.<BR></B><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;<BR>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>Countersigned:<BR><BR>
<B>COMPUTERSHARE INVESTOR SERVICES INC.</B><BR>
in the City of Montr&#233;al<BR><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF ELECTION TO EXERCISE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The undersigned hereby irrevocably elects to exercise &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; whole Rights
represented by this Rights Certificate to purchase the Shares issuable upon the exercise of such
Rights and requests that certificates for such Shares be issued in the name of and delivered to:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 19pt"><DIV style="FONT-size: 3pt; margin-top: 36pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Name

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Address

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
City and Province

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Social Insurance No. or other taxpayer identification number

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 36pt">If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new
Rights Certificate for the balance of such Rights shall be registered in the name of and delivered
to:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 36pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Name

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Address

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
City and Province

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Social Insurance No. or other taxpayer identification number

</DIV>
<DIV align="center" style="margin-top: 21pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature<BR>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="FONT-size: 3pt; margin-top: 18pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
Signature Guaranteed
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Signature must correspond to name as written
upon the face of this Rights Certificate in
every particular, without alteration or
enlargement or any change whatsoever)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Signature must be Signature Guaranteed by a Schedule&nbsp;1 Canadian chartered bank, a major Canadian
trust company or a member of a recognized Medallion Guarantee program.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><I>(To be completed by the holder if true)</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The undersigned hereby certifies and represents, for the benefit of the Corporation and all holders
of Rights and Shares, that the Rights evidenced by this Rights Certificate are not and, to the
knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or by an
Affiliate or Associate of an Acquiring Person or any other Person acting jointly or in concert with
any of the foregoing (as such terms are defined in the Rights Agreement).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="width: 90%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Signature

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="width: 90%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Please print name below signature)

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>In the event that the certification set forth above in the Form of Election to Exercise is not
completed, the Corporation shall deem the Beneficial Owner of the Rights represented by this Rights
Certificate to be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such
Rights shall be null and void.</B></DIV>

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">(please print name and address of transferee) the Rights represented by this Rights Certificate,
together with all right, title and interest therein.</DIV>

<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature<BR>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 18pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
Signature Guaranteed
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Signature must correspond to name as written
upon the face of this Rights Certificate in
every particular, without alteration or
enlargement or any change whatsoever)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">Signature must be Signature Guaranteed by a Schedule&nbsp;1 Canadian chartered bank, a major Canadian
trust company or a member of a recognized Medallion Guarantee program.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><I>(To be completed by the assignor if true)</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The undersigned hereby certifies and represents, for the benefit of the Corporation and all holders
of Rights and Shares, that the Rights evidenced by this Rights Certificate are not and, to the
knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or by an
Affiliate or Associate of an Acquiring Person or any other Person acting jointly or in concert with
any of the foregoing (as such terms are defined in the Rights Agreement).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="width: 90%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Signature

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="width: 90%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
(Please print name below signature)

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>In the event that the certification set forth above in the Form of Assignment is not completed, the
Corporation shall deem the Beneficial Owner of the Rights represented by this Rights Certificate to
be an Acquiring Person (as defined in the Rights Agreement) and, accordingly, such Rights shall be
null and void.</B></DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Certificat n<B>&#176; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>Droits
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">LES DROITS PEUVENT &#202;TRE RACHET&#201;S, AU GR&#201; DE LA SOCI&#201;T&#201;, SELON LES MODALIT&#201;S INDIQU&#201;ES DANS LA
CONVENTION VISANT UN R&#201;GIME DE DROITS DE SOUSCRIPTION DES ACTIONNAIRES. DANS CERTAINES
CIRCONSTANCES (PR&#201;CIS&#201;ES &#192; L&#146;ALIN&#201;A 3.1(b) DE CETTE CONVENTION), LES DROITS D&#201;TENUS EN PROPRI&#201;T&#201;
EFFECTIVE PAR UNE PERSONNE FAISANT UNE ACQUISITION, CERTAINES PARTIES APPARENT&#201;ES &#192; UNE PERSONNE
FAISANT UNE ACQUISITION OU LE CESSIONNAIRE D&#146;UNE PERSONNE FAISANT UNE ACQUISITION OU D&#146;UNE DE CES
PARTIES APPARENT&#201;ES DEVIENDRONT NULS SANS AUTRE FORMALIT&#201;.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Les pr&#233;sentes attestent que &nbsp;&nbsp;<FONT style="font-family: Wingdings">&#108;</FONT>&nbsp;&nbsp; est le porteur inscrit du nombre de Droits indiqu&#233; ci-dessus,
dont chacun permet au porteur inscrit des Droits, sous r&#233;serve des modalit&#233;s, dispositions et
conditions de la convention visant un r&#233;gime de droits de souscription des actionnaires
(&#147;<B>convention visant les Droits</B>&#148;) pass&#233;e en date du 1<SUP style="FONT-size: 85%; vertical-align: text-top">er</SUP> d&#233;cembre 2010 entre Les V&#234;tements
de Sport Gildan Inc., une soci&#233;t&#233; existant en vertu des lois du Canada (&#147;<B>Soci&#233;t&#233;</B>&#148;) et Services aux
Investisseurs Computershare Inc., soci&#233;t&#233; constitu&#233;e en vertu des lois du Canada, en qualit&#233;
d&#146;agent des Droits (&#147;<B>agent des Droits</B>&#148;), terme qui comprend tout successeur de l&#146;agent des Droits
conform&#233;ment &#224; la convention visant les Droits, d&#146;acheter aupr&#232;s de la Soci&#233;t&#233;, en tout temps apr&#232;s
l&#146;heure de s&#233;paration et avant l&#146;heure d&#146;expiration (selon la d&#233;finition de ces termes dans la
convention visant les Droits) une action &#224; droit de vote subalterne de cat&#233;gorie A (ou une action
ordinaire obtenue dans le cadre d&#146;un &#233;change, le cas &#233;ch&#233;ant, de toutes les actions &#224; droit de vote
subalterne de cat&#233;gorie A contre des actions ordinaires par suite du d&#233;p&#244;t de statuts de
modification ayant cet effet) enti&#232;rement lib&#233;r&#233;e de la Soci&#233;t&#233; (&#147;<B>action</B>&#148;) au prix d&#146;exercice
indiqu&#233; ci-dessous, sur pr&#233;sentation et remise du pr&#233;sent certificat de Droits, accompagn&#233; du
formulaire de choix d&#146;exercice ad&#233;quatement rempli et d&#251;ment sign&#233;, &#224; l&#146;agent des Droits &#224; son
bureau principal de Montr&#233;al. Tant qu&#146;il ne sera pas ajust&#233; dans certaines circonstances pr&#233;vues
dans la convention visant les Droits, le prix d&#146;exercice pour chaque Droit sera un montant en
dollars &#233;gal au cours du march&#233; (selon la d&#233;finition de ce terme dans la convention visant les
Droits) par action (d&#233;termin&#233; &#224; l&#146;heure de s&#233;paration) multipli&#233; par cinq (payable par ch&#232;que
certifi&#233;, traite bancaire ou mandat-poste &#233;tabli &#224; l&#146;ordre de l&#146;agent des Droits). Le nombre
d&#146;actions pouvant &#234;tre achet&#233; pour le prix d&#146;exercice peut faire l&#146;objet d&#146;ajustements comme le
stipule la convention visant les Droits.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Le pr&#233;sent certificat de Droits est assujetti &#224; toutes les modalit&#233;s, dispositions et conditions de
la convention visant les Droits, lesquelles sont int&#233;gr&#233;es dans les pr&#233;sentes par renvoi et en font
partie int&#233;grante, convention &#224; laquelle il est fait renvoi par les pr&#233;sentes pour la description
compl&#232;te des droits, restrictions des droits, obligations, fonctions et immunit&#233;s qu&#146;elle conf&#232;re &#224;
l&#146;agent des Droits, &#224; la Soci&#233;t&#233; et aux porteurs des certificats de Droits. Des copies de la
convention visant les Droits sont conserv&#233;es au si&#232;ge social de la Soci&#233;t&#233; et peuvent &#234;tre obtenues
sur demande &#233;crite.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Le pr&#233;sent certificat de Droits, avec ou sans autres certificats de Droits, peut, sur remise au
bureau principal de l&#146;agent des Droits &#224; Montr&#233;al, &#234;tre &#233;chang&#233; contre un ou plusieurs autres
certificats de Droits de la m&#234;me teneur attestant un nombre global de Droits &#233;gal au nombre global
des Droits attest&#233;s par le ou les certificats de Droits remis. Si le pr&#233;sent certificat de Droits</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">est exerc&#233; en partie, le porteur inscrit aura le droit de recevoir, sur remise de celui-ci, un ou
plusieurs autres certificats de Droits repr&#233;sentant le nombre de Droits entiers qui n&#146;auront pas
&#233;t&#233; exerc&#233;s.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Sous r&#233;serve des dispositions de la convention visant les Droits, les Droits attest&#233;s par le
pr&#233;sent certificat de Droits peuvent &#234;tre rachet&#233;s par la Soci&#233;t&#233; au prix de rachat de 0,0001 $ par
Droit, sous r&#233;serve d&#146;ajustements dans certaines circonstances.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Aucune fraction d&#146;action ne sera &#233;mise au moment de l&#146;exercice d&#146;un ou de plusieurs Droits attest&#233;s
par les pr&#233;sentes mais, en remplacement de celle-ci, un paiement comptant sera effectu&#233; comme le
pr&#233;voit la convention visant les Droits.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Aucun porteur du pr&#233;sent certificat de Droits, en tant que tel, ne sera habile &#224; voter ou &#224;
recevoir des dividendes ni ne sera r&#233;put&#233; &#224; quelque fin que ce soit &#234;tre le porteur d&#146;actions ou
d&#146;autres titres pouvant &#234;tre &#233;missibles &#224; un moment quelconque au moment de l&#146;exercice du pr&#233;sent
certificat, et aucune disposition de la convention visant les Droits ou du pr&#233;sent certificat ne
devra &#234;tre interpr&#233;t&#233;e comme conf&#233;rant au porteur du pr&#233;sent certificat, en tant que tel, l&#146;un
quelconque des droits d&#146;un actionnaire de la Soci&#233;t&#233; ni le droit de voter en vue de l&#146;&#233;lection
d&#146;administrateurs ou &#224; l&#146;&#233;gard de toute question soumise aux actionnaires &#224; une assembl&#233;e de
ceux-ci, ni le droit d&#146;approuver ou de s&#146;abstenir d&#146;approuver toute mesure prise par la Soci&#233;t&#233;, ni
le droit de recevoir l&#146;avis de convocation &#224; quelque assembl&#233;e des actionnaires que ce soit ou un
avis des autres mesures visant les actionnaires de la Soci&#233;t&#233; (sauf comme le pr&#233;voit la convention
visant les Droits), ni le droit de recevoir des dividendes ou des droits de souscription ni quelque
autre droit, et ce, tant que les Droits attest&#233;s par le pr&#233;sent certificat de Droits n&#146;auront pas
&#233;t&#233; exerc&#233;s comme le pr&#233;voit la convention visant les Droits.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Le pr&#233;sent certificat de Droits n&#146;est pas valide &#224; quelque fin que ce soit tant qu&#146;il n&#146;a pas &#233;t&#233;
contresign&#233; par l&#146;agent des Droits.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">EN FOI DE QUOI le fac-simil&#233; de la signature des dirigeants appropri&#233;s de la Soci&#233;t&#233; a &#233;t&#233; appos&#233;
sur le pr&#233;sent certificat de Droits.</DIV>


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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>LES V&#202;TEMENTS DE SPORT GILDAN INC.<BR></B><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Par :&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Par :&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;<BR>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Contresignature :<BR><BR>
<B>SERVICES AUX INVESTISSEURS COMPUTERSHARE INC.</B><BR>
dans la ville de Montr&#233;al<BR><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Par :&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORMULAIRE DE CHOIX D&#146;EXERCICE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Par les pr&#233;sentes, le soussign&#233; choisit irr&#233;vocablement d&#146;exercer
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Droits
entiers attest&#233;s par le pr&#233;sent certificat de Droits en vue de l&#146;achat des actions &#233;missibles au
moment de l&#146;exercice de ces Droits et demande que les certificats attestant ces actions soient &#233;mis
au nom de la personne suivante et lui soient livr&#233;s :</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Nom

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Adresse

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Ville et province

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Num&#233;ro d&#146;assurance sociale ou autre<BR>
num&#233;ro d&#146;identification du contribuable

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 36pt">Si ce nombre de Droits ne constitue pas la totalit&#233; des Droits attest&#233;s par le pr&#233;sent certificat
de Droits, un nouveau certificat de Droits attestant le reste de ces Droits sera immatricul&#233; au nom
de la personne suivante et lui sera livr&#233; :</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Nom

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Adresse

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Ville et province

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV>
Num&#233;ro d&#146;assurance sociale ou autre<BR>
num&#233;ro d&#146;identification du contribuable

</DIV>
<DIV align="center" style="margin-top: 24pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Date :</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature<BR>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="FONT-size: 3pt; margin-top: 18pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
(Signature garantie)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(La signature doit correspondre en tous
points au nom apparaissant au recto du
pr&#233;sent certificat de Droits, sans
modification, ajout ni changement d&#146;aucune
sorte)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">La signature doit &#234;tre garantie par une banque &#224; charte canadienne de l&#146;annexe 1, une grande
soci&#233;t&#233; de fiducie canadienne ou un membre d&#146;un programme reconnu de garantie des signatures
Medallion.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>(Attestation devant &#234;tre sign&#233;e par le porteur si elle est exacte)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Le soussign&#233; atteste et d&#233;clare par les pr&#233;sentes, au profit de la Soci&#233;t&#233; et de tous les porteurs
de Droits et d&#146;actions, que les Droits attest&#233;s par le pr&#233;sent certificat de Droits ne sont pas et,
&#224; la connaissance du soussign&#233;, n&#146;ont jamais &#233;t&#233; d&#233;tenus en propri&#233;t&#233; effective par une personne
faisant une acquisition ou un membre du m&#234;me groupe qu&#146;elle ou une personne avec qui elle a des
liens ou une autre personne agissant conjointement ou de concert avec l&#146;un de ceux-ci (selon la
d&#233;finition de ces termes dans la convention visant les Droits).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt; margin-left: 50%"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
Signature

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
(Veuillez &#233;crire le nom en lettres moul&#233;es sous la signature)

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Si l&#146;attestation figurant ci-dessus dans le formulaire de choix d&#146;exercice n&#146;est pas sign&#233;e, la
Soci&#233;t&#233; consid&#233;rera le v&#233;ritable propri&#233;taire des Droits repr&#233;sent&#233;s par le pr&#233;sent certificat de
Droits comme une personne faisant une acquisition (selon la d&#233;finition donn&#233;e dans la convention
visant les Droits) et, par cons&#233;quent, ces Droits seront nuls et non avenus.</B></DIV>

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">CONTRE VALEUR RE&#199;UE, le soussign&#233; vend, c&#232;de et transf&#232;re par les pr&#233;sentes &#224;
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
(veuillez &#233;crire le nom et l&#146;adresse du cessionnaire en lettres moul&#233;es) les Droits repr&#233;sent&#233;s par
le pr&#233;sent certificat de Droits, de m&#234;me que tous les droits, titres et int&#233;r&#234;ts s&#146;y attachant.</DIV>

<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Date :</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="FONT-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature<BR>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
(Signature garantie)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(La signature doit correspondre en tous
points au nom apparaissant au recto du
pr&#233;sent certificat de Droits, sans
modification, ajout ni changement d&#146;aucune
sorte)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">La signature doit &#234;tre garantie par une banque &#224; charte canadienne de l&#146;annexe 1, une grande
soci&#233;t&#233; de fiducie canadienne ou un membre d&#146;un programme reconnu de garantie des signatures
Medallion.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>(Attestation devant &#234;tre sign&#233;e par le c&#233;dant si elle est exacte)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Le soussign&#233; atteste et d&#233;clare par les pr&#233;sentes, au profit de la Soci&#233;t&#233; et de tous les porteurs
de Droits et d&#146;actions, que les Droits attest&#233;s par le pr&#233;sent certificat de Droits ne sont pas et,
&#224; la connaissance du soussign&#233;, n&#146;ont jamais &#233;t&#233; d&#233;tenus en propri&#233;t&#233; effective par une personne
faisant une acquisition ou un membre du m&#234;me groupe qu&#146;elle ou une personne avec qui elle a des
liens ou une autre personne agissant conjointement ou de concert avec l&#146;un de ceux-ci (selon la
d&#233;finition de ces termes dans la convention visant les Droits).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt; margin-left: 50%"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
Signature

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV>
(Veuillez &#233;crire le nom en lettres moul&#233;es sous la signature)

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Si l&#146;attestation figurant ci-dessus dans le formulaire de cession n&#146;est pas sign&#233;e, la Soci&#233;t&#233;
consid&#233;rera le v&#233;ritable propri&#233;taire des Droits repr&#233;sent&#233;s par le pr&#233;sent certificat de Droits
comme une personne faisant une acquisition (selon la d&#233;finition donn&#233;e dans la convention visant
les Droits) et, par cons&#233;quent, ces Droits seront nuls et non avenus.</B></DIV>

</DIV>





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