<SEC-DOCUMENT>0000950142-19-001140.txt : 20190523
<SEC-HEADER>0000950142-19-001140.hdr.sgml : 20190523
<ACCEPTANCE-DATETIME>20190523154332
ACCESSION NUMBER:		0000950142-19-001140
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190523
FILED AS OF DATE:		20190523
DATE AS OF CHANGE:		20190523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		19849887

	BUSINESS ADDRESS:	
		STREET 1:		110 12TH AVE SW BOX 1900 STATION M
		STREET 2:		CALGARY ALBERTA T2P 2MI
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P2M1
		BUSINESS PHONE:		403-267-4724

	MAIL ADDRESS:	
		STREET 1:		110-12TH AVENUE SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P2M1
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
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<DESCRIPTION>FORM 6-K
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>

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</font>WASHINGTON, D.C. 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">REPORT OF FOREIGN PRIVATE ISSUER<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>PURSUANT TO RULE&#160;13a-16 OR 15d-16<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the month of May 2019<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Commission File Number 001-15214</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 10pt; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">TRANSALTA CORPORATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>(Translation of registrant's name into English)</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 12pt; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">110-12th Avenue S.W., Box 1900, Station &#8220;M&#8221;, Calgary, Alberta, Canada, T2P 2M1</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>(Address of principal executive offices)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">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 style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Form&#160;20-F&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form&#160;40-F&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9745;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T Rule&#160;101(b)(1). _____</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 6pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&#160;S-T Rule&#160;101(b)(7). _____</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<td style="WIDTH: 38%; FONT-WEIGHT: bold" valign="top" colspan="3">TRANSALTA CORPORATION</td>
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<td style="WIDTH: 5.16%" valign="bottom" nowrap align="left">Name:</td>
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<tr>
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<td style="WIDTH: 5.16%" valign="top">Title:</td>
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<td style="WIDTH: 35%" valign="top" colspan="2">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 24pt; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal">Date: May 23, 2019</font><br style="LINE-HEIGHT: 1.25">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exhibit Number</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 79.87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Description of Document</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 2.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 79.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">99.1</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 79.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><a href="eh1900659_ex9901.htm">Exchange and Option Agreement between Eagle Hydro II LP and TransAlta Corporation, dated as of May 1, 2019</a></div>
</td>
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<td style="WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">99.2</div>
</td>
<td style="WIDTH: 2.72%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><a href="eh1900659_ex9902.htm">Registration Rights Agreement between TransAlta Corporation and Eagle Hydro II LP, dated as of May 1, 2019</a></div>
</td>
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<tr>
<td style="WIDTH: 17.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">99.3</div>
</td>
<td style="WIDTH: 2.72%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 79.87%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><a href="eh1900659_ex9903.htm">Unsecured Subordinated Debenture of TransAlta Corporation, dated as of May 1, 2019</a></div>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>eh1900659_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: right">EXHIBIT 99.1</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><u>Execution Copy</u></div>

<div style="TEXT-ALIGN: right"><br>
</div>

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</div>

<div style="MARGIN-TOP: 120pt; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>EXCHANGE AND OPTION AGREEMENT</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font></font><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; MARGIN-TOP: 24pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">EAGLE HYDRO II LP</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; MARGIN-TOP: 24pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">- and -</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; MARGIN-TOP: 24pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>

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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">May 1, 2019</div>

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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;1</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>INTERPRETATION</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Defined Terms</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">1</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Rules of Construction</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">13</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.3</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Entire Agreement</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">13</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Time of Essence</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.5</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Governing Law and Submission to Jurisdiction</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.6</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Severability</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.7</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedules</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;2</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>EXCHANGE AND OPTION</u></font></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exchange Right</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Early Exchange Events</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">15</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.3</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Hydro Equity Interest Amount</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">16</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.4</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Early Exchange True-Up Adjustment</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">16</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.5</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Cash Payments</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17</div>
</td>
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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.6</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Top-Up Option</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17</div>
</td>
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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.7</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exercise of Exchange Right</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">18</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.8</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exchange Request by Investor</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">18</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.9</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Solvency Restrictions</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">18</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.10</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Consideration</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">19</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.11</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Calculation of Hydro Equity Interest Percentage</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">19</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>REPRESENTATIONS AND WARRANTIES</u></font></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">3.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Representations and Warranties of the Issuer</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">19</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">3.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Representations and Warranties of the Investor</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">20</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>EARLY EXCHANGE EVENTS</u></font></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">4.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Additional Early Exchange Events</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">20</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">4.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exchange Right is Exclusive Remedy</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">21</div>
</td>
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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>CLOSING</u></font></div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">5.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Exchange, True-Up and Top-Up Procedures</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">22</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">5.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Closing Deliveries of the Investor</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>TERMINATION</u></font></div>
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<tr style="HEIGHT: 15px">
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">6.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Termination</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
</td>
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</div>
</div>

<div>&#160;</div>

<table id="z485400117b804028abe0d4f34ad7a72a" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;7</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>MISCELLANEOUS</u></font></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.1</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Notices</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">24</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.2</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">One Voice Rule</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">25</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.3</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Amendments and Waivers</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">25</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.4</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Assignment</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">25</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.5</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">No Recourse Against Others</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">26</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.6</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Successors and Assigns</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">26</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.7</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Further Assurances</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">26</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.8</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Counterparts</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">26</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">7.9</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Expenses</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">26</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 80.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.59%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule A - EBITDA Calculation</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule&#160;B - Tax Deficiency Calculation</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule&#160;C - Form of Articles of Amendment</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
&#160;</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 24pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>EXCHANGE AND OPTION AGREEMENT</u></div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">THIS AGREEMENT made as of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">st</sup> day of May, 2019 (hereinafter referred to as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Agreement</font>&#8221;),</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">B E T W E E N:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">EAGLE HYDRO II LP,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">a limited partnership existing under the laws of Ontario,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">(hereinafter referred to as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investor</font>&#8221;),</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#8211; and &#8211;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">TRANSALTA CORPORATION,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">a corporation existing under the laws of Canada,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 108pt">(hereinafter referred to as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Issuer</font>&#8221;).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">WHEREAS (i) Eagle Investment II LP, an Affiliate of the Investor, is the holder of $350,000,000 principal amount of 7% unsecured, subordinated debentures (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debentures</font>&#8221;) and (ii) the Investor and/or its Affiliates will, upon completion of the Second Subscription on the Second Funding Date (as those terms are defined in the Investment Agreement), be the holder of 400,000 redeemable First Preferred Shares, Series I (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redeemable Shares</font>&#8221;), in each case, issued pursuant to that certain investment agreement entered into as of March 22, 2019 between Brookfield BRP Holdings (Canada) Inc. and the Issuer (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Agreement</font>&#8221;);</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">AND WHEREAS, on April 30, 2019 , the Investment Agreement was assigned to Eagle Hydro II LP, a limited partnership existing under the laws of Ontario.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the respective covenants and agreements of the parties hereinafter contained and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties agree as follows:</div>

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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>INTERPRETATION</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Defined Terms</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">For the purposes of this Agreement (including the recitals and the Schedules hereto), unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Act</font>&#8221; means the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Canada Business Corporations Act</font>.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Additional Early Exchange Event</font>&#8221; means the occurrence of an event or circumstance specified as such in Section 4.1.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Affiliate</font>&#8221; means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. For the purposes of this definition, &#8220;control&#8221; when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the Person, whether through the ownership of voting securities, by contract, or otherwise and, for the avoidance of doubt, in the case of the Investor, includes investment funds managed by Brookfield or its Affiliates but does not include any Affiliates of the Investor that operate behind an information wall erected to prevent the exchange or communication of non-public information that could result in conflicts of interest or breaches of Securities Laws.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Articles</font>&#8221; means the Articles of Amalgamation of the Issuer, as such articles may be supplemented, amended or replaced from time to time, including as such Articles will be amended on or before the Second Funding Date by articles of amendment to create the Redeemable Shares, such articles of amendment to include a schedule of share terms in the form of Schedule C.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Authorizations</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Brookfield</font>&#8221; means Brookfield Asset Management Inc.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Business Day</font>&#8221; means any day, other than (a) a Saturday, Sunday or statutory holiday in the Province of Alberta or the Province of Ontario and (b) a day on which banks are generally closed in the Province of Alberta or the Province of Ontario.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Financial Institution</font>&#8221; means &#8220;Canadian financial institution&#8221; as defined in Section 1.1 of National Instrument 45-106 - Prospectus Exemptions.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Event</font>&#8221; has the meaning specified in the Securities.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Closing Documents</font>&#8221; has the meaning specified in Section 5.2.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Common Shares</font>&#8221; means the common shares in the capital of the Issuer, as constituted from time to time.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Confidentiality</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Agreement</font>&#8221; means the mutual confidentiality agreement dated March 20, 2019 between the Issuer and Brookfield Renewable Power Inc.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Contract</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Credit Agreement</font>&#8221; means the second amended and restated credit agreement dated June 30, 2011, as amended by a first amending agreement dated April 20, 2012, a second amending agreement dated May 29, 2013, a third amending agreement dated June 17, 2014, a fourth amending agreement dated June 5, 2015, a fifth amending agreement dated August 10, 2016, a sixth amending agreement dated July 24, 2017 and a seventh amending agreement dated June 7, 2018, between the Issuer, as borrower, Canadian Imperial Bank of Commerce, as administrative agent, and the lenders from time to time party thereto, as amended, modified, restated or replaced from time to time.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debenture Amount</font>&#8221; means an amount equal to 100% of the principal amount of such Debenture plus accrued and unpaid interest thereon.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debentures</font>&#8221; has the meaning specified in the recitals hereto.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Deemed Hydro SPV Equity Value</font>&#8221; means $1.95 billion.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Divestitures</font>&#8221; means, in respect of any Hydro Assets, the sale, conveyance, lease or other divestiture for consideration (collectively, for purposes of this definition, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">divestiture</font>&#8221;) of such Hydro Assets to any Person other than the Issuer or any Subsidiary of the Issuer. However, for purposes of this definition, the term Divestitures shall not include:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">divestitures of cash or cash equivalents;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the granting or existence of, or foreclosure or other realization on, any Permitted Encumbrance;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">divestitures of inventory, equipment or other assets that, in the Issuer&#8217;s reasonable judgment, are damaged, worn-out, redundant, obsolete or no longer used or useful for their intended purposes in the business of the Issuer or its Subsidiaries, including any assets that are being replaced in the Ordinary Course;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the lease, assignment or sub-lease of any real or personal property in the Ordinary Course;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the sale or discount of inventory in the Ordinary Course;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims of an immaterial nature and in the Ordinary Course;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(g)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the licensing or sub-licensing of intellectual property or other general intangibles in the Ordinary Course;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the divestiture of improvements, additions or alterations in connection with the termination of any lease of real property in the Ordinary Course, as required by the terms of such lease;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">condemnation or any similar action on assets; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any divestiture that, but for this clause, would be a Divestiture, if such divestiture has been approved by a majority of the Operating Committee.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event</font>&#8221; means, subject to Section 2.2(b), the occurrence of an event or circumstance specified as such in Section 2.2(a).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event Notice</font>&#8221; has the meaning specified in Section 2.7.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">EBITDA</font>&#8221;, for purposes of calculating the Hydro SPV Equity Value or the Tax Affected Hydro SPV Equity Value, as applicable, shall be calculated as set out in Schedule&#160;A hereto.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Encumbrance</font>&#8221; means any mortgage, charge, pledge, hypothec, security interest, prior claim, assignment, lien (statutory or otherwise), or restriction or adverse right or claim, or other third party interest or encumbrance of any kind, in each case, whether contingent or absolute.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Equity Interests</font>&#8221; means (i) in the case of a corporation, any shares of its capital stock, (ii) in the case of a limited liability company, any membership interest therein, (iii) in the case of a partnership, any partnership interest (whether general or limited) therein, (iv) in the case of any other business entity, any participation or other interest in the equity or profits thereof.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#8221; means the transactions necessary to fulfill the exercise of the Exchange Right as set out in Article&#160;2 and &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchanged</font>&#8221; has a corresponding meaning.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Date</font>&#8221; means the date on which Securities are Exchanged for the Hydro Equity Interest pursuant to Article&#160;5 and includes a Mandatory Redemption Date.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Notice</font>&#8221; has the meaning specified in Section 2.7.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Price</font>&#8221; has the meaning specified in Section 2.1.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Request</font>&#8221; has the meaning specified in Section 2.8.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Right</font>&#8221; has the meaning specified in Section 2.1.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Governmental Entity</font>&#8221; means (a) any international, multinational, national, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, (including an independent quasi-judicial tribunal), commission or board (including any independent system operator), arbitral body, bureau, ministry, agency or instrumentality, domestic or foreign, (b) any subdivision or authority of any of the above, (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing or (d) any stock exchange. For the avoidance of doubt, &#8220;Governmental Entity&#8221; includes Securities Regulators, the Alberta Utilities Commission, the Federal Energy Regulatory Commission and the North American Electric Regulatory Corporation and any applicable regional reliability entity, electric system operator, public utilities commission, public service commission or equivalent entity.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holder</font>&#8221; means, in respect of Debentures, Eagle Investment II LP and, in respect of the Redeemable Shares, the Investor or, at and after the time, if any, that the Securities are transferred in accordance with their terms, each permitted transferee in whose name the Securities are registered.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Assets</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Business</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Owner</font>&#8221; means the Subsidiary of the Issuer (which Subsidiary shall not be a corporation) that will hold, directly or indirectly, the interests in the Hydro Assets upon completion of the Hydro Assets Reorganization.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Reorganization</font>&#8221; means one or more reorganizations of the corporate structure, capital structure, business operations or assets of the Issuer or any of its Subsidiaries that is an owner of the Hydro Assets to effect the transfer of such assets to the Hydro Assets Owner.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Assets Reorganization Event</font>&#8221; means the occurrence of the Additional Early Exchange Event specified in Section 4.1(g).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Assets Subsidiary</font>&#8221; has the meaning specified in clause (c) of the definition of Permitted Indebtedness.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Equity Interest</font>&#8221; means that portion of the Hydro SPV Equity deliverable to the Investor pursuant to the Exchange Right pursuant to the terms of this Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro MAE Exceptions</font>&#8221; means the MAE Exceptions modified to replace references therein (a) to &#8220;the Issuer and its Subsidiaries&#8221; to &#8220;the Hydro Assets Business&#8221; and (b) to &#8220;Material Adverse Effect&#8221; to &#8220;Hydro Material Adverse Effect&#8221;.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Material Adverse Effect</font>&#8221; means any fact, change, event, occurrence, effect or circumstance that, individually or in the aggregate with other such facts, changes, events, occurrences, effects or circumstances, is or would reasonably be expected to be material and adverse to the business, operations, results of operations, assets, properties, capitalization, financial condition or liabilities (contingent or otherwise) of the Hydro Assets Business or the Hydro Assets, in each case, taken as a whole, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">provided, however</font>, that no fact, change, event, occurrence, effect or circumstance resulting from or arising in connection with any of the Hydro MAE Exceptions shall constitute a Hydro Material Adverse Effect.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro SPV Equity</font>&#8221; means all issued and outstanding Equity Interests in the Hydro Assets Owner and, if applicable, any entity that is the general partner of the Hydro Assets Owner.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro SPV Equity Value</font>&#8221; means thirteen (13) x EBITDA of the Hydro Assets for the three fiscal years ending immediately prior to the exercise of the Top-Up Option other than an exercise of the Top-Up Option where the Exchange occurred pursuant to a Hydro Assets Reorganization Event.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Agreement</font>&#8221; has the meaning specified in the recitals.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investor</font>&#8221; means Eagle Hydro II LP or at and after the time, if any, that all of the rights of the party that is the Investor under this Agreement are assigned to a Permitted Assignee in accordance with Section 7.4 of this Agreement, the Permitted Assignee to whom such rights have been so assigned.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Laws</font>&#8221; means, with respect to any Person, any and all applicable law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, instrument, regulation, order, injunction, judgment, decree, ruling or other similar requirement, including Securities Laws, whether domestic or foreign, enacted, adopted, promulgated or applied by a Governmental Entity that is binding upon or applicable to such Person or its business, undertaking, property or securities, and to the extent that </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">they have the force of law, policies, guidelines, notices and protocols of any Governmental Entity, as amended unless expressly specified otherwise.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Material Adverse Effect</font>&#8221; means any fact, change, event, occurrence, effect or circumstance that, individually or in the aggregate with other such facts, changes, events, occurrences, effects or circumstances, is or would reasonably be expected to (A)&#160;prevent or materially delay or materially impair the ability of the Issuer to consummate on or prior to the Second Funding Date the transactions contemplated by the Investment Agreement by, with respect to the Second Subscription that are to be completed on or prior to,<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>the Second Funding Date, or (B) be material and adverse to the business, operations, results of operations, assets, properties, capitalization, financial condition or liabilities (contingent or otherwise) of the Issuer and its Subsidiaries, taken as a whole, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">provided, however</font>, that no fact, change, event, occurrence, effect or circumstance resulting from or arising in connection with any of the following shall constitute a Material Adverse Effect (collectively, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MAE Exceptions</font>&#8221;):</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any condition or change in conditions generally affecting the industries in which the Issuer and its Subsidiaries operate;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any change in global, national, provincial or regional political conditions (including elections or the outbreak or escalation of war or acts of terrorism) or in general economic, business, regulatory, political, currency, credit, securities or market conditions or in national or global financial, capital or credit markets;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any change in applicable Laws, including any changes to carbon prices or carbon taxes, air quality restrictions (including but not limited to NOx and SOx) or electricity market structure applicable to the Issuer or any of its Subsidiaries;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(d)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Climate Leadership Plan adopted by the Government of Alberta, or any change thereto;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(e)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any change in IFRS (or other generally accepted accounting principles applicable to the Issuer or any of Subsidiaries) or changes in regulatory accounting requirements applicable to the industries in which the Issuer and its Subsidiaries operate;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any decline in electricity or commodity prices on a current or forward basis;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any natural disaster or act of terrorism or outbreak or escalation of hostilities or armed conflict, or any governmental response to the foregoing;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(h)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the occurrence of any &#8220;High Impact, Low Probability Event&#8221; as defined in the Alberta power purchase arrangements (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">PPAs</font>&#8221;) to which the Issuer or its Subsidiaries are subject but, only to the extent such event qualifies as a force majeure under the PPAs;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any action taken (or omitted to be taken) by the Issuer or any of its Subsidiaries which is required to be taken (or omitted to be taken) pursuant to this Agreement or the other Transaction Agreements;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any action taken (or omitted to be taken) by the Issuer at the written request of Brookfield, any Investor, or any Affiliate thereof, or that is consented to by Brookfield, any Investor, or an Affiliate thereof, expressly in writing;</div>
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">other than risk factors, forward-looking information or statements, or other general cautions, any matter which has been expressly disclosed by the Issuer in the Public Disclosure Documents (as defined in the Investment Agreement) in sufficient detail to enable the Investor to identify and make a reasonably informed assessment of the nature and scope of the matter so disclosed as of the date hereof;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf649066bdd5f452e8bb69b912a6fea37" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(l)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the failure of the Issuer to meet any internal or published projections, forecasts or estimates of revenues, earnings or cash flows, funds from operations, free cash flow, plant availability or generation of electricity (it being understood that the causes underlying such failure may be taken into account in determining whether a Material Adverse Effect has occurred);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z7e4f16a5e1d14981b3fe3a3e25566e33" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(m)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the announcement of the execution of this Agreement or in the other Transaction Agreements or the transactions contemplated herein or therein, the consummation of such transactions or the performance of the covenants and obligations herein or therein;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf9f2026940364b489c3216a95baec67c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(n)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any change in the market price or trading volume of any securities of the Issuer (it being understood that the causes underlying such change in market price or trading volume may be taken into account in determining whether a Material Adverse Effect has occurred);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc21e083260c2457ca98892eaa959c1f5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(o)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any downgrade of, or announcement of any intention to review, any credit rating of the Issuer or any of its Subsidiaries publicly disclosed as of the date hereof (it being understood that the causes underlying such downgrade or review may be taken into account in determining whether a Material Adverse Effect has occurred);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc2be08d8612d47d0ac88ae9a37cd0516" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(p)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any termination of, or announcement of any intention to review or terminate, any of the PPAs to which the Issuer or any of its Subsidiaries are subject, by the Balancing Pool pursuant to section 97 of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Electric Utilities Act </font>(Alberta);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z862e639fdf2a42a092d4638116c02b9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(q)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any filing of a Schedule 13D pursuant to the U.S. Exchange Act or an early warning report pursuant to applicable Canadian Securities Laws, in each case whether initial or amended, by a shareholder of the Issuer;</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">provided, however</font>, that (i) with respect to clauses (a) through to and including (g), such matter does not have a materially disproportionate effect on the Issuer and its Subsidiaries, taken as a whole, relative to other comparable companies and entities operating in the industries in which the Issuer and/or its Subsidiaries operate; and (ii)&#160;references in certain Sections of this Agreement or in the other Transaction Agreements to dollar amounts are not intended to be, and shall not be deemed to be, illustrative for purposes of determining whether a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Material Adverse Effect</font>&#8221; has occurred.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Material</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Contract</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 7 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Operating Committee</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Redemption</font>&#8221; means a redemption by the Issuer of some or all of the Securities as permitted by the respective terms of the Securities.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Order</font>&#8221; means any judgment, decision, decree, injunction, ruling, writ, assessment or order of any Governmental Entity that is binding on any Person or its property under applicable Law.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Ordinary Course</font>&#8221; means, with respect to an action taken by the Issuer or its Subsidiaries, that such action is: (i) consistent with the past practices of the Issuer and its Subsidiaries and is taken in the ordinary course of the normal day-to-day operations of the business of the Issuer and its Subsidiaries; (ii) necessary to preserve or protect the health and safety of individuals, property or the environment in accordance with<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>good electricity industry practice; or (iii) required as a result of changes in Laws applicable to the Hydro Assets.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Encumbrance</font>&#8221; means:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any Encumbrance imposed by any Governmental Entity for taxes not yet due and delinquent or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of any Person that then holds, directly or indirectly, the interests in the Hydro Assets in accordance with IFRS (or any other generally accepted accounting principles then applicable such Person);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5f9a31426f5d4f1a8c73e5b11e3dc922" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances arising by operation of applicable Laws, securing the claims of persons having taken part in the construction or renovation of real property and other like liens arising in the Ordinary Course (i) which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings and (ii) in respect of which adequate reserves have been established in the books and records of any Hydro Assets Subsidiary or Hydro Assets Owner, as applicable, to the extent reserves therefor are required by IFRS (or any other generally accepted accounting principles then applicable to such Person);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5222fcdc518c479193d3a90ea39bf4cc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">statutory Encumbrances incurred or pledges or deposits made under worker&#8217;s compensation, employment insurance and other social security legislation;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z9475d5dcd37443628239bb74bb630429" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances or deposits to secure the performance of bids, tenders, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature (other than for borrowed money) incurred in the Ordinary Course;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z1da271ed253e4e31906a93fb45134833" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">servitudes, easements, rights-of-way, restrictions and other similar Encumbrances incurred in the Ordinary Course and Encumbrances consisting of zoning or building restrictions, easements, licences, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the value of the Hydro Assets subject thereto or interfere with carrying on the Hydro Assets Business in the Ordinary Course;</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 8 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb4bb8eb72abc4849a22387f7f297bceb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances of or resulting from any judgment or award against any Hydro Assets Subsidiary or Hydro Assets Owner, as applicable, the time for the appeal or petition for rehearing of which shall not have expired, or in respect of which the Issuer or its Subsidiary, as applicable, shall at any time in good faith be prosecuting an appeal or proceeding for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z48bbc38a20d744d7b5222d012e1ee61a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">undetermined or inchoate Encumbrances and charges arising or potentially arising under statutory provisions which have not at the time been filed or registered in accordance with applicable Laws or of which written notice has not been duly given in accordance with applicable Laws or which although filed or registered, relate to obligations not due or delinquent;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="za43453ad4c4c47edbea0fa9ff9e419a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the rights reserved to or vested in Governmental Entities by statutory provisions, and the reservation in any original grants from the Crown of any land or interests therein and statutory exceptions to title;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z69f53ce81f764f5da4521d63dab23a52" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances in favour of public utilities or to any municipalities or governmental or other public authorities when required by the utility, municipality, governmental or other public authority in connection with the supply of services or utilities to or from the Hydro Assets Business and Encumbrances in favour of the Alberta Electric System Operator (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AESO</font>&#8221;), or its successor, in and to amounts owing to or required by AESO;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf55ab6c8ec804cf2981d40e188d92cdc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances arising solely by virtue of any statutory or common law provision relating to banker&#8217;s liens, rights of combination of accounts or similar rights in the Ordinary Course of conducting day-to-day banking business in relation to deposit accounts or other funds maintained with a creditor depository institution;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z8793100432dc4e028337d1f2dae7290b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances arising from the right of distress enjoyed by landlords or liens otherwise granted to landlords, in either case, to secure the payment of arrears of rent in respect of leased properties;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zaa7f133d30164571ad3613f660247d27" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(l)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances in favour of lessors under leases and subleases of any real or personal property on arm&#8217;s length terms which do not materially interfere with the Ordinary Course of the Hydro Assets Business;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zd6d49ac07e264060b794c25c2befdee5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(m)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Encumbrances existing on the date hereof that are addressed in any governmental registry (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Existing Encumbrances</font>&#8221;) to secure Purchase Money Obligations existing on the date hereof (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Existing Purchase Money Obligations</font>&#8221;) and any replacement or extension of any Existing Purchase Money Obligations secured by such Existing Encumbrances on arm&#8217;s length terms and not exceeding the amount currently secured, including for the purpose of securing liabilities incurred to refinance any Existing Purchase Money Obligations that was the subject of any such Existing Encumbrances, provided that any such Encumbrance is limited to all or part of the same assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured the Existing Purchase Money Obligations being refinanced; or</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 9 -</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any Encumbrance that, but for this clause, would not be a Permitted Encumbrance, if such Encumbrance has been approved by a majority of the Operating Committee.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Hydro Asset Sale</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Indebtedness</font>&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>means:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">indebtedness of a Hydro Assets Subsidiary incurred prior to any Exchange pursuant to Section 2.1 that is owed to the Issuer or any other Subsidiary of the Issuer; provided, however, that (i) all such indebtedness is expressly subordinated in right of payment to the Securities and, (ii) if any such indebtedness is owing by the Hydro Assets Owner, such indebtedness shall, prior to the time of any Exchange pursuant to Section 2.1, be discharged in full in consideration for Equity Interests in the Hydro Assets Owner;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">indebtedness under an operating line of credit facility with a maximum principal amount of $10 million made available or to be made available to the Hydro Assets Owner;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any guarantee of the Issuer&#8217;s obligations under the Credit Agreement by TransAlta Generation Partnership or any other Subsidiary that owns Hydro Assets or operates the Hydro Assets Business (each a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Subsidiary</font>&#8221;); provided, however, that this shall not permit any such guarantee by the Hydro Assets Owner on or after the completion of the Hydro Assets Reorganization;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any indebtedness that, but for this clause, would not be Permitted Indebtedness, if such indebtedness has been approved by a majority of the Operating Committee;</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">For greater certainty, references in this Agreement to &#8220;indebtedness for borrowed money&#8221; shall not include (i) accrued retirement obligations, (ii) any obligations in respect of cash management services (including automated clearing house transactions, controlled disbursement services, treasury, depository, overdraft and electronic funds transfer services, foreign exchange facilities, currency exchange transactions or agreements and options with respect thereto, credit card processing services, credit or debit cards and purchase cards) and any indemnity given in connection therewith, provided such obligations are incurred in the Ordinary Course, (iii) any liability for national, regional, federal, state, provincial, local or other taxes, (iv) any customer deposits or advance payments received or account credits given in the Ordinary Course, (v) obligations to pay the deferred and unpaid purchase price of property or services in connection with any purchase by the Issuer or any Subsidiary of any business or assets, including any earn-out or other post-closing payment adjustment to which the seller may become entitled to the extent such adjustment is determined by a final closing balance sheet or such adjustment depends on the performance of such business or assets after the closing, (vi) any obligations in respect of workers&#8217; compensation, health, disability, employee benefits or other claims arising under similar legislation, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions, or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit, </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">(vii)&#160;obligations of the Issuer under any swap, hedging or other similar contracts or arrangements, (viii) any obligations to pay rent or other amounts to a lessor under any lease or sublease, including any such lease or sublease that is classified or accounted for as a financing lease or capitalized lease under IFRS or any other applicable generally accepted accounting principles, and (ix) trade payables and accrued expenses incurred in the Ordinary Course in connection with obtaining goods, materials or services.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Person</font>&#8221; includes any individual, partnership, association, body corporate, organization, trust, estate, trustee, executor, administrator, legal representative, government (including Governmental Entity), syndicate or other entity, whether or not having legal status.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Purchase Money Obligations</font>&#8221; means liabilities (including liabilities under a finance, capital or operating lease) of the Issuer or any of its Subsidiaries incurred to finance or refinance the acquisition, leasing, design, construction, installation, development, improvement, repair or addition of Hydro Assets (including real or personal property) that may be used or useful in the Hydro Assets Business, and whether acquired through the direct acquisition of such assets or the acquisition of the Equity Interest of any Person owning such assets, or otherwise.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Qualified Canadian Holder</font>&#8221; means a Person that is (i)(x) not a partnership and is not a non-resident of Canada for purposes of the Tax Act; or (y) a partnership that is a &#8220;Canadian partnership&#8221; within the meaning of s. 102 of the Tax Act; provided that, in either case, it is also not a person or partnership described in subsection 100(1.1) of the Tax Act (other than a partnership or trust described in s. 100(1.2)); and (ii) not a non-Canadian for purposes of the Investment Canada Act.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redeemable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Share Amount</font>&#8221; means, with respect to any Redeemable Share, $1,000, together with all accrued but unpaid dividends thereon at the date on which such Redeemable Share is to be repaid or exchanged, as applicable.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redeemable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Shares</font>&#8221; has the meaning specified in the recitals hereto.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption Price</font>&#8221; means (i) for each Redeemable Share being Exchanged, the Redeemable Share Amount, and (ii) in respect of each Debenture being Exchanged, the Debenture Amount.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Rights Agreement</font>&#8221; means the registration rights agreement to be entered into between the Investor and the Issuer as of the date hereof.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Regulatory Approval</font>&#8221; means any consent, waiver, permit, exemption, review, order, decision or approval of, or any registration and filing with, any Governmental Entity, or the expiry, waiver or termination of any waiting period imposed by Law or a Governmental Entity.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Second Funding Date</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Second</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Subscription</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities</font>&#8221; means the Debentures and the Redeemable Shares.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Laws</font>&#8221; means the Canadian Securities Laws, the U.S. Securities Act and the U.S. Exchange Act.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Regulators</font>&#8221; means any Canadian Securities Commission or the SEC, as applicable.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Subsidiary</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">subsidiary</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Act</font>&#8221; means the Income Tax Act (Canada).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Affected Hydro SPV Equity Value</font>&#8221; means thirteen (13) x EBITDA of the Hydro Assets for the three fiscal years ending immediately prior to the date of exercise of the Exchange Right, less the Tax Deficiency Value; provided, however, that, in the case of an Early Exchange Event, a Permitted Hydro Asset Sale or an exercise of the Top-Up Option where the Exchange occurred pursuant to a Hydro Assets Reorganization Event on or prior to December 31, 2024, the Tax Affected Hydro SPV Equity Value shall be deemed to be the Deemed Hydro SPV Equity Value and subject to future adjustment in accordance with Section 2.4.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Deficiency Value</font>&#8221; for the purposes of the calculation of the Tax Affected Hydro SPV Equity Value shall be calculated as set out in Schedule B hereto.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Three Year Period</font>&#8221; has the meaning specified in Section 2.4.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Top-Up Notice</font>&#8221; has the meaning specified in Section 2.6.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Top-Up Option</font>&#8221; has the meaning specified in Section 2.6.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transaction Agreements</font>&#8221; means this Agreement, the Investment Agreement and the Registration Rights Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transfer</font>&#8221; means any sale, assignment, exchange, transfer, assignment, gift, hedge, pledge, loan, creation of an Encumbrance, hypothecation, alienation or other transaction, whether voluntary, involuntary or by operation of law, by which the legal or beneficial ownership of, or any security interest or other interest in a security passes from one Person to another Person or to the same Person in a different capacity, whether or not for value.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">True-Up Adjustment</font>&#8221; has the meaning specified in Section 2.4.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Exchange Act</font>&#8221; means the United States <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Exchange Act of 1934</font>, as amended, and the rules and regulations of the SEC promulgated thereunder, as the same may hereafter be amended from time to time or replaced.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Securities Act</font>&#8221; means the United States <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Act of 1933</font>, as amended, and the rules and regulations of the SEC promulgated thereunder, as the same may hereafter be amended from time to time or replaced.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">United States</font>&#8221; means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Value Difference</font>&#8221; has the meaning specified in Section 2.4(a).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">VWAP</font>&#8221; means the 20-day volume weighted average price<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>on the Toronto Stock Exchange.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Rules of Construction</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">In this Agreement:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the terms &#8220;Agreement&#8221;, &#8220;this Agreement&#8221;, &#8220;the Agreement&#8221;, &#8220;hereto&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221;, &#8220;hereby&#8221;, &#8220;hereunder&#8221; and similar expressions refer to this Agreement in its entirety and not to any particular provision hereof;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">references to an &#8220;Article&#8221;, &#8220;Section&#8221; or &#8220;Schedule&#8221; followed by a number or letter refer to the specified Article or Section of or Schedule to this Agreement;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zfeb228e5e9264bdaa94b9b7cd66cc872" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the division of this Agreement into articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf9d91b2de15544c1aa72279d9bed677e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">words importing the singular number only shall include the plural and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">vice versa</font> and words importing the use of any gender shall include all genders;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z12244e66ce3648ce828e72060192bbb7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the word &#8220;including&#8221; is deemed to mean &#8220;including without limitation&#8221;;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5fae4680f633473d863ad0738ca516de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the terms &#8220;party&#8221; and &#8220;the parties&#8221; refer to a party or the parties to this Agreement;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z1625c72c5f4a457aa577baeb43e2add4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any reference to this Agreement means this Agreement as amended, modified, replaced or supplemented from time to time;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc199adfd1bbf47e0be25e3b91203f15c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(h)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any reference to a statute, regulation or rule shall be construed to be a reference thereto as the same may from time to time be amended, re-enacted or replaced, and any reference to a statute shall include any regulations or rules made thereunder;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="za4465ca8e5e24f8db919b45aa1b32831" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all dollar amounts refer to Canadian currency;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zbe03a565d7dc4419b89eb4729a33de0f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(j)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any time period within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding the day on which the period commences and including the day on which the period ends; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z6978d0d9978c40ef88e11cb078237526" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(k)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">whenever any action is required to be taken or period of time is to expire on a day other than a Business Day, such action shall be taken or period shall expire on the next following Business Day.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z51a7e1c69e364633b63691d136952f24" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Entire Agreement</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Transaction Agreements, the Securities and the Confidentiality Agreement constitute the entire agreement between the parties and/or their respective Affiliates with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, negotiations and discussions, whether written or oral. Unless otherwise agreed </div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 13 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">upon in writing by the parties, there are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the Transaction Agreements, the Debentures, the Articles and the Confidentiality Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zca59a3ef9c92400fb127878ea0d8ac68" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Time of Essence</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Time shall be of the essence of this Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zcbbac170ee0940b5bcfb69c58a0ab92e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Governing Law and Submission to Jurisdiction</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall be governed by, the laws of the Province of Alberta and the federal laws of Canada applicable in that province.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each of the parties irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the Province of Alberta over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0ca41c2c244f4a56968db295fb73507b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Severability</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z4cee20fc6e8e4c8a84c9312e3ec6ae40" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Schedules</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The following Schedules are attached to and form an integral part of this Agreement:</div>

<div style="TEXT-ALIGN: right">
<table id="z83b208ea676044519294d08042733f10" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 14px">
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule A</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EBITDA Calculation</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule B</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tax Deficiency Calculation</div>
</td>
</tr>

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Schedule C</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">-</div>
</td>
<td style="WIDTH: 77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Form of Articles of Amendment</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;2</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>EXCHANGE AND OPTION</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb574c048d05149d09517d47047c578f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Exchange Right</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Subject to and in accordance with the terms and conditions of this Article&#160;2, provided that at the time of the Exchange the Investor is (i) the Holder of all of the Securities and a (ii) Qualified Canadian Holder, the Investor (as Holder of all of the Securities) shall be entitled to receive, upon exercise of the Exchange Right in the manner set forth in this Section 2.1, a percentage (rounded to two decimal places) of Hydro SPV Equity determined by dividing </div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 14 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(x) the aggregate Redemption Price of all but not less than all of the then outstanding Securities that are not then specified as being called for redemption in an outstanding notice of Optional Redemption (if any) issued by the Issuer prior to such exercise where such Optional Redemption has not been completed, by (y) the Tax Affected Hydro SPV Equity Value, in exchange for a payment equal to the amount described in (x) above (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Price</font>&#8221;) which shall, subject to Section 2.3, be satisfied by delivery of all of such outstanding Securities (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Right</font>&#8221;), which Exchange Right may be exercised by the Investor:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z6efa5f845ba4446c8c2f84bbba95638c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">at any time after December 31, 2024;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z025f181ab50c45eea5fbcce94e5fc8f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">at any time prior to December 31, 2024, if the Issuer undertakes a Permitted Hydro Asset Sale, such exercise of the Exchange Right to occur contemporaneously with the Permitted Hydro Asset Sale; or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc614a992f08d447a91c48fefd48d15a1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">at any time upon or following the occurrence of an Early Exchange Event.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf869136fc5af4a2fb68950f1dd69ff30" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Early Exchange Events</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 2.2(b), the occurrence of any one or more of the following events or circumstances shall constitute an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event</font>&#8221;:</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">(A) the Issuer files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Bankruptcy Law</font>&#8221;), or makes any assignment for the benefit of creditors or takes any corporate action, in each case under Bankruptcy Law, in furtherance of any of the foregoing, (B) an involuntary petition is filed against the Issuer under any Bankruptcy Law (unless such petition is dismissed or discharged within thirty (30) days), (C) a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed by a court of competent jurisdiction under any Bankruptcy Law to take possession, custody or control of any property of the Issuer, or (D) pursuant to any Bankruptcy Law, the Issuer takes any steps to, or undertakes any proposal for, the winding-up or liquidation of the Issuer, obtains an administration order, or appoints a receiver in respect of the whole or any part of the Issuer;</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z4a4aea021e134cd7a2a9094242009142" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">a default by the Issuer in the payment of, in the case of the Debentures, the principal of such Debentures, when due and payable, which default has continued without cure for a period of three (3) Business Days thereafter;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z8042e7c1f48249a4a2be5ff3b763375a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">a default by the Issuer in the payment of, in the case of the Debentures, any instalment of interest on such Debentures or in the case of the Redeemable Shares, dividends on the Redeemable Shares, in each case on the date when due and payable that has continued without cure for a period of 35 days;</div>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="za8b2a70b14e240dc9cb865b95fe86b69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the occurrence of any of the Additional Early Exchange Events contained in Section 4.1; or</div>
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</tr>
</table>
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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 15 -</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z6c662f19c8f94462ba139f0eb0b21fc6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the occurrence of a Material Adverse Effect or Hydro Material Adverse Effect after the date hereof and prior to the Second Funding Date.</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding the above, if there occurs a Hydro Assets Reorganization Event resulting from a failure to obtain those Regulatory Approvals required for the Issuer to satisfy its covenant in Section 4.2(b)(iv) of the Investment Agreement, and the Issuer is otherwise in compliance with its covenants under the Investment Agreement in relation to obtaining such Regulatory Approvals, such Hydro Assets Reorganization Event shall constitute a Cash Acceleration Event and not an Additional Early Exchange Event.</font></div>

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<table id="z04f70fa8bb7e4aaaaf3dc5cc31822b8b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Hydro Equity Interest Amount</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Satisfaction of the Exchange Price upon the exercise of the Exchange Right shall be by delivery to the Investor of the Hydro Equity Interest determined in accordance with Section 2.1, provided that the aggregate of the Hydro SPV Equity issued to the Investor upon such Exchange shall not exceed 49% of the Hydro SPV Equity then outstanding. To the extent such Hydro SPV Equity would otherwise so exceed 49%, the Issuer shall pay additional consideration to the Investor for the Securities, in cash, in an amount equal to the amount by which the aggregate Redemption Price for all Securities exceeds the product of the Tax Affected Hydro SPV Equity Value multiplied by 49%.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z704a6af59f9c4f29ad4e4bd0d500879d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Early Exchange True-Up Adjustment</u></div>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the Exchange Right is exercised by the Investor at any time prior to December&#160;31,&#160;2024, a true-up adjustment (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">True-Up Adjustment</font>&#8221;) to the Hydro Equity Interest shall be made by the Investor to the Issuer or by the Issuer to the Investor, as the case may be, in an amount equal to the product obtained by multiplying (x) the positive difference between (A) the Deemed Hydro SPV Equity Value and (B) the Tax Affected Hydro SPV Equity Value based on a three (3) year period occurring between January 1, 2025 and ending December 31, 2028 (such 3 year period (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Three Year Period</font>&#8221;) to be selected by the Investor, and such positive difference referred to herein as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Value Difference</font>&#8221;), by (y) the Hydro Equity Interest acquired by the Investor upon such exercise (and, for clarity, if (A) is greater than (B), such payment shall be owing by the Issuer to the Investor, and if (B) is greater than (A), such payment shall be owing by the Investor to the Issuer).&#160; Any such adjustment shall be deemed to be an adjustment to the purchase price of the Hydro Equity Interest.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The True-Up Adjustment shall be settled through the transfer of that percentage of Hydro SPV Equity (rounded to two decimal places) by one party to the other as set forth in Section 2.4(a) determined by dividing (x) the Value Difference, by (y) the Tax Affected Hydro SPV Equity Value calculated in the same manner as set forth in Section 2.4(a); provided that in no event shall such True-Up Adjustment result in the Investor and its Affiliates, collectively, owning more than a 49% Hydro Equity Interest. To the extent such Hydro Equity Interest would otherwise exceed 49%, the Issuer shall pay to the Investor a cash amount equal to the product obtained by multiplying (x) that portion of such Hydro Equity Interest that would otherwise exceed 49% by (y) the Tax Affected Hydro SPV Equity Value calculated in the same manner as set forth in Section&#160;2.4(a).</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Investor shall notify the Issuer in writing of the Three Year Period selected by the Investor pursuant to Section 2.4(a) for calculation of any True-Up Adjustment<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>(provided that such notice shall be provided not later than March 31, 2029) and the Issuer shall, within 10&#160;Business Days of the later of (i) the Investor notifying the Issuer of such Three Year Period </font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 16 -</font></div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">and (ii) the date on which the Issuer has available to it the necessary financial information, and had prepared the necessary financial reports, in order to calculate the quantum of the True-Up Adjustment for such Three Year Period, notify the Investor in writing (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">True-Up Notice</font>&#8221;) of the quantum of such True-Up Adjustment. The True-Up Adjustment shall be settled using the procedures set out in Article&#160;5 within ten (10) days of delivery of the True-Up Notice, unless the Investor in good faith disputes the True-Up Notice, in which case the True-Up Adjustment shall be settled within five (5) Business Days of the parties agreeing to the calculation of the True-Up Adjustment.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Cash Payments</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">To the extent that cash payments are made by the Issuer to the Investor pursuant to Section 2.3 such cash shall be applied first as a payment for Redeemable Shares and as to any balance after such application, secondly as a payment for Debentures.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf6cee04f65f6451fbb0d5c369166dbca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Top-Up Option</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If at the time the Exchange Right is exercised the Hydro Equity Interest to be delivered to the Investor under this Agreement, together with any Hydro Equity Interest delivered or to be delivered to any Affiliates of the Investor, is not equal to 49% of the Hydro SPV Equity, the Investor shall have a one-time option (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Top-Up Option</font>&#8221;), exercisable until December 31, 2028 by delivery of written notice to the Issuer by or on behalf of the Investor (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Top-Up Notice</font>&#8221;), to acquire the following additional Hydro SPV Equity provided that the Investor, together with its Affiliates, holds at the time of exercise of the Top-Up Option at least 8.5% of the issued and outstanding Common Shares:</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z92a77828e32d491a8f7b0a60c5d95187" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">if the 20 day VWAP of the Common Shares at the time the Exchange Right is exercised is not less than $14, up to an additional 10% of the Hydro SPV Equity (provided that the maximum Hydro Equity Interest held by the Investor and its Affiliates, collectively, after giving effect thereto shall not exceed a 49% Hydro Equity Interest), or</div>
</td>
</tr>
</table>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb5d42d291da241a184310d5525da9453" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">if the 20 day VWAP of the Common Shares at the time the Exchange Right is exercised is not less than $17, that percentage of additional Hydro SPV Equity that would allow the Investor and its Affiliates, collectively, to hold 49% of the Hydro SPV Equity,</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">in each case by the Investor paying to the Issuer, in cash, for such additional Hydro SPV Equity an amount equal to the Hydro SPV Equity Value multiplied by the additional percentage of Hydro SPV Equity so acquired; provided, however, that if the Early Exchange Event is in respect of a Hydro Assets Reorganization Event, the Investor will instead pay the Tax Affected Hydro SPV Equity Value multiplied by the additional percentage of Hydro SPV Equity so acquired.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding the foregoing and regardless of the number of issued and outstanding Common Shares then owned by the Investor, if at the time the Exchange Right is exercised, the aggregate Redemption Price for all of the Securities is not sufficient to permit Investor to acquire at least a 25% interest in the Hydro SPV Equity, the Investor shall have the option to acquire that percentage of additional Hydro SPV Equity that would allow the Investor and its Affiliates, collectively, to hold 25% of the Hydro SPV Equity for a price equal to the Hydro SPV Equity Value multiplied by the additional percentage of Hydro SPV Equity so acquired and </font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 17 -</font></div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">paid by the Investor to the Issuer in cash.&#160; If the Investor exercises the Top-Up Option, the Investor will become subject to the Additional Lock-Up Period as defined in and on the terms described in the Investment Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z394cfc897bd54f89ae1d295e0078114b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Exercise of Exchange Right</u></div>
</td>
</tr>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Upon the occurrence of an Early Exchange Event the Issuer shall, as soon as reasonably practicable (and in no event later than three (3) Business Days) of becoming aware of the occurrence of the Early Exchange Event, deliver written notice thereof (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event Notice</font>&#8221;) to the Investor; provided, however, that failure to provide an Early Exchange Event Notice shall not diminish or otherwise affect the rights and remedies of the Investor hereunder.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">At any time after the occurrence of an Early Exchange Event the Investor may require the Issuer to Exchange all and not less than all of the Securities for the applicable Hydro Equity Interest by delivering written notice thereof (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Notice</font>&#8221;) to the Issuer. If an Exchange Notice is delivered by the Investor pursuant to this Section 2.7(b), (i) the Securities shall be Exchanged by the Issuer, on a date fixed by the Issuer, which shall not be later than ten days (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Date</font>&#8221;) after the Issuer&#8217;s receipt of such Exchange Notice, and (ii) the Issuer shall deliver the applicable Hydro Equity Interest to the Investor in accordance with Article&#160;5 on the Mandatory Redemption Date.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Exchange Request by Investor</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">If the Investor is entitled to exercise the Exchange Right other than pursuant to an Early Exchange Event, the Investor may elect to exercise the Exchange Right by delivering to the Issuer, in accordance with the closing procedures set out in Article&#160;5, the applicable Closing Documents together with an Exchange Notice and specifying any Top-Up Option being exercised (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Request</font>&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Solvency Restrictions</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding any other provision of this Agreement, the Issuer is not obligated to Exchange Securities pursuant to an Exchange Notice to the extent that such Exchange of Securities would be contrary to solvency requirements of the Act or any other provision of applicable Law.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the Issuer believes that on any Exchange Date it would not be permitted by any provision of applicable Law or by the terms of any Securities to Exchange the Securities tendered for Exchange on the Exchange Date, the Issuer is only obligated to Exchange the maximum number of Securities that may be so Exchanged (rounded down to the nearest whole number of shares) as would not be contrary to such provisions and will notify the Investor at least two (2) Business Days prior to the Exchange Date as to the number of Securities that will not be Exchanged by the Issuer.&#160; In the event that all Securities are not Exchanged as a result of Section 2.9(a), the Exchange Right shall be adjusted accordingly to provide that the Holder of any such Securities shall at any time thereafter be entitled to exercise the Exchange Right upon the restrictions in Section 2.9(a) no longer being applicable, and the amounts to be delivered in accordance with such Exchange shall be determined based on the Tax Affected Hydro SPV Equity Value at the time of the initial Exchange Notice.</font></div>

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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Consideration</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The consideration payable by the Investor for the rights hereunder shall be $250,000, to be paid upon execution of this Agreement.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.11</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Calculation of Hydro Equity Interest Percentage</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Unless otherwise expressly provided or the context otherwise requires, for purpose of this Article&#160;2 any calculation of the percentage of the Hydro SPV Equity owned or held by the Investor or its Affiliates shall include the aggregate of all Hydro Equity Interests owned or controlled, whether directly or indirectly, beneficially or otherwise, by the Investor or any of its Affiliates.</div>

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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>REPRESENTATIONS AND WARRANTIES</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Representations and Warranties of the Issuer</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Issuer represents and warrants to the Investor as follows as of the date hereof, and acknowledges that the Investor is relying on such representations and warranties in entering into this Agreement:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Organization.</u></font> The Issuer is a corporation or other legal entity duly incorporated or organized, as applicable, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable, and has all requisite power and authority to own, lease and operate its assets and properties and conduct its business as now owned and conducted.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Authorization, Execution and Enforceability.</u></font> The Issuer has the requisite corporate power and authority to enter into this Agreement to perform its obligations hereunder. This Agreement (i) has been duly authorized, (ii) has been duly executed and delivered by the Issuer, and (iii) is a valid and binding agreement of the Issuer, enforceable against the Issuer in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws affecting creditors&#8217; rights generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>No Violation.</u></font> The execution and delivery by the Issuer of this Agreement, and the performance by it of its obligations hereunder, including the Exchange of the Securities for the Hydro Equity Interest in accordance with the terms and conditions contained herein: (i) will not result in any violation of the provisions of the Articles or by-laws of the Issuer; (ii) will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any Material Contract or material Authorization to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; and (iii) will not, assuming compliance with the matters referred to in Section 3.1(i) of the Investment Agreement, result in any violation of the provisions of any Law or Order applicable to the Issuer or any of its Subsidiaries, except, in the case of clauses (ii) and (iii), as would not reasonably be expected to have a </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Material Adverse Effect or, in the case of any Contract, Law or Order applicable to the Hydro Assets Business, a Hydro Material Adverse Effect.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Representations and Warranties of the Investor</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Investor hereby represents, warrants and acknowledges to the Issuer as follows as of the date hereof, and acknowledges that the Issuer is relying on such representations, warranties and acknowledgements in connection with the entering into of this Agreement and the performance of its obligations hereunder:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Organization</u></font>. It is organized and validly existing under its jurisdiction of origination or formation, with power (corporate or other) and authority to complete the transactions to be completed by it as contemplated in the Transaction Agreements.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Authorization</u></font>. It has the requisite power and authority to enter into each of the Transaction Agreements to which it is a party, and to perform its obligations thereunder. Each of the Transaction Agreements to which it is a party (i) has been duly authorized, (ii) has been (or, in the case of the Registration Rights Agreement, will be) duly executed and delivered by it and (iii) is (or, in the case of the Registration Rights Agreement, will be) a valid and binding agreement of it, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws affecting creditors&#8217; rights generally and subject to the qualification that equitable remedies may be granted in the discretion of a court of competent jurisdiction.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>No Violation</u></font>. The execution and delivery by it of each Transaction Agreement to which it is a party, and the performance of its obligations thereunder, including the purchase of the Securities, does not and will not result in any violation of the (i) provisions of its constating documents or (ii) the provisions of any Law or Order applicable to it, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to materially delay or hinder the ability of such Investor to perform its obligations under the Transaction Agreements.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>EARLY EXCHANGE EVENTS</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Additional Early Exchange Events</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Until the Securities have been, in the case of the Debentures, redeemed or repaid pursuant to the terms of the Debentures or in the case of the Redeemable Shares, redeemed pursuant to the Articles, or, in either case, Exchanged pursuant to the Exchange Right or otherwise satisfied in accordance with their respective terms, the occurrence of any one or more of the following events or circumstances shall, unless and to the extent of any exception therefrom provided for in any written waiver or consent from the Investor (which waiver or consent may be withheld by the Investor in its absolute and sole discretion), constitute an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Additional Early Exchange Event</font>&#8221;:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer or any Hydro Assets Subsidiary providing a guarantee pursuant to clause (c) of the definition of Permitted Indebtedness is in default under the terms </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">of the Credit Agreement, if such default (i)&#160;would reasonably be expected to lead the lenders under the Credit Agreement to take steps to accelerate the indebtedness under such Credit Agreement prior to its express final maturity or (ii) has, due to the passage of time or other terms in the Credit Agreement, resulted in an Event of Default (as such term is defined under the Credit Agreement, or any equivalent term used in an amendment, modification, restatement or replacement to the Credit Agreement to define the circumstances in which the lenders under such Credit Agreement are permitted to accelerate the indebtedness under such Credit Agreement prior to its express final maturity);</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">except for a Permitted Hydro Asset Sale after the Hydro Assets Reorganization or a Transfer to an Affiliate of the Issuer at any time prior to the Hydro Assets Reorganization, the Issuer (i) ceases to carry on the Hydro Assets Business in the Ordinary Course, (ii) materially reduces the scale of the Hydro Assets (as compared to the Hydro Assets Business on the date hereof) or (iii) makes any Divestitures of the Hydro Assets to a third party, except in each case for purposes of effecting the Hydro Assets Reorganization;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer creates, issues, incurs or assumes any (i) indebtedness for borrowed money (other than Permitted Indebtedness) of the Issuer or any of its Subsidiaries with recourse to the Hydro Assets Owner or any of the Hydro Assets, or (ii) creates, incurs, assumes or permits to exist any Encumbrances (other than Permitted Encumbrances) on the Hydro SPV Equity or on any of the Hydro Assets;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(d)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer issues Securities to any Person other than Brookfield or Investor (or any permitted assignee of Investor) or any of their respective Affiliates;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer fails to promptly provide notice to the Investor of any fact, circumstance, or event that could reasonably be expected to result in an Early Exchange Event of the type specified in Section 4.1(a);</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer fails to maintain the Hydro Assets as a whole in all material respects in accordance with good industry practice, in good working order subject to ordinary wear and tear for equipment of similar age and condition; or</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Issuer fails to complete the Hydro Assets Reorganization in accordance with Section 4.10 of the Investment Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Exchange Right is Exclusive Remedy</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Early Exchange Events contained in this Article&#160;4 and in Article&#160;2 have been included only for purposes of determining whether an Early Exchange Event has occurred. The Investor&#8217;s right to exercise the Exchange Right, pursuant to and on the terms and conditions provided therefor in Article&#160;2 shall be the sole and exclusive remedy for any Early Exchange Event contained in this Article&#160;2 or Article&#160;4.&#160; For greater certainty, nothing herein shall restrict the exercise of any additional or alternative rights or remedies of the Investor that are contained in any other Transaction Agreement.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>CLOSING</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Exchange, True-Up and Top-Up Procedures</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For purposes of completing an Exchange, the Issuer will, within the time periods specified in Section 2.7 or within ten (10) days of receiving an Exchange Request pursuant to Section 2.8, as applicable, cause to be delivered to the Investor (as the Holder of all of the Securities), pursuant to Section 2.3, the Hydro Equity Interest to be delivered (and, if applicable, the additional cash consideration to be paid) to the Investor against delivery of the applicable Closing Documents.&#160; For purposes of settling the True-Up Adjustment in circumstances where Section 2.4 provides that a payment is owing by the Issuer to the Investor, the Issuer will, within the time periods specified in Section 2.4 and against delivery of the applicable Closing Documents, cause to be transferred to the Investor the additional Equity Interest in the Hydro Assets Owner to be transferred to the Investor (and, if applicable, the additional cash consideration to be paid to the Investor) pursuant to Section 2.4.&#160; For purposes of completing an exercise of the Top-Up Option, the Issuer will, within ten (10) days of receiving the Top-Up Notice and against delivery of the applicable Closing Documents, cause to be delivered to the Investor the additional Equity Interest in the Hydro Assets Owner to be acquired by the Investor as a result of such exercise of the Top-Up Option pursuant to Section 2.6.&#160; The Issuer&#8217;s delivery obligations in this Section 5.1(a) for any Exchange, True-Up Adjustment or Top-Up Option are each subject to the Issuer having received all of the Closing Documents applicable therefor.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Satisfaction by the Issuer of an Exchange, the Top-Up Option or the True-Up Adjustment, as applicable, will be made by delivery to the Investor, at the address of the Investor recorded in the applicable securities register of the Issuer or by holding for pick-up by the Investor (at the registered office of the Issuer), certificates registered in the name of the Investor or other documents evidencing the applicable Equity Interest in the Hydro Assets Owner to be delivered (and, if applicable, the additional cash consideration to be paid) to the Investor pursuant to Section 2.3 (in the case of an Exchange), Section 2.4 (in the case an exercise of the True-Up Adjustment) or Section 2.6 (in the case an exercise of the Top-Up Option).</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On and after the Exchange Date, the Securities shall cease to be outstanding and no Holder of the Securities will be entitled to exercise any of the rights of Holders in respect of the Securities, other than the right to receive the Hydro Equity Interest to be delivered (and, if applicable, the cash to be paid) to the Investor pursuant to Section 2.3 for their Securities, unless delivery of such Hydro Equity Interest is not made upon presentation and surrender of the Closing Documents in accordance with the foregoing provisions, in which case the rights of the Holders remain unaffected until such Hydro Equity Interest and cash, as applicable, have been delivered.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any presentation and surrender by or on behalf of a Holder of Securities to the Issuer of certificates representing Securities in connection with the Exchange of Securities must be made by delivery to the registered office of the Issuer, addressed to the attention of the President of the Issuer.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any such presentation and surrender of certificates is deemed only to have been made and to be effective upon actual receipt thereof by the Issuer.</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Closing Deliveries of the Investor</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Investor shall deliver or cause to be delivered to the Issuer the following documents (collectively, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Closing Documents</font>&#8221;) (i) within ten (10) days of issuing an Exchange Request, a True-Up Notice or a Top-Up Notice, (ii) in the case of an Exchange Request where the Exchange Date is a Mandatory Redemption Date, not later than such Mandatory Redemption Date, or (iii) in the case of a True-Up Adjustment that is disputed, within five (5) Business Days of the parties agreeing to the calculation of the True-Up Adjustment in accordance with Section 2.4(c):</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">a certificate signed by two senior officers of the Investor containing a representation and warranty by the Investor in favour of the Issuer that, (i) the Investor is a Qualified Canadian Holder and, (ii) in the case of an Exchange, the Investor is the Holder of all of the Securities to be Exchanged;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the case of an Exchange, the certificates representing the Securities to be Exchanged and such other documents and instruments as may be required to effect a transfer of such Securities under the Issuer&#8217;s and the Hydro Asset Owner&#8217;s respective governing statute and regulations, and under the Articles or other constating documents;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">if a Top-Up Option has been exercised, payment in immediately available funds of the amount required to satisfy the Top-Up Option;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the case of a True-Up Adjustment, the certificates or other documents representing the Hydro Equity Interests of the Investor that are to be transferred, together with duly executed transfer(s) in blank; and</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">such additional documents and instruments as the Issuer may reasonably require.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>TERMINATION</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Termination</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement may be terminated at any time by mutual written consent of the Issuer and the Investor and shall terminate automatically upon the termination of the Investment Agreement (excluding, for clarity, any termination of the Investment Agreement in respect of the Second Funding Date pursuant to Section 8.1(b) of the Investment Agreement which shall have no effect on this Agreement).&#160; Upon such termination, neither party will have any liability or obligations to the other party under this Agreement or the Transaction Agreements.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement may be terminated by either the Issuer or the Investor after June&#160;30,&#160;2029, provided the Exchange Right has been fully exercised.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If this Agreement is terminated by the parties in accordance with this Section 6.1 hereof, this Agreement shall become void and of no further force and effect and none of the parties hereto shall have any liability in respect of a termination of this Agreement, except that nothing herein shall relieve any party from any liability for any breach of the provisions of this </font></div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Agreement (including from any inaccuracy in its representations and warranties and any non-performance by it of its covenants made herein) prior to the termination of this Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ARTICLE&#160;7</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>MISCELLANEOUS</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Notices</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed as follows:</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the case of the Investor:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">Eagle Hydro II LP</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">[Address]</div>

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</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Attention:</font>&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">[Name]</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><br style="LINE-HEIGHT: 1.25">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>with a copy (which shall not constitute notice) to:</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">To</font>rys LLP<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">[Address]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Attention:</font>&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">[Name]</font></div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font></font></div>

<br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the case of the Issuer:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>TransAlta Corporation<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">[Address]</font></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt"><br style="LINE-HEIGHT: 1.25">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Attention:</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Name]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">E-mail:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font></div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">with a copy (which shall not constitute notice) to:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">Davies Ward Phillips &amp; Vineberg LLP</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">[Address]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attention:</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Name]</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">E-mail:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after 5:00 p.m. (Calgary time) at the place of receipt, then on the next following Business Day) or, if mailed, on the third Business Day following the date of mailing; provided, however, that if at the time of mailing or within three Business Days thereafter there is or occurs a labour dispute or other event which </font></div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 24 -</font></div>

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</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">might reasonably be expected to disrupt the delivery of documents by mail, any notice or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication as aforesaid.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any party may at any time change its address for service from time to time by giving notice to the other party in accordance with this Section 7.1.</font></div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>One Voice Rule</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Each Holder of an Security, by its acceptance of a Transfer of an Security is deemed to acknowledge and agree that the Investor shall be the sole representative of such Holder for all purposes of the Securities, and the Issuer shall be entitled to deal with the Investor as the sole representative of such Holder and only the Investor shall have the power and authority to exercise all of the rights and powers granted by the Issuer to the Investor pursuant to the Securities the Investment Agreement and this Agreement. All actions taken by the Investor in connection with the Securities shall apply to and be effective and binding upon the Holder (including any subsequent permitted transferee) as if taken by the Holder directly. Except as expressly provided for herein, (i) the Issuer shall not be obligated to deal with the Holder (including any permitted transferees) in respect of any action taken or to be taken with respect to the Security or this Agreement and (ii) all notices that the Issuer is required to provide in respect of any such actions or otherwise in connection with an Security or this Agreement may be satisfied in all cases by providing such notice to the Investor.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z22e9fa1f15144d1a86701cff28b46372" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Amendments and Waivers</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">No amendment or waiver of any provision of this Agreement shall be binding on any party unless consented to in writing by such party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.</div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Assignment</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">No party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other party, provided that (i) the Investor may assign the rights and obligations under this Agreement to an Affiliate (any such affiliate, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Assignee</font>&#8221;) and (ii) a Holder may grant a security interest on a Debenture or Redeemable Share, in each case in favour of one or more Canadian Financial Institutions to secure indebtedness for borrowed money owed by the Holder to such Canadian Financial Institutions under a bona fide credit facility (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Financing Facility</font>&#8221;), which indebtedness (x) is in an aggregate principal amount (when taken together with all other indebtedness incurred by all other Holders under a Financing Facility) not in excess of $325,000,000 at any one time and (y) is incurred following the date hereof in order to finance any of the Initial Purchase Price and/or Second Purchase Price (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Pledge</font>&#8221;).&#160; At any time that there is a Permitted Pledge, the Holder that granted that security interest shall (and cause each of its Affiliates that is an obligor, or otherwise the subject of any covenants, under a Financing Facility to) use commercially reasonable efforts to comply with the terms and conditions of, and not be in default of its payment or other obligations under, the applicable Financing Facility.&#160; In addition, in the event the Investor obtains any Financing Facility, the Investor hereby undertakes and agrees with the Issuer that any interest paid by the Issuer on the Debentures to the Holders thereof, and any dividends paid by the Issuer on the Redeemable Shares to the Holders thereof, shall be deposited by the Investor in a segregated account in </div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 25 -</font></div>

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</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">respect of which the lenders pursuant to such Financing Facility have a security interest and which account is subject to an account control agreement with such lenders (or an agent on their behalf) that restricts distributions being made from such account unless the principal and interest payments then owing under such Financing Facility have been paid.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>No Recourse Against Others</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">No Subsidiary or Affiliate of the Issuer has guaranteed, and none of them shall have any liability for, any obligations of the Issuer under this Agreement.&#160; No director, officer, employee or shareholder of the Issuer or any of its Subsidiaries or Affiliates, as such, shall have any liability for any obligations of the Issuer under this Agreement, or for any claim based on, in respect of, or by reason of such obligations.&#160; The Investor waives and releases all such liability.&#160; The waiver and release are part of the consideration for this Agreement.</div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Successors and Assigns</u></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Further Assurances</u></div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Each of the parties hereto shall, from time to time hereafter and upon any reasonable request of the other, promptly as practicable do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Counterparts</u></div>
</td>
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</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">This Agreement and all documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall be construed together to be an original and will constitute one and the same agreement.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">7.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Expenses</u></div>
</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Except as otherwise set forth herein, each party will bear their own expenses in connection with the negotiation, preparation, execution and performance of this Agreement and the other Transaction Agreements and the transactions contemplated herein and therein.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">[Remainder of page left intentionally blank.]</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 18pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">IN WITNESS WHEREOF this Agreement has been executed by the parties on the date first written above.</div>

<div style="TEXT-ALIGN: right">
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<td style="WIDTH: 44.44%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>
</td>
</tr>

<tr>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">by</div>
</td>
<td style="WIDTH: 39.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Brett Gellner (signed)</div>
</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.95%; VERTICAL-ALIGN: top">Brett Gellner</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.95%; VERTICAL-ALIGN: top">Chief Strategy and Investment Officer</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 39.23%; VERTICAL-ALIGN: bottom" colspan="2">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 39.23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">John Kousinioris (signed)</div>
</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.95%; VERTICAL-ALIGN: top">John Kousinioris</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.95%; VERTICAL-ALIGN: top">Chief Growth Officer</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: right">
<table id="z2c3fbec476404c1b9a68e8006d169d64" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 44.44%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EAGLE HYDRO II LP by its general </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">partner, EAGLE HYDRO </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INVESTMENTS GP INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">by</div>
</td>
<td style="WIDTH: 39.23%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Mabel Wong (signed)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.78%; VERTICAL-ALIGN: top">Mabel Wong</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.78%; VERTICAL-ALIGN: top">Managing Director</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP-COLOR: ; WIDTH: 39.23%; VERTICAL-ALIGN: bottom; BORDER-LEFT-COLOR: ; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: " colspan="2">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 39.23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">James Rickert (signed)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.78%; VERTICAL-ALIGN: top">James Rickert</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7.6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
</td>
<td style="WIDTH: 32.78%; VERTICAL-ALIGN: top">President</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Signature Page to the Exchange and Option Agreement<br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; TEXT-ALIGN: right; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>EBITDA CALCULATION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">((C + (P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S1 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S</sup>) +(P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S2 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S</sup>) + (P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S3 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S</sup>) +(P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E1 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E</sup>) +(P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E2 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E</sup>) + (P<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E3 </sup>x V<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E</sup>) &#8211; OMA)/3) minus SCX</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Where:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zd80619bb4ff64775ab63a00ab08ec840" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right">C</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aggregate value of the capacity payments (less all applicable penalties) and all payments received for environmental attributes (green credits), black start services and flood and reservoir management services by the Hydro Assets and any other revenue received by the Hydro Assets in each of the three years prior to the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5e0ba9a889324b6a9498f4be3f0f2705" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S1</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for ancillary services (on a per MWh basis) received by the Hydro Assets in the year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z2cdae2acf895470cad87c42e68c1417f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S2</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for ancillary services (on a per MWh basis) received by the Hydro Assets in the second year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zba1a0535a2104fd18926e47937392bf3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S3</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for ancillary services (on a per MWh basis) received by the Hydro Assets in the third year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0597a65d857e4c5baef6409183fae79c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">V</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">A/S</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Average annual quantity of ancillary services (on a MWh basis) sold by the Hydro Assets over the 10-year period immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc83466d4a4134fce8ccbce5b05502647" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E1</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for energy (on a per MWh basis) received by the Hydro Assets in the year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0b1bf006a3da4c78b9dce4808332bac0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E2</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for energy (on a per MWh basis) received by the Hydro Assets in the second year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc71abb8a44be4134a9fcf9a2b7391daa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">P</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E3</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Realized average price for energy (on a per MWh basis) received by the Hydro Assets in the third year immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z84c6226b1ca64cfa8a3ee9cc01e07a0e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">V</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">E</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Average annual quantity of energy (on a MWh basis) sold by the Hydro Assets over the 10-year period immediately preceding the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="za50cbd1461794c57aaf7f151c5d7e127" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right">OMA</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Aggregate costs of fuel and purchased power, company use electricity, contract manpower, general operating expenses, insurance, materials, property tax, royalties, salaries and wages and service allocations (IT, legal and other) associated with the Hydro Assets in each of the three years prior to the date of the exercise of the Exchange Right or the occurrence of the Early Exchange Event, as applicable.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zd6107b51d51b410da231e7595819d3de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 57.6pt; VERTICAL-ALIGN: top; align: right">SCX</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">SCX is $10 million being the deemed amount of aggregate annual sustaining capital expenditures period.</div>
</td>
</tr>
</table>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">In the event of any material damage, condemnation or destruction to the Hydro Assets, with respect to any determination of Tax Affected Hydro SPV Equity Value or Hydro SPV Equity Value to be made </div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<!--PROfilePageNumberReset%Num%2%- % -%-->
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">subsequent to such event, the Issuer and the Investor shall, acting reasonably and in good faith, equitably adjust the calculation of Tax Affected Hydro SPV Equity Value and Hydro SPV Equity Value to reflect such damage, condemnation or destruction and the anticipated impact on EBITDA as compared with EBITDA that would otherwise be used to determine Tax Affected Hydro SPV Equity Value or Hydro SPV Equity Value, as applicable.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">An independent accounting firm to be jointly engaged, and to be agreed upon, by the parties before the Exchange or in respect of any exercise of a Top-Up Option or delivery of a True-Up Notice, shall verify the Issuer&#8217;s calculation of the EBITDA.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; TEXT-ALIGN: right; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 2 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE B<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>TAX DEFICIENCY CALCULATION</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="TEXT-ALIGN: right">
<table id="zfa75740e1377485ba3ce6c288bc73893" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; WIDTH: 56.33%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>UCC Deficiency</u></div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal"><u>Notes</u></font>:</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">A</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Hydro SPV Equity Value</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As defined in the Exchange and Option Agreement</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">B</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Value of Assets with no Tax Depreciation</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fair market value of any non-depreciable assets determined on the date the Exchange Right is exercised</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">C</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total UCC Available</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tax pools available in the Hydro Assets Owner on the date the Exchange Right is exercised</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">D = A &#8211; B &#8211; C</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">UCC Deficiency</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 56.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="TEXT-ALIGN: left; FONT: bold 10pt/1.25 Arial"><u>Tax Deficiency Calculation</u></div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">D</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">UCC Deficiency</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">E</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CCA</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Weighted average CCA rate based on the tax pools<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>available in the Hydro Assets Owner on the date the Exchange Right is exercised</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
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<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">F</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tax Rate</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Combined Alberta and Federal Tax rate on the date the Exchange Right is exercised</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">G</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Discount Rate of 7%</div>
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<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">H = ((DxExF)/(E+G))</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tax Deficiency Value</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 56.33%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="TEXT-ALIGN: left; FONT: bold 10pt/1.25 Arial"><u>Tax Adjusted Value and BAM Ownership</u></div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">A</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Hydro SPV Equity Value</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">H</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Less Tax Deficiency Value</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">I = A &#8211; H</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tax Affected Hydro SPV Equity Value</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">J</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment Amount</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
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<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">J/I</div>
</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investor&#8217;s ownership percentage</div>
</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 18.89%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 37.43%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="WIDTH: 43.67%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
</tr>
</table>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Unless both parties agree otherwise, an independent tax accounting firm to be jointly engaged, and to be agreed upon, by the parties before the Exchange, shall verify the Issuer&#8217;s calculation of the tax pools and the Tax Deficiency Value.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE C<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>FORM OF ARTICLES OF AMENDMENT</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>SCHEDULE OF SHARE TERMS FOR SERIES I FIRST PREFERRED SHARES</u></div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The ninth series of First Preferred Shares of the Corporation shall consist of 400,000 shares designated as Redeemable First Preferred Shares, Series I (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Series I Preferred Shares</font>&#8221;). In addition to the rights, privileges, restrictions and conditions attaching to the First Preferred Shares as a class, Series I shall have attached thereto the following rights, privileges, restrictions and conditions:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Interpretation.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Definitions</u></font>.&#160; In these Series I Preferred Share provisions, the following expressions have the meanings indicated:</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Affiliate</font>&#8221; means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and for the avoidance of doubt, in the case of the Investor, &#8220;Affiliate&#8221; includes investment funds managed by Brookfield or its Affiliates but does not include any Affiliates of the Investor that operate behind an information wall erected to prevent exchanges or communication of non-public information that could result in conflicts of interest or breaches of Securities Laws.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Articles</font>&#8221; means the articles of amalgamation of the Corporation, as supplemented, amended or replaced from time to time.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Board of Directors</font>&#8221; means the board of directors of the Corporation, as constituted from time to time.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Brookfield</font>&#8221; has the meaning specified in the Investment Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(v)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Business Day</font>&#8221; means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in both Calgary, Alberta and Toronto, Ontario.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Financial Institution</font>&#8221; means &#8220;Canadian financial institution&#8221; as defined in Section 1.1 of National Instrument 45-106 - Prospectus Exemptions.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Event</font>&#8221; means, subject to Section 2.3(b) of the Exchange and Option Agreement, the occurrence of an event or circumstance specified as such in Section 6(b)(ii).</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">CBCA</font>&#8221; means the Canada Business Corporations Act.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Common Shares</font>&#8221; means the common shares in the capital of the Corporation, as constituted from time to time.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(x)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Corporation</font>&#8221; means TransAlta Corporation.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xi)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debentures</font>&#8221; means the unsecured subordinated debenture in the principal amount of $350,000,000 issued&#160; by the Corporation to Eagle Investment II LP on May 1, 2019 and includes any other unsecured, subordinated debentures issued by the Corporation pursuant to the Investment Agreement and having identical terms and conditions to the first debenture.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Dividend Payment Date</font>&#8221; means the last day of February, May, August and November, in each year; provided that, if such date is not a Business Day, the applicable Dividend Payment Date will be the next succeeding Business Day.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xiii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xiv)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange</font>&#8221; means an Exchange of the Securities as defined in and pursuant to and on the terms and conditions of the Exchange and Option Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xv)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange and Option Agreement</font>&#8221; means the exchange and option agreement dated as of May 1, 2019 between the Corporation and the Investor.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xvi)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Right</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>
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<table id="z5760dbc2928241f78cace69e5af738ef" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xvii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Right Approvals</font>&#8221; means approvals of a Governmental Entity that, if not obtained, would prevent the Corporation from satisfying the Investor&#8217;s exercise of the Exchange Right; provided that, for greater certainty, such approvals do not include any Regulatory Approvals required in connection with the completion of the Hydro Assets Reorganization.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xviii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">First Preferred Shares</font>&#8221; means the first preferred shares of the Corporation, as specified in the Articles.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xix)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Governmental Entity</font>&#8221; means (a) any international, multinational, national, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, (including an independent quasi-judicial tribunal), commission or board (including any independent system operator), arbitral body, bureau, ministry, agency or instrumentality, domestic or foreign, (b) any subdivision or authority of any of the above, (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing or (d) any stock exchange. For the avoidance of doubt, &#8220;Governmental Entity&#8221; includes Securities Regulators (as defined in the Exchange and Option Agreement), the Alberta Utilities Commission, the Federal Energy Regulatory Commission and the North American Electric Regulatory Corporation and any applicable regional reliability entity, electric system </div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 2 -</font></div>

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<table id="z19e0a6e4021d4517967ad3cab55373c2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">operator, public utilities commission, public service commission or equivalent entity.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xx)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holder</font>&#8221; in respect of Series&#160;I Preferred Shares means the Investor and at any time the Series I Preferred Shares are transferred in accordance with their terms, the Permitted Transferees in whose name the Series I Preferred Shares are registered.</div>
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<table id="z9adff38b484c4fdd8216bf713a7048d2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxi)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Reorganization</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>
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<table id="z83791d2fb2b840c8b20137e028c63e79" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Reorganization Event</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>
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<table id="zace50cadfd8746b6814c9e6663c3c593" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxiii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Agreement</font>&#8221; means the investment agreement dated as of March 22, 2019, between the Corporation and the Investor (to whom the Investment Agreement was assigned by Brookfield BRP Holdings (Canada) Inc. to the Investor on April 30, 2019), as amended, supplemented, restated, converted, exchanged or replaced from time to time.</div>
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<table id="z65229e4959aa4f27bacba0f58c01fa45" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxiv)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investor</font>&#8221; means Eagle Hydro II LP, a limited partnership existing under the laws of Ontario, or, at and after the time, if any, that all of the rights of the party that is the &#8220;Investor&#8221; under the Exchange and Option Agreement is assigned to a Permitted Assignee in accordance with the terms of the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>Exchange and Option Agreement, the Permitted Assignee to whom such rights have been so assigned.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxv)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Liquidation Date</font>&#8221; has the meaning specified in Section&#160;5(a).</div>
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<table id="zc84a3fc069404d72aa07501c8f6109f5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxvi)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Liquidation Event</font>&#8221; has the meaning specified in Section&#160;5(a).</div>
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<table id="z945a8b234eab4d2ba4ccd8410c6ad210" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxvii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption</font>&#8221; has the meaning specified in Section&#160;6(f).</div>
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<table id="z05465678ad7640caa147d398c7e4f7a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxviii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Date</font>&#8221; has the meaning specified in Section&#160;6(f)(ii).</div>
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<table id="zd488b4e884684a3e998268998dd2cdb8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption</font>&#8221; has the meaning specified in Section 6.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxx)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Payment Date</font>&#8221; means the Liquidation Date, Redemption Date or Mandatory Redemption Date, as applicable.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z05885571eb1f4068bfc35332c043e0eb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Person</font>&#8221; has the meaning specified in the Investment Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z09214b97671d461a8315dd5d846f9af6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Pro Rated Dividend</font>&#8221; means the amount determined by multiplying the amount of the dividend payable for a Quarter in which a Liquidation Event, Redemption Event or Exchange is to occur by four and multiplying that product by a fraction, the numerator of which is the number of days from and including the Dividend Payment Date immediately preceding the date fixed for a Liquidation Event, conversion or redemption to but</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 3 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zfa608c66672c4354b274959a1c67501f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">excluding such date and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year.</div>
</td>
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</table>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="za378318b189546f3bcbe136299dd855e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxiii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Quarter</font>&#8221; means a three-month period ending on a Dividend Payment Date.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z99361ea9f1a448e5b8520ef779ed2714" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxiv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Quarterly Commencement Date</font>&#8221; means the last day of March, June, September and December in each year, commencing September 30, 2019.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zbee7ac06e9864476a0bd6c0e1256d84e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Quarterly Rate Period</font>&#8221; means the period from and including a Quarterly Commencement Date to but excluding the next succeeding Quarterly Commencement Date.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="ze545b68c4a584d25910da3fd043dd6a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxvi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption Consideration</font>&#8221; means, in respect of a Series I Preferred Share, at any particular time, the Series I Preferred Share Subscription Price plus the amount of any accrued but unpaid dividends on that Series I Preferred Share.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z1ae0e23dd573442992ae426241ae3604" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxvii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption Date</font>&#8221; means the date, if any, established by the Board of Directors in good faith in connection with the occurrence of a Redemption Event, for the redemption by the Corporation of the Series I Preferred Shares in accordance with Section 6.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zed0e1cfe4e634fb8a1af669e6e00bed4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxviii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption Event</font>&#8221; means an Optional Redemption or a Mandatory Redemption.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zae22211a609b42e7a770915281a95dac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xxxix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities</font>&#8221; means these Series I Preferred Shares and the Debentures.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z54eb667a8d6941ce85faafccada5d266" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xl)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Laws</font>&#8221; has the meaning specified in the Investment Agreement.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf8695b2ae6c14468a82bc3aa7b71a022" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xli)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Series I Preferred Share Subscription Price</font>&#8221; means the subscription price paid, per share, for any Series I Preferred Share on the date of issuance, being $1,000.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z78285588e2184fe1a3472920bfffb651" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xlii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Series I Preferred Share Yield</font>&#8221; means an amount equal to the amount accruing (subject to any deduction or withholding required by law) on a daily basis of a 365-day year in respect of an Series I Preferred Share (commencing upon the date of issuance of such Series I Preferred Share) at the Series I Preferred Share Yield Rate, on the Series I Preferred Share Subscription Price for such Series I Preferred Share. For the avoidance of doubt, (i) such Series I Preferred Share Yield shall accrue whether or not dividends have been declared and whether or not there are profits, surplus or other funds of the Corporation legally available for the payment of dividends, and (ii) the &#8220;date of issuance&#8221; of any Series I Preferred Share shall be the date on which the Corporation initially issued such Series I Preferred Share regardless of the number of times transfer of such Series I Preferred Share is made on the share registers maintained by or for the Corporation and regardless of the number of </div>
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</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 4 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zfff242ddd69e4e20950ea9b09914705a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">certificates which may be issued to evidence such Series I Preferred Share.</div>
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<table id="z02fc645af77a4452aa1915f953d01259" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xliii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;Series I Preferred Share Yield Rate&#8221; means 7% per annum.</div>
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<table id="z9aa3d67fe5b84ba79247f929ef05ab92" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xliv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Series I Preferred Shares</font>&#8221; mean the Redeemable, First Preferred Shares, Series I in the capital of the Corporation, as constituted from time to time.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z609dc0aeec9146be8172878786817d9e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xlv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Subsidiary</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">subsidiary</font>&#8221; has the meaning specified in the Investment Agreement.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0979fdf096fc49d287eb89bde45ee981" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xlvi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Tax Act</font>&#8221; means the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Income Tax Act</font> (Canada).</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z6737e9cb583f461caa17fd39a21d8968" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(xlvii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transfer</font>&#8221; means any sale, transfer, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, encumbrance, grant of a security interest or other arrangement by which possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntarily and whether or not for value, and any agreement to effect any of the above, but does not include the sale, exchange or redemption of any Series I Preferred Shares under these Series I Preferred Share provisions.</div>
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<table id="zcf917cd61c6c4303bba8b4bcbab8523a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Control</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z61126c69bdcc4c84965e69cce4f97263" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For purposes hereof:</div>
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<table id="z7e701d8d28144a17b683141942385179" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Person controls a body corporate if securities of the body corporate to which are attached more than 50% of the votes that may be cast to elect directors of the body corporate are beneficially owned by the Person and the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate;</div>
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<table id="z6c5fa714a31d4e098334d9282670712e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Person controls an unincorporated entity, other than a limited partnership, if more than 50% of the ownership interests, however designated, into which the entity is divided are beneficially owned by that Person and the Person is able to direct the business and affairs of the entity; and</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z975b0ebf1b064d448ad2bbc047c61ec7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(C)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the general partner of a limited partnership controls the limited partnership.</div>
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<table id="z590db4ae7b0e4d35942b048c14385a63" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A Person who controls an entity is deemed to control any entity that is controlled, or deemed to be controlled, by the entity.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A Person is deemed to control, within the meaning of Section 1(b)(i)(A) or Section 1(b)(i)(B), an entity if the aggregate of:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any securities of the entity that are beneficially owned by that Person; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any securities of the entity that are beneficially owned by any entity controlled by that Person, is such that, if that Person and all of the entities referred to in Sections 1(b)(i) and 1(b)(ii) that beneficially own securities of the entity were one Person, that Person would control the entity.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Interpretation</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The expressions &#8220;on a parity with&#8221;, &#8220;ranking prior to&#8221;, &#8220;ranking junior to&#8221; and similar expressions refer to the order of priority in the payment of dividends or in the distribution of assets in the event of any Liquidation Event.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If any day on which any dividend on the Series I Preferred Shares is payable by the Corporation or on or by which any other action is required to be taken by the Corporation is not a Business Day, then such dividend shall be payable and such other action may be taken on or by the next succeeding day that is a Business Day.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Voting and Amendment.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Non-Voting</u></font>.&#160; Except as required by applicable law and by Section&#160;(b), the holders of the Series I Preferred Shares are not entitled to receive notice of or to attend any meeting of the shareholders of the Corporation or to vote at any such meeting.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Amendment and Approval Requirements</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The rights and privileges attaching to the Series I Preferred Shares may be removed or changed, and the restrictions and conditions attaching to the Series I Preferred Shares may be added to or changed, only with the approval of the Investor.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For purposes of these Series I Preferred Share provisions, subject to compliance with Section 8(c) where an action is to be taken by Holders of the Series I Preferred Shares, in addition to the requirements of applicable law, if any, such action may be taken if such Holders:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">pass a written resolution to such effect in accordance with the requirements of the CBCA; or</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">pass a resolution by the requisite majority as required by applicable law or as specified herein of votes cast on such resolution to such effect at a duly constituted meeting of such holders, voting as a single class.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Class Voting</u></font>.&#160; Subject to the provisions of the CBCA, the Holders of the Series I Preferred Shares are not entitled to vote separately as a class upon any proposal to amend the Articles, except for any proposal that disproportionately and adversely affects the Series I Preferred Shares or the Holders thereof, relative to the other classes of shares in the authorized capital of the Corporation (or the as proposed authorized capital of the Corporation) or the Holders thereof.</font></div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 6 -</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">3.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Dividends.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Holders of the Series I Preferred Shares shall be entitled to receive and the Corporation shall pay, as and when declared by the Board of Directors, out of the moneys of the Corporation properly applicable to the payment of dividends, cumulative preferential cash dividends, which dividends shall accrue whether or not declared by the Board of Directors and whether or not there are funds available for the legal payment of dividends, on a daily basis in arrears at the Series I Preferred Share Yield Rate and are payable on each Dividend Payment Date, in the amount per share determined by multiplying the Series I Preferred Share Yield Rate for such Quarterly Rate Period by the Series I Preferred Share Subscription Price plus all accrued but unpaid dividends thereon and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Rate Period that the Series I Preferred Shares are issued and outstanding and the denominator of which is 365 or 366, depending on the actual number of days in the applicable year. To the extent not paid on any applicable Dividend Payment Date all accrued dividends on the Series I Preferred Shares shall accumulate and compound on such applicable Dividend Payment Date whether or not declared by the Board of Directors and shall remain accumulated, compounding dividends until paid pursuant hereto.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If a dividend has been declared for a Quarter and a date is fixed for a Liquidation Event, Redemption Event or Exchange that is prior to the Dividend Payment Date for such Quarter, a Pro Rated Dividend shall be payable on the date fixed for such Liquidation Event, Redemption Event or Exchange instead of the dividend declared, but if such Liquidation Event, Redemption Event or Exchange does not occur, then the full amount of the dividend declared shall be payable on the originally scheduled Dividend Payment Date.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the dividend payable on any Dividend Payment Date is not paid in full on such date on all of the Series I Preferred Shares then outstanding, such dividend or the unpaid part of it shall be paid on a subsequent date or dates to be determined by the Board of Directors on which the Corporation shall have sufficient moneys properly applicable, under the provisions of any applicable law and under the provisions of any trust indenture securing bonds, debentures or other securities of the Corporation, to the payment of the dividend.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 11, cheques of the Corporation payable in lawful money of Canada at par at any branch of the Corporation&#8217;s bankers in Canada may be issued in respect of the dividends (less any tax required to be deducted) and payment of the cheques shall satisfy such dividends, or payments in respect of dividends may be made in any other manner determined by the Corporation.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Holders of the Series I Preferred Shares shall not be entitled to any dividend other than as specified in this Section 3.</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">4.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Purchase for Cancellation.</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Subject to the provisions of Section 6(i) and subject to such provisions of the CBCA as may be applicable, the Corporation may at any time or times and in any manner purchase (if obtainable) for cancellation all or any part of the Series I Preferred Shares outstanding from time to time at the lowest price or prices at which, in the opinion of the Board of Directors, such shares are obtainable. If upon any invitation for tenders under the provisions of this Section 4 more Series I Preferred Shares are tendered at a price or prices acceptable to the Corporation than the Corporation is willing to purchase, the Corporation shall accept, to the extent required, the </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">tenders submitted at the lowest price and then, if and as required, the tenders submitted at the next progressively higher prices, and if more shares are tendered at any such price than the Corporation is prepared to purchase, then the shares tendered at such price shall be purchased as nearly as may be <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata</font> (disregarding fractions) according to the number of Series I Preferred Shares so tendered by each of the Holders of Series I Preferred Shares who submit tenders at that price. From and after the date of purchase of any Series I Preferred Shares under the provisions of this Section 4, the shares so purchased shall be cancelled and shall not be reissuable.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">5.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Liquidation.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Rights on Liquidation</u></font>.&#160; Upon the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation to its shareholders for the purpose of winding up its affairs (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Liquidation Event</font>&#8221;), a Holder of Series I Preferred Shares is entitled, subject to applicable law, to receive from the assets of the Corporation in respect of each Series I Preferred Share held by such Holder on the effective date (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Liquidation Date</font>&#8221;) of such Liquidation Event, before any distribution of any part of the assets of the Corporation among the holders of Common Shares or any other shares of the Corporation ranking junior with respect to the payment of dividends or the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, the Redemption Consideration as of the last Business Day prior to the Liquidation Date, before any amount shall be paid or any property or assets of the Corporation shall be distributed to the holders of Common Shares or to the holders of any other shares ranking junior to the Series I Preferred Shares in any respect.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Method of Distribution on Liquidation.</font></div>

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<table id="z7d0451cbf19842d18d91bf567a6eccf6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On or before the Liquidation Date, the Corporation will cause to be delivered to the Holders of the Series I Preferred Shares the Redemption Consideration for each such Series I Preferred Share upon presentation and surrender of the documents specified in Section 6(h).</div>
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<table id="ze9a9d44bc585449eb195de08ff6762b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">After the Corporation has satisfied its obligation to pay to the Holders of Series I Preferred Shares the full amount of the Redemption Consideration pursuant to Section 6(b)(i), such Holders are not entitled to share in any further distribution of the assets of the Corporation.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Solvency Restrictions</u></font>.&#160; Notwithstanding any other provision of these Articles, the Corporation is not obligated to deliver any Redemption Consideration to the extent that the delivery of the Redemption Consideration with respect to the then outstanding Series I Preferred Shares would be contrary to solvency requirements or any other provision of applicable law.</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">6.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Redemption.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Redemption by the Corporation</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to applicable law, at any time after December 31, 2028 that the Board of Directors has authorized the Corporation to redeem Series I Preferred Shares, the Corporation shall have the right to redeem (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption</font>&#8221;) on the Redemption Date all or any part of the </div>
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<table id="z170b7b1d847d4548984270d3a3347624" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">then outstanding Series I Preferred Shares for the Redemption Consideration as of the last Business Day prior to the Redemption Date for each Series I Preferred Share, provided that each such redemption, other than an Optional Redemption that is to redeem the balance of the outstanding Series I Preferred Shares, must be for an amount of Redemption Consideration that is, when added to the consideration from all Redemption Consideration paid by the Corporation for all the Securities being redeemed by the Corporation concurrently with the Series I Preferred Shares from the holder thereof, is not less than $100,000,000 in the aggregate.</div>
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<table id="z11f50f2b9ff246749813822ea5508e65" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event of an Optional Redemption of less than all of the Securities, the Corporation shall within thirty-six months of the first Optional Redemption have redeemed all of the then outstanding Securities.</div>
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<table id="z8b66b015c5824a5ab52e961e8ac73339" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any Optional Redemption or Optional Redemption Notice may, at the Corporation&#8217;s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an equity or other offering, issuance of indebtedness, or other corporate transaction or event. Notice of any redemption in respect thereof will be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied. If an Optional Redemption is subject to the satisfaction of one or more conditions precedent, the related Optional Redemption Notice shall describe each such condition, and if applicable, state that, in the Corporation&#8217;s discretion, the Optional Redemption Date may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Optional Redemption Date; provided that any failure of the Issuer to include such information in the applicable Optional Redemption Notice shall not impact the Corporation&#8217;s right to rescind the Optional Redemption Notice if the applicable condition precedents are not satisfied.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Mandatory Redemption on Cash Acceleration</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<table id="zbb3333cd61f04d549c9abc3dcdafa50d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Upon the occurrence of a Cash Acceleration Event, the Corporation shall redeem all but not less than all of the then outstanding Series I Preferred Shares. If such redemption would be contrary to solvency requirements or other provisions of applicable law, the Corporation will redeem Series I Preferred Shares in accordance with these share provisions on a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata</font> basis and will issue to each Holder of Series I Preferred Shares a new certificate, at the expense of the Corporation, representing the Series I Preferred Shares of that Holder not redeemed by the Corporation.</div>
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<table id="z6c52c8f19f1b4a8e8f50dc8dc7361c4a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The occurrence of any one or more of the following events or circumstances shall constitute a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Event</font>&#8221;:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">provided that the Hydro Assets Reorganization is completed in the manner described in the Investment Agreement, any Exchange Right Approvals are not obtained on terms acceptable to the Investor and the Corporation, each acting reasonably; or</div>
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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 9 -</font></div>

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<table id="ze218604e4fc64a7d9e08d45176135dfc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a final and non-appealable order is issued by a court of competent jurisdiction that enjoins the satisfaction of the Exchange Right.</div>
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<table id="z40b3746b6d624853844980b1100ce1d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding anything contained in the Series I Preferred Share terms to the contrary, the Investor&#8217;s right to accelerate the Corporation&#8217;s payment obligations pursuant to and on the terms and conditions provided therefor in this Section&#160;6(b) shall be the sole and exclusive remedy for any Cash Acceleration Event.&#160; No other right or remedy in respect of any Cash Acceleration Event shall be available to the Investor or the Holder under the Series I Preferred Share terms.&#160; For greater certainty, nothing herein shall restrict the exercise of any rights or remedies of the Investor in respect of the Investment Agreement.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Consideration</u></font>.&#160; The consideration for a redemption under Section 6 is to be paid and satisfied in full by the Corporation causing to be delivered on the Redemption Date to each such Holder of Series I Preferred Shares immediately available funds equal to the Redemption Consideration for the Series I Preferred Shares being redeemed.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Restrictions on Payment of Dividends and Reduction of Junior Capital</u></font>.&#160; So long as any of the Series I Preferred Shares are outstanding, the Corporation shall not:</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">declare, pay or set apart for payment any dividends (other than stock dividends in shares of the Corporation ranking junior to the Series I Preferred Shares) on the Common Shares or any other shares of the Corporation ranking junior to the Series I Preferred Shares with respect to payment of dividends; or</div>
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<table id="z7f95e51dd72940aab9b6df3208498385" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">call for redemption of, purchase, reduce the stated capital maintained by the Corporation or otherwise pay for any shares of the Corporation ranking junior to the Series I Preferred Shares with respect to repayment of capital or with respect to payment of dividends;</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">unless all dividends up to and including the dividends payable on the last preceding dividend payment dates on the Series I Preferred Shares and on all other preferred shares ranking prior to or on a parity with the Series I Preferred Shares with respect to payment of dividends then outstanding shall have been declared and paid or set apart for payment at the date of any such action referred to in subparagraphs (a) and (b), excluding all securities purchased pursuant to a SIB or NCIB as those terms are defined in the Investment Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Notice of Redemption by Corporation</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<table id="z7ad49e1d5058469f8871b66196a4e985" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the case of a redemption of Series I Preferred Shares under Section&#160;6(a), the Corporation shall send or cause to be sent to each Holder of Series I Preferred Shares a notice in writing of the intention of the Corporation to redeem the Series I Preferred Shares held by such Holder (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Redemption Notice</font>&#8221;) on not less than fifteen (15) days nor more than thirty (30) days after the date on which such prior written notice is given.</div>
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<table id="z6a388305bde74c39ad1c8740db1e441a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Such notice must set out the number of Series I Preferred Shares being redeemed, the Redemption Consideration and the Redemption Date.</div>
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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 10 -</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Cash Acceleration Event Notice; Mandatory Redemption</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<table id="z81404d56672443ffb0164b0a07a51342" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Upon the occurrence of a Cash Acceleration Event with respect to Series&#160;I Preferred Shares, the Corporation shall within five (5) Business Days of becoming aware of the occurrence of the Acceleration Event deliver written notice thereof (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Acceleration Event Notice</font>&#8221;) to the Investor; provided, however, that failure to provide an Acceleration Event Notice shall not diminish or otherwise affect the rights and remedies of the Investor hereunder.</div>
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<table id="z8732d289cab549299159c54297bd2aa9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">At any time after the date on which a Cash Acceleration Event occurs, the Investor may require the Corporation to redeem all and not less than all of its Series I Preferred Shares by delivering written notice thereof (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Notice</font>&#8221;) to the Corporation. If a Cash Acceleration Notice is delivered by the Investor pursuant to this Section&#160;6(f)(ii), (i) the Series&#160;I Preferred Shares shall be redeemed by the Corporation, on a date fixed by the Corporation (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Date</font>&#8221;) which shall not be later than thirty (30) days after the Corporation&#8217;s receipt of such Cash Acceleration Notice, at a price equal to the Redemption Consideration (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Price</font>&#8221;) and (ii) the Corporation shall pay the Mandatory Redemption Price to the Holder in cash in accordance with Section&#160;6(h) on the Mandatory Redemption Date, unless such Cash Acceleration Notice has been rescinded prior to the Mandatory Redemption Date therefor in accordance with Section&#160;6(g).</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Rescission of Cash Acceleration Notice; Waiver of Defaults</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

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<table id="z3e901cd690624825a0e51cd63b36b3fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A Cash Acceleration Notice shall be irrevocable; provided, however, that the Investor may rescind and annul a Cash Acceleration Notice, and the corresponding consequences thereof, by providing written notice thereof to the Corporation not more than 5 Business Days after the Investor has delivered such Cash Acceleration Notice (and at least 5 Business Days prior to the applicable Mandatory Redemption Date) or at such later time as is agreed by the Corporation.&#160; Any such written notice from the Investor rescinding a Cash Acceleration Notice shall be deemed an irrevocable waiver by the Investor of its right to cause the Corporation to redeem the Series I Preferred Shares as a result of the Cash Acceleration Event that is the subject of such Cash Acceleration Notice.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Investor may, by written notice to the Corporation, waive any default and its consequences under the Series I Preferred Shares.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Delivery of Redemption Consideration</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On the Payment Date the Corporation will cause to be delivered to the Holders of the Series I Preferred Shares to be redeemed the Redemption Consideration for each such Series I Preferred Share, upon presentation and surrender by each Holder of the documents specified in 6(h)(ii) below.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On or prior to the Payment Date, the Investor shall deliver or cause to be delivered to the Corporation, the following:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(A)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a certificate signed by two senior officers of the Holder containing a representation and warranty by such Holder in favour of the Corporation that such Holder:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(I)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">is not a non-resident of Canada for purposes of the Tax Act; or</div>
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<table id="zfc0c706e9065422a87656fc4ee2b0dee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 162pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(II)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">if a partnership, is a &#8220;Canadian partnership&#8221; as defined in section 102 of the Tax Act;</div>
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<table id="zf25e54d4cf9044d1ab8f128447028424" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(B)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the certificates representing the Series I Preferred Shares to be exchanged for the Redemption Consideration;</div>
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<table id="z9bb9f4132ebe4050966a6797a1e015f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(C)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">such other documents and instruments as may reasonably be required to effect a redemption of such Series I Preferred Shares under the Corporation&#8217;s governing statute and regulations and these Articles; and</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zd6aefe77e5c548fa927220dede93f41f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(D)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">such additional documents and instruments as the Corporation may reasonably require.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zc698d2ccdc4e41f9ae1c06ec7fd388bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Payment shall, subject to Section 11, be made by cheque payable at par at any branch of the Corporation&#8217;s bankers in Canada.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z080124e592f8437bbf2b085f8ecdb6b9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If a part only of the Series I Preferred Shares presented by any certificate shall be redeemed on an Optional Redemption, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified in any such notice, the Series I Preferred Shares called for redemption shall cease to be entitled to dividends and the holders shall not be entitled to exercise any of the rights of holders in respect thereof unless payment of the cash redemption price shall not be made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the holders shall remain unaffected. The Corporation shall have the right, at any time after the mailing of notice of its intention to redeem any Series I Preferred Shares, to deposit the cash redemption price of the shares so called for redemption, or of such of the shares represented by certificates that have not at the date of such deposit been surrendered by the holders in connection with such redemption, to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Series I Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing such shares. Upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Series I Preferred Shares in respect of which such deposit shall have been made shall then be and be deemed to be redeemed and shall be cancelled and the rights to the holders after such deposit or such Redemption Date shall be limited to receiving </div>
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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 12 -</font></div>

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<table id="z40ca735187c546b596eaa5bd06c9e821" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">without interest their proportionate part of the total cash redemption price so deposited against presentation and surrender of the certificates held by them respectively. Any interest allowed on any such deposit shall belong to the Corporation and any unclaimed funds remaining on deposit on the sixth anniversary date of the redemption shall be returned to the Corporation. Subject to such provisions of the CBCA as may be applicable, in case a part only of the then outstanding Series I Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be selected by lot in such manner as the Board of Directors or the transfer agent and registrar, if any, appointed by the Corporation in respect of such shares shall decide or if the Board of Directors so decides, such shares may be redeemed <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata</font> (disregarding fractions).</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Solvency Restrictions</u></font>.&#160; Notwithstanding any other provision of these Articles, the Corporation shall not redeem or purchase any Series I Preferred Shares on a Redemption Date to the extent that the redemption or purchase of all or any part of the then outstanding Series I Preferred Shares would be contrary to solvency requirements or any other provision of applicable law.</font></div>

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<table id="ze5d75b12a0544fc9850b9356adc5d9f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">7.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Notices.</u></div>
</td>
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</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Any notice, request or other communication to be given to the Corporation by a Holder of Series I Preferred Shares or to be given to a Holder of Series I Preferred Shares by or on behalf of the Corporation must be in writing and is valid if given in accordance with the Investment Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb4784347b61c45d188e9d233434421c0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; align: right">8.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Certain Restrictions and Covenants.</u></div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Restrictions</u></font>.&#160; If, and only to the extent that, any such transaction shall impair the Corporation&#8217;s ability to redeem the Series I Preferred Shares, the Corporation shall not, without, but may at any time with, prior written consent of the holders of a majority of the then outstanding Series I Preferred Shares, issue any Series I Preferred Shares or any other shares of the Corporation ranking equally with, or superior to, the Series I Preferred Shares with respect to the payment of dividends or the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>No Transfer</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z343e29e5ac004992a7daa77b67823a1e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No Holder of Series I Preferred Shares may Transfer any Series I Preferred Shares without the prior written consent of the Corporation, which consent may be withheld in its sole discretion; provided, however, that, subject to Sections 8(b)(ii), (iii) and (iv) of these Series I Preferred Shares, (i) the Holder may Transfer Series I Preferred Shares to an Affiliate of the Investor without the consent of the Corporation, but only for so long as such Affiliate remains an Affiliate of the Investor (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Transferee</font>&#8221;) and (ii) a Holder may grant a security interest on Series I Preferred Shares favour of one or more Canadian Financial Institutions to secure indebtedness for borrowed money owed by the Holder to such Canadian Financial Institutions under a bona fide credit facility (a </div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 13 -</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb8add1d11fe84771a295c5b31ae1ee00" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Financing Facility</font>&#8221;), which indebtedness (x) is in an aggregate principal amount (taken together with all other indebtedness incurred by all other holders of Securities under such Financing Facility or any other &#8220;Financing Facility&#8221; (as defined in the applicable Securities)) not in excess of C$325,000,000 and (y) is incurred following the date hereof in order to finance any of the Initial Purchase Price and/or Second Purchase Price&#160; (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Pledge</font>&#8221;).&#160; At any time that there is a Permitted Pledge, the applicable Holder shall (and shall cause each of its Affiliates that is an obligor, or otherwise the subject of any covenants, under a Financing Facility to) use commercially reasonable efforts to comply with the terms and conditions of, and not be in default of its payment or other obligations under, the applicable Financing Facility.</div>
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<table id="zbb1c3c02e7ac48d998f49b650f6ba63d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If a Holder of Series I Preferred Shares ceases to be an Affiliate of the Investor, such Holder shall immediately Transfer its Series I Preferred Shares back to the Investor or an Affiliate of the Investor, and for so long as the Holder is in breach of this Section&#160;8(b)(ii), all of the Holder&#8217;s rights under these Series I Preferred Shares shall be suspended and the Corporation shall have no obligation to make any payments to the Holder.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zeee8e93f292b421e9cd9fd331a073ec8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As a condition to any Transfer of Series I Preferred Shares, the Corporation may, among other things, require the transferor to (i) pay the Corporation an amount to reimburse the Corporation for any transfer taxes, similar governmental charges or other fees required to be paid by the Corporation in connection with such Transfer, (ii) furnish the Corporation with due endorsements by, or a written instrument of transfer in form satisfactory to the Corporation duly executed by, the transferor, (iii)&#160;provide the name, addresses and other details for payment of the Permitted Transferees and (iv) provide the Corporation with evidence, including, if the Corporation requires, one or more legal opinions, satisfactory to the Corporation confirming that the applicable Transfer complies with applicable securities laws, including Securities Laws.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zdf69ace21c5a4e18aea6f3ccd56efa69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 90pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any purported Transfer in violation of this Section&#160;8(b) shall be invalid and void and shall not be registered in the share registers of the Corporation or otherwise recognized for any purpose.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each Holder of Series I Preferred Shares acknowledges and agrees that the Investor shall be the sole representative of such Holder for all purposes of the Series I Preferred Shares, and the Corporation shall be entitled to deal with the Investor as the sole representative of such Holder and only the Investor shall have the power and authority to exercise all of the rights and powers granted by the Corporation to the Investor pursuant to Series I Preferred Shares, the Investment Agreement and the Exchange and Option Agreement. All actions taken by the Investor in connection with Series I Preferred Shares shall apply to and be effective and binding upon the Holder (including any subsequent Permitted Transferee) as if taken by the Holder directly. Except as expressly provided for herein, (i) the Corporation shall not be obligated to deal with the Holder (including any Permitted Transferees) in respect of any action taken or to be taken with respect to this Debenture and (ii) all notices that the Corporation is required to provide in respect of any such actions or otherwise in connection with Series I Preferred Shares may be satisfied in all cases by providing such notice to the Investor.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Issue of Additional Preferred Shares</u></font>.&#160; No class of shares may be created or issued ranking as to repayment of capital or payment of dividends prior to the Series I Preferred Shares without the prior approval of the holders of the Series I Preferred Shares given as specified in Section 2(b), nor shall the number of Series I Preferred Shares be increased without such approval; provided, however, that nothing in this Section 8(c) shall prevent the Corporation from creating additional series of First Preferred Shares and, if all dividends then payable on the Series I Preferred Shares shall have been paid or set apart for payment, from issuing additional series of First Preferred Shares without such approval.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Certificated Shares.</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Form and Dating</u></font>.&#160; Series I Preferred Shares shall be in certificated form (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Certificated Series I Preferred Shares</font>&#8221;). Each Series I Preferred Share certificate shall be dated the date of its execution.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Execution</u></font>.&#160; Two officers shall sign each Series I Preferred Share certificate for the Corporation by manual or facsimile signature.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Transfer and Exchange</u></font>.&#160; When a Certificated Series I Preferred Share is presented to the Corporation with a request to register the Transfer of such Certificated Series I Preferred Share or to exchange such Certificated Series I Preferred Share for an equal number of shares of Certificated Series I Preferred Shares evidenced by more than one certificate, the Corporation shall register the Transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Certificated Series I Preferred Shares surrendered for Transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Corporation, duly executed by the holder thereof or its attorney duly authorized in writing.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Legends</u></font>.&#160; Each certificate evidencing Certificated Series I Preferred Shares shall bear legends in substantially the following form:</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt">THIS SECURITY IS SUBJECT TO THE PROVISIONS OF THE INVESTMENT AGREEMENT DATED AS OF MARCH 22, 2019 BETWEEN THE CORPORATION AND [<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">EAGLE HYDRO II LP</font>] AND THE EXCHANGE AND OPTION AGREEMENT DATED AS OF MAY 1, 2019 BETWEEN THE CORPORATION AND [<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">EAGLE HYDRO II LP</font>], WHICH AGREEMENTS CONTAIN, AMONG OTHER THINGS, RESTRICTIONS ON THE RIGHT TO TRANSFER, PLEDGE OR OTHERWISE DEAL WITH THIS SECURITY. NOTICE OF SUCH RESTRICTIONS AND THE OTHER PROVISIONS OF SUCH AGREEMENTS IS HEREBY GIVEN.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">INSERT DISTRIBUTION DATE</font>]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Replacement Certificates</u></font>.&#160; If any of the Series I Preferred Shares certificates shall<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>become mutilated, lost, stolen or destroyed, the Corporation shall issue, in exchange and in substitution for and upon cancellation of the mutilated Series I Preferred Shares certificate, or in lieu of and substitution for the Series I Preferred Shares certificate lost, stolen or destroyed, a new Series I Preferred Share certificate of like tenor and representing an equivalent amount of shares of Series I Preferred Shares, but only upon receipt of evidence of such loss, theft or destruction of such Series I Preferred Shares certificate and indemnity, if requested, satisfactory to the Corporation.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Cancellation</u></font>.&#160; In the event the Corporation shall purchase or otherwise acquire Certificated Series I Preferred Shares, the same shall thereupon be delivered to the Corporation for cancellation. The Corporation and no one else shall cancel and destroy all Series I Preferred Shares certificates surrendered for transfer, exchange, replacement or cancellation. The Corporation may not issue new Series I Preferred Shares certificates to replace Series I Preferred Shares certificates to the extent they evidence Series I Preferred Shares which the Corporation has purchased or otherwise acquired.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>Tax Matters.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Specified Amount for Tax Purposes</u></font>.&#160; The amount specified in respect of each Series I Preferred Share for the purposes of subsection 191(4) of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Tax Act</font> shall be an amount equal to $1,000.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Tax Status</u></font>.&#160; Unless the Series I Preferred Shares are &#8220;short-term preferred shares&#8221; for purposes of the Tax Act, the Corporation will elect to pay tax under Part VI.1 of the Tax Act at such a rate that no tax under Part IV.1 of the Tax Act will be payable by Holders of the Series I Preferred Shares.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Withholding Rights</u></font>.&#160; The Corporation, shall be entitled to deduct or withhold from any dividend or other amount otherwise payable to any Holder of Series I Preferred Shares such amounts as the Corporation, is required or permitted (to the extent that absent such permitted deduction or withholding, the payor would be liable for taxes, interest and/or penalties in connection with the payment) to deduct or withhold with respect to such payment under the Tax Act, the United States Internal Revenue Code of 1986 or any provision of provincial, state, local or foreign tax law, in each case, as amended. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes hereof as having been paid to the Holder of the Series I Preferred Shares in respect of which such deduction or withholding was made, provided that such deducted or withheld amounts are actually remitted to the appropriate taxing authority and reasonable documentation respecting such payment is provided to the Holder of the Series I Preferred Shares. To the extent that the amount so required or permitted to be deducted or withheld from any payment to a Holder exceeds the cash portion of the consideration otherwise payable to the Holder, subject to the right of the Holder of Series I Preferred Shares as provided for below to provide such additional cash as is necessary to satisfy the tax obligations set out above, the Corporation is hereby authorized to sell or otherwise dispose of or to retain such portion of the non-cash consideration as is necessary in an amount equal to the amount the Corporation requires to comply with such deduction or withholding requirement and the Corporation shall notify the Holder thereof and, if a sale is elected, remit to the Holder any portion of the net proceeds of such sale not required to be remitted to a taxing authority. All payments to be made hereunder shall be made without </font></div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">interest. Notwithstanding anything to the contrary herein and if commercially reasonable, prior to selling or retaining any non-cash consideration to satisfy tax obligations as provided for above, the Corporation, as applicable, shall notify the holder of Series I Preferred Shares that it shall be making the deductions or withholdings noted above and such Holder shall have the option to provide cash to the Corporation in an amount equal to the amounts to be withheld or deducted within three Business Days of delivery of the notice, in which case the Corporation, shall not sell or retain any non-cash consideration until such three (3) Business Day period had passed.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>General.</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Wire or Electronic Transfer of Funds</u></font>.&#160; Notwithstanding any other right, privilege, restriction or condition attaching to the Series I Preferred Shares, the Corporation may, at its option, make any payment due to registered holders of Series I Preferred Shares by way of a wire or electronic transfer of funds to such holders. If a payment is made by way of a wire or electronic transfer of funds, the Corporation shall be responsible for any applicable charges or fees relating to the making of such transfer. As soon as practicable following the determination by the Corporation that a payment is to be made by way of a wire transfer or electronic transfer of funds, the Corporation shall provide a notice to the applicable registered holders of Series I Preferred Shares at their respective addresses appearing on the books of the Corporation. Such notice shall request that each applicable registered holder of Series I Preferred Shares provide the particulars of an account of such holder with a chartered bank in Canada to which the wire or electronic transfer of funds shall be directed. If the Corporation does not receive account particulars from a registered holder of Series I Preferred Shares prior to the date such payment is to be made, the Corporation shall deposit the funds otherwise payable to such holder in a special non-interest bearing account or accounts in trust for such holder. The making of a payment by way of a wire or electronic transfer of funds or the deposit by the Corporation of funds otherwise payable to a holder in a special account or accounts in trust for such holder shall be deemed to constitute payment by the Corporation on the date thereof and shall satisfy and discharge all liabilities of the Corporation for such payment to the extent of the amount represented by such transfer or deposit.</font></div>

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<TYPE>EX-99.2
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<FILENAME>eh1900659_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right; FONT: bold 10pt/1.25 Arial">EXHIBIT 99.2</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">REGISTRATION RIGHTS AGR<font style="FONT-WEIGHT: bold">EEM</font>ENT</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Between</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">And</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">EAGLE HYDRO II LP</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">May 1</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">2019</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">ARTICLE&#160;1 INTERPRETATION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Definitions</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Control</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Interpretation Not Affected by Headings, etc.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.4</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Currency</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.5</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Number, etc.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.6</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Statutory References</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">1.7</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Date for Any Action</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">ARTICLE&#160;2 REGISTRATION RIGHTS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Filing and Maintenance</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Required Registration</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">10</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Selection of Underwriters for Underwritten Demand Offerings</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">12</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.4</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Registration Expenses and Selling Expenses</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.5</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Other Registration Rights</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.6</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">2.7</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">ARTICLE&#160;3 REGISTRATION PROCEDURES</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">3.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Procedures</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">14</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">3.2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Obligations of the Holders</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">16</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">3.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">ARTICLE&#160;4 DUE DILIGENCE; INDEMNIFICATION</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">&#160;</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">4.1</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Preparation; Reasonable Investigation</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">4.2</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Indemnification</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">18</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 89.24%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="3">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 89.24%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ARTICLE&#160;5 LOCK-UP AGREEMENT</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">20</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">5.1</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Registration Offering Lock-Up</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">20</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">5.2</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Holders Lock-Up</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">21</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 89.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">&#160;</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 89.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">ARTICLE&#160;6 GENERAL</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">21</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">&#160;</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.1</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">One Voice Rule</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">21</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.2</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Notices</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">21</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.3</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Amendments and Waivers</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">22</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.4</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Time of Essence</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">22</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.5</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Entire Agreement</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">22</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.6</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Governing Law and Submission to Jurisdiction</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">22</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.7</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Assignment</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.8</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Term and Termination</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.9</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Successors and Assigns</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.10</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Severability</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">23</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.11</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Further Assurances</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">24</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 16.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">6.12</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 72.67%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Counterparts</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 10.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c6f4f9" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">24</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">REGISTRATION RIGHTS AGREEMENT</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">THIS REGISTRATION RIGHTS AGREEMENT</font> (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Agreement</font>&#8221;) is dated as of<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>May 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">,</font> 2019,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">BETWEEN:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">TRANSALTA CORPORATION</font>, a corporation existing under the laws of Canada</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt">(hereinafter referred to as the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Issuer</font>&#8221;)</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt">AND:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">EAGLE HYDRO II LP</font>, a limited partnership existing under the laws of Ontario</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt">(hereinafter referred to as &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Eagle Hydro II</font>&#8221;)</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">RECITALS:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pursuant to an Investment Agreement dated March 22, 2019<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>between the Issuer and Brookfield BRP Holdings (Canada) Inc. (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Agreement</font>&#8221;), Brookfield BRP Holdings (Canada) Inc. agreed to invest an aggregate amount of $750,000,000 in the Issuer by subscribing for (i) $350,000,000 principal amount of exchangeable 7% unsecured, subordinated debentures and (ii) $400,000,000 in redeemable, retractable Series I Preferred Shares, in each case, in accordance with the terms and conditions set out in the Investment Agreement (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transaction</font>&#8221;).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As a condition to the completion of the Transaction, the parties have agreed to enter into this Agreement to provide inter alia for the right of the Holders (as defined herein) to require the Issuer, from time to time during the Registration Period (as defined herein), to prepare and file a preliminary prospectus supplement, if applicable, and a final prospectus supplement (together, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Prospectus Supplement</font>&#8221;) with the Canadian Securities Commissions (as defined herein) and/or with the SEC (as defined herein) pursuant to an effective Registration Statement (as defined herein), to permit the sale of the Registrable Securities (as defined herein) by the Holders in such manner as the Holders may designate, subject to and on the terms, conditions and limitations provided therefor in this Agreement.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 9pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NOW THEREFORE</font>, in consideration of the foregoing and the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties hereto agree as follows:</div>

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</font>INTERPRETATION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Definitions</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Capitalized terms used in this Agreement without definition shall have the meanings specified in the Investment Agreement.&#160; In this Agreement, unless there is something in the </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">subject matter or context inconsistent therewith, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Additional Lock-Up</font>&#8221; has the meaning specified in the Investment Agreement.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Affiliate</font>&#8221; means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified and for the avoidance of doubt, in the case of the Investor, &#8220;Affiliate&#8221; includes investment funds managed by Brookfield or its Affiliates but does not include any Affiliates of the Investor that operate behind an information wall erected to prevent exchanges or communication of non-public information that could result in conflicts of interest or breaches of Securities Laws.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Base Prospectus</font>&#8221; means a preliminary short form base shelf prospectus and a final short form base shelf prospectus prepared and maintained by the Issuer and filed with the Canadian Securities Commissions.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Blackout Period</font>&#8221; means the Issuer&#8217;s regular annual and quarterly blackout periods in respect of its release of its financial results.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Board</font>&#8221; means the board of directors of the Issuer, as constituted from time to time.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Brookfield</font>&#8221; means Brookfield Asset Management Inc.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Business Day</font>&#8221; means any day, other than (a) a Saturday, Sunday or statutory holiday in the Province of Alberta or the Province of Ontario; and (b) a day on which banks are generally closed in the Province of Alberta or the Province of Ontario.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Offering</font>&#8221; means a Demand Offering or Treasury Offering that is the subject of a Secondary Registration that is to be effected in one or more of the Reporting Jurisdictions.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Securities Commissions</font>&#8221; means the securities commissions or similar securities regulatory authorities in each of the Reporting Jurisdictions.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Securities Laws</font>&#8221; means the applicable securities legislation of each of the Reporting Jurisdictions and the respective regulations and rules made thereunder together with all applicable published policy statements, blanket orders, instruments, notices, rulings and interpretation notes of the Canadian Securities Commissions, as the same may hereafter be amended from time to time or replaced.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Common Shares</font>&#8221; means the common shares in the capital of the Issuer, as constituted from time to time.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Offering</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(a)</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Offering Request</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(a)</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Registrable Securities</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(a)</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Designated Registrable Securities</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">distribution</font>&#8221; means &#8220;distribution&#8221; or &#8220;distribution to the public&#8221;, as the case may be, (i) for the purposes of Canadian Securities Laws in the Reporting Jurisdictions and (ii) U.S. federal securities laws, including without limitation, the U.S. Securities Act and applicable state securities laws in the United States.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Distribution Period</font>&#8221; means, in respect of a Secondary Registration, the period (i) commencing on the filing date of (x) the Prospectus Supplement therefor (which, if applicable, shall be the preliminary prospectus supplement) or (y) in the case of a &#8220;bought deal&#8221; Canadian Offering, the earlier of (A) the date on which the applicable Holders enter into the applicable bought deal agreement for the sale to the underwriters of the Designated Registrable Securities that are the subject of that Secondary Registration and (B) the date on which the offering is publicly announced and (ii) ending on the later to occur of (x) the time that the distribution of the Designated Registrable Securities that are the subject of that Secondary Registration has ceased and (y) the closing of the Secondary Registration; provided that, if the Issuer abandons a distribution or withdraws a Prospectus Supplement filed pursuant to this Agreement, the Distribution Period shall be deemed to have ended for purposes of this Agreement at the time of such abandon or withdrawal, as applicable.</div>
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<table id="z436546c102bd4ac8b7d5867bb40aad00" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(r)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">FINRA</font>&#8221; means the U.S. Financial Industry Regulatory Authority, Inc.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z8bdfae543bee45b4859529d323ad4236" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(s)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Freely Tradeable</font>&#8221; means, in respect of the Registrable Securities, such Registrable Securities can be traded by the Holder thereof in Canada without any hold period or restriction on the manner of sale pursuant to NI 45-102 and in the United States without any hold period or restriction on the manner of sale or volume limitations pursuant to Rule 144.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="za80a504bd9024129b657353106fa39f7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(t)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Governmental Entity&#8221;</font> means (a) any international, multinational, national, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, (including an independent quasi-judicial tribunal), commission or board (including any independent system operator), arbitral body, bureau, ministry, agency or instrumentality, domestic or foreign, (b) any subdivision or authority of any of the above, (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing or (d) any stock exchange.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc3a7b7296f27496db9ee00faa59fa185" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(u)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holders</font>&#8221; means (i) the Investor and (ii) any Affiliate of Brookfield beneficially owning Registrable Securities who shall become a party to this Agreement in accordance with Section 2.6 and has agreed in writing to be bound the terms of this Agreement; provided, however, that no Person shall constitute a &#8220;Holder&#8221; for </div>
</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 3 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc53e728d9d214b788d570ccee7613fb9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">purposes of this Agreement at any time that it does not beneficially own Registerable Securities.</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z7b61abbe2a714c3ca29ed8011b84bb31" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">IIROC</font>&#8221; means the Investment Industry Regulatory Organization of Canada.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="ze4c419124f914b0ca4cee02cf4c5f58e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(w)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investor</font>&#8221; means (i) Eagle Hydro II or (ii) the Affiliate of Brookfield to which all of the rights of the Investor under this Agreement are assigned accordance with Section 2.6 and who has agreed in writing to be bound by the terms of this Agreement.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zf75d057abf3d4605a5b91dbc88082ed1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(x)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Lock-Up</font>&#8221; has the meaning specified in the Investment Agreement.</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zb5585b7b5c1b4d999404f079163ef02b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(y)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Lock-Up Period</font>&#8221; has the meaning specified in the Investment Agreement.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z2b0e5259a3484d36a15dc06a6c12665d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(z)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">misrepresentation</font>&#8221; means (i) an untrue statement of material fact, or (ii) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it is made.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zef9dacf58151460fa32e983a127eb4ef" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(aa)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MJDS</font>&#8221; means the multijurisdictional disclosure system adopted by the the SEC.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc84e14c700f44c53b2c92b32b969f3e6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(bb)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NI 45-102</font>&#8221; means National Instrument 45-102 &#8211; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Resale of Securities</font>.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zfa888c5fb1e743aebc2414635211c5d9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(cc)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Non-Base Prospectus</font>" means, as applicable, (i) a preliminary short form prospectus and a final short form prospectus prepared by the Issuer on Form 44-101F1 pursuant to National Instrument 44-101-<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Short Form Prospectus Distributions</font>, or in the event the Issuer is no longer eligible to use Form 44-101F1, a preliminary long form prospectus and a final long form prospectus prepared by the Issuer on Form 41-101F1 pursuant to National Instrument 41-101- <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">General Prospectus Requirements</font> and/or (ii) a Registration Statement under the U.S. Securities Act on Form F-10 or if the Issuer is no longer eligible to use Form F-10, such other form as the Issuer shall be eligible to use to register the Registrable Securities applicable in the circumstance.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z60777bf1118b42f9a2664cf69d056f50" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(dd)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NYSE</font>&#8221; means the New York Stock Exchange or any successor thereto.</div>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zd9db2fbaa9b74de3ac469d4e65ad27a3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ee)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Offering Request</font>&#8221; means a Demand Offering Request or a Piggy Back Offering Request.</div>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z99c4e37ea2ad493394b3a929cf60b35d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ff)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Person</font>&#8221; includes any individual, partnership, association, body corporate, organization, trust, estate, trustee, executor, administrator, legal representative, government (including Governmental Entity), syndicate or other entity, whether or not having legal status.</div>
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<table id="ze66ccbd75bce4965936af4ac0f8723d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(gg)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Offering</font>&#8221; means a Treasury Offering for which there is a Piggy Back Registration.</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z61d467105abb4cb3a3897a9a067942d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(hh)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Offering Request</font>&#8221; shall have the meaning set out in subsection 2.2(d).</div>
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</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 4 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zdcc1adb1c50041d38ec27b42a15dc965" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Registrable Securities</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font>.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zb46c9e99ba854c8fbd025c96cdceff6d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(jj)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Registration</font>&#8221; shall have the meaning set out in subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font>.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z07e07a1f72c44e6abdfd280b0ca66f2d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(kk)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Prospectus</font>&#8221; means as applicable, (i) a Base Prospectus together with the applicable Prospectus Supplement (in the case of a Canadian Offering) and/or (ii) a Registration Statement together with the applicable Prospectus Supplement (in the case of a U.S. offering).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc8305d3dfdd24ab097409c4b11918499" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ll)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registrable Securities</font>&#8221; means (i) Common Shares beneficially owned by Holders; and (ii) any Common Shares issuable to Holders on the conversion, exchange or exercise of securities convertible into or exchangeable or exercisable for Common Shares owned by a Holder, together with any securities owned by Holders issued with respect to such Common Shares by way of dividend or split or in connection with a combination of Common Shares, recapitalization, merger, consolidation, amalgamation or other reorganization, it being understood and agreed by the parties hereto that the Holders may sell pursuant to this Agreement not more than 28.5 million Common Shares; provided, however, that (a) any Common Shares shall cease to be Registrable Securities when their Registration has become effective and such Common Shares have been sold pursuant to such Registration or when such Common Shares cease to be outstanding or have been sold or otherwise transferred in a transaction to another Person to whom the transferring Holder&#8217;s rights under this Agreement have not been assigned in accordance with Section 2.6; and (b) Common Shares beneficially owned by a Holder that are not permitted to be sold during the Lock-Up Period, the Additional Lock-Up Period or otherwise, in each case pursuant to and in accordance with the terms of the Investment Agreement, shall not constitute Registrable Securities for any applicable period during which they may not be sold.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zca4acfc6d94d401f825c2829a02f8db7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(mm)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration</font>&#8221; means, as applicable, (i) the qualification under Canadian Securities Laws of the distribution of Registrable Securities to the public in any or all of the provinces of Canada pursuant to a Prospectus and/or (ii) the registration of the Registrable Securities for sale to the general public in the United States pursuant to a Prospectus .</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(nn)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Expenses</font>&#8221; means, in respect of any Secondary Registration, all expenses incurred in connection with the Secondary Registration (excluding Selling Expenses) including, without limitation, the following:</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4cbc125c8ae94b738e279ac58a6ddb9d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all fees, disbursements and expenses of counsel and auditors to the Issuer;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc0390d2b57aa41f5b69bfe8e76016c08" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all expenses in connection with the preparation, translation, printing and filing of the Prospectus (including, for greater certainty, each preliminary prospectus, prospectus, prospectus supplement and registration statement) and any other offering document for such Secondary Registration, and any amendments and supplements thereto, and the mailing and delivering of copies thereof to any underwriters and dealers;</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 5 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z18ba2dfb023b469aa6e6c05478fb8014" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all transfer agents&#8217;, depositaries&#8217; and registrars&#8217; fees;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z9d7a437675e24e9eb386d8f4fc2083e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all expenses relating to the preparation of certificates;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z90f54d45eab14a4d9e73505354f8eac0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all fees and expenses of any securities exchange on which the Common Shares are then listed;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z6489d28c578b42578d2ea5987cc4be15" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all fees and expenses of printing and producing any agreements among underwriters, underwriting agreements and any selling agreements or other documents in connection with the sale of Registrable Securities;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z56c5b927d9244cf4a49dfa3ffae5a12b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all filing fees of any Canadian Securities Commission, of the SEC or any other Governmental Entity (including, if applicable, filing fees payable to FINRA or IIROC);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zbe3906ea7cb84fe396013b3a13eae9c2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(viii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">all expenses of the Issuer relating to any analyst or investor presentations and any marketing activities and all travel and lodging expenses of the Issuer in connection with such presentations and marketing activities; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zff6b989ae86f4551bf5ec6d3d97f8975" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ix)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any fees and expenses of the underwriters, other than Selling Expenses, customarily paid by issuers or sellers of securities in an underwritten public offering.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z85e0c90c39cf42888f247cdc8c626600" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(oo)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Offering</font>&#8221; means a Demand Offering or Piggy Back Offering.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z2c6c0af3115f4722b03b4b9553a0f71b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(pp)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Period</font>&#8221; means (i) the period commencing on the Business Day immediately following the last day of the Lock-Up Period, and terminating on the date this Agreement terminates in accordance with Section 6.8 and (ii) the Suspension Registration Period.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zedb46b35e0f44418a753271c21b7c959" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(qq)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Statement</font>" means a shelf registration statement on an appropriate form (including but not limited to Form F-10, Form F-3 or Form S-3, as may be applicable, or their successor forms, but excluding Form S-8, Form S-4 or Form F-4, or their successor forms, or any other form for a similar limited purpose) filed by the Issuer with the SEC under the U.S. Securities Act with respect to the offering from time to time of Common Shares on a delayed or continuous basis.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4f5086406f744749909252bb7ba2a91a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(rr)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reporting Jurisdictions</font>&#8221; means each of the Provinces of Canada.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z9427a810c9254fe486bc4e76ef277f67" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ss)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Rule 144</font>&#8221; means Rule 144 under the U.S. Securities Act (or any successor rule or regulation thereunder).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc3a023143a384350b5feb47d0b127a1f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(tt)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">SEC</font>&#8221; means the United States Securities and Exchange Commission or any other federal agency at the time administering the U.S. Securities Act.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4f4885d8420346b3a13b7005829b9076" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(uu)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Secondary Registration</font>&#8221; shall have the meaning set out in subsection 2.2(d).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="za7257e56b47141968d96a50722e4c8c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Laws</font>&#8221; means the Canadian Securities Laws and the U.S. Securities Act.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 6 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4ca7eeedf3eb4a88b862b836aead16e9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ww)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Selling Expenses</font>&#8221; means in respect of any Secondary Registration, (i) any fees or commissions payable, or discounts granted, to an underwriter, investment banker, manager or agent in connection with the distribution that is the subject of the Secondary Registration and (ii) any transfer taxes attributable to a sale of Registrable Securities or other Common Shares pursuant to this Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z142cb155e8ca4de0a6b29f750d1ea5a8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(xx)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Suspension Registration Period</font>&#8221; means the period commencing on the date that the Lock-Up terminates pursuant to 4.13(b) of the Investment Agreement and ending on the date on which the Lock-Up resumes and becomes effective pursuant to Section 4.13(c) of the Investment Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc03c10cb17714fd3bfa375213d08feaf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(yy)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Treasury Offering</font>&#8221; shall have the meaning set out in subsection 2.2(a).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z84e7c91121114fdb820ed5f602d30c66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(zz)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">TSX</font>&#8221; means the Toronto Stock Exchange or any successor thereto.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z98e86b3a66b4446881c5c33fa714d388" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(aaa)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">United States</font>&#8221; means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z74ed366a1d3943148f7935e1752a52fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(bbb)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Exchange Act</font>&#8221; means the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">United States Securities Exchange Act of 1934</font>, as amended, and the rules and regulations of the SEC promulgated thereunder.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z48656f3fcfbd4a87829b4ef17a9ff283" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ccc)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Offering</font>&#8221; means a Demand Offering or Treasury Offering that is the subject of a Secondary Registration that is to be effected in the United States.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z9a9362832ce74783a75a09b312da5e92" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ddd)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">U.S. Securities Act</font>&#8221; means the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">United States Securities Act of 1933</font>, as amended, and the rules and regulations of the SEC promulgated thereunder.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0e26e40fd44144e18b43c917c1520d0a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Control</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zdcd314c6f7e44ba383356b4705299236" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For purposes hereof:</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z28c29bdbf2a348f1bac504b892e759aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Person controls a body corporate if securities of the body corporate to which are attached more than 50% of the votes that may be cast to elect directors of the body corporate are beneficially owned by the Person and the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate;</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z478e49832f8c43a3ad71b43026273d33" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Person controls an unincorporated entity, other than a limited partnership, if more than 50% of the ownership interests, however designated, into which the entity is divided are beneficially owned by that Person and the Person is able to direct the business and affairs of the entity; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z45c77e3c8a9b4a929c165bb10cb0a364" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the general partner of a limited partnership controls the limited partnership.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zb4172dc649ed4a8dbfe0afe681c026b4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A Person who controls an entity is deemed to control any entity that is controlled, or deemed to be controlled, by the entity.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z99c0beaff14e4bb6a7103c7b5524412a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A Person is deemed to control, within the meaning of Section 1.2(a)(i) or Section 1.2(a)(ii), an entity if the aggregate of:</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 7 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zd092527d436f4d9c9b1521bc7114a172" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any securities of the entity that are beneficially owned by that Person; and</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z39662529ebc74efa9d9af83a92879af2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any securities of the entity that are beneficially owned by any entity controlled by that Person, is such that, if that Person and all of the entities referred to in Sections 1.2(a) and 1.2(b) that beneficially own securities of the entity were one Person, that Person would control the entity.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zba6fcfc87d0e45ed867a57ac81c1c239" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interpretation Not Affected by Headings, etc.</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">The division of this Agreement into Articles, sections and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Unless otherwise indicated, all references to &#8220;section&#8221; or &#8220;subsection&#8221; followed by a number and/or a letter refer to the specified section of this Agreement. The terms &#8220;this Agreement&#8221;, &#8220;hereof&#8221;, &#8220;herein&#8221; and &#8220;hereunder&#8221; and similar expressions refer to this Agreement and not to any particular Article, section or other portion hereof and include any agreement or instrument supplementary or ancillary hereto.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zac8e940e79e64d66a27aa6990bfa9814" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Currency</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">All sums of money that are referred to in this Agreement are expressed in lawful money of Canada unless otherwise noted.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5b2ea97067344a1fad191289e3441d04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Number, etc.</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Unless the context otherwise requires, words importing the singular shall include the plural and vice versa and words importing any gender shall include all genders.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zda34997ad7d045aaba7296dccf8d2688" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Statutory References</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Except as otherwise expressly provided in this Agreement, any references to a statute or regulation shall be construed as a reference to such statute or regulation in effect on the date of this Agreement as it may be amended, re-enacted or superseded from time to time.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z694082a0814f467099a9eaf85cec4e49" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Date for Any Action</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Except as otherwise expressly provided in this Agreement, whenever any action is required to be taken or period of time is to expire on a day other than a Business Day, such action shall be taken or period shall expire on the next following Business Day.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>REGISTRATION RIGHTS</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z61a50ec1cf34408fb1e0ac6aa70f9ffa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Filing and Maintenance</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z0c99bf27c02a4795888923af6179094b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 2.1(b) and 2.1(c), during the Registration Period, to the extent permitted under Securities Laws, the Issuer shall use commercially reasonable efforts to maintain a Base Prospectus filed with the Canadian Securities Commissions and maintain the effectiveness of a Registration Statement filed with the SEC that qualifies the distribution of Registrable Securities by Holders in any or all of the provinces of Canada (in the case of the Base Prospectus) and in the United States (in the case of the Registration Statement) under applicable</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 8 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zcc91c6d9c86743b987851f04044a7f94" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Securities Laws, in each case at the times and on the terms and conditions provided for herein; provided, however, that this Section 2.1(a) shall not require the Issuer to file a new Base Prospectus or Registration Statement during any Blackout Period.</div>
</td>
</tr>
</table>
</div>

<table id="zf4579ef3a3f94846a626670998420389" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Within 15 days of the date on which a Suspension Registration Period begins, the Issuer shall use commercially reasonable efforts to file a Base Prospectus and a Registration Statement. Following such filing, the Issuer shall use commercially reasonable efforts to have such Base Prospectus and Registration Statement, as applicable, become valid and effective. For certainty, provided that the Issuer is in compliance with this Section 2.2(b), the Issuer shall not be considered to be in default of Section 2.1(a) and the Base Prospectus and Registration Statement shall not be considered to be not valid and effective under Section 2.1(d).</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z8fdf8dd8e7af45d5a2ab73b4cf00f2d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each Holder who is a party to this Agreement (including any assignee under Section 2.6) shall promptly provide all such information as the Issuer reasonably requires to include such Holder as a selling securityholder under the Base Prospectus and Registration Statement maintained by the Issuer pursuant to Section 2.1(a). Within 10 days of the Issuer receiving all such information as the Issuer requires to include a Holder as a selling securityholder under the Base Prospectus and Registration Statement maintained by the Issuer pursuant to 2.1(a), the Issuer shall use commercially reasonable efforts to file an amendment to the Base Prospectus and Registration Statement to include such Holder as a selling securityholder and following such filing, the Issuer shall use commercially reasonable efforts to have such amended Base Prospectus and Registration Statement, as applicable, become valid and effective; provided that the Issuer shall not be obligated to file an amendment to the Base Prospectus or Registration Statement pursuant to this Section 2.1(c) more than three times during any 12-month period. No Holder shall be entitled to be included as a selling securityholder under the Base Prospectus or Registration Statement (and the Issuer shall not be considered to be in default of Section 2.1(a) or Section 2.1(b) and the Base Prospectus and Registration Statement shall not be considered to be not valid and effective under Section 2.1(d)) until such time as the Issuer has received from the Holder all such information as the Issuer reasonably requires to include such Holder as a selling securityholder under the Base Prospectus or Registration Statement and the above 10-day period has expired.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z13d84dcea76e442a9f5cff2d6afd9d20" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 2.1(b) and 2.1(c), if a Base Prospectus or a Registration Statement that satisfies the requirement in Section 2.1(a) is not valid or effective, as the case may be, at any time during the Registration Period, in either case, for a period of 45 consecutive days, then, from but not including that 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">th</sup> day until the day on which there is a Base Prospectus or Registration Statement, as applicable, that is valid or effective, as applicable, satisfying the requirement in Section 2.1(a), the rights and obligations contained herein shall apply to a Non-Base Prospectus and all references in this Agreement to Prospectus Supplement shall apply <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">mutatis mutandis</font> to a Non-Base Prospectus; provided, however, that the Issuer shall in any event be entitled to satisfy its obligations hereunder with a Base Prospectus or Registration Statement.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 9 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z15d507f73533464da29f1face8b8b616" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">2.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Required Registration</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z77b097ee9a20441ab50aa0c3e9710181" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to the limitations and other provisions hereof and Securities Laws, at any time and from time to time during the Registration Period, one or more Holders may request (each, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Offering Request</font>&#8221;) the Issuer to file a Prospectus Supplement with the Canadian Securities Commissions and/or the SEC pursuant to an effective Registration Statement for the offering of all or (subject to Section 2.2(c)) any part of the Registrable Securities (such offering being hereinafter referred to as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Offering</font>&#8221; and any Registration of such Demand Offering being hereinafter referred to as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Registration</font>&#8221;). Each Demand Offering Request shall be in writing and shall specify the number of Registrable Securities to be sold by the Holders (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Demand Registrable Securities</font>&#8221;), the method of disposition of such Demand Registrable Securities and the jurisdictions (which may only include one or more of the provinces of Canada and/or the United States) in which the Holders request that the Demand Offering be effected for such Demand Registrable Securities. The Prospectus Supplement for any such Demand Offering shall be filed promptly with, in the case of a Canadian Offering, the applicable Canadian Securities Commissions or, in the case of a U.S. Offering, the SEC, as applicable, after a Demand Offering Request is received by the Issuer; provided, however, if the Demand Offering Request is only in respect of a U.S. Offering, the Issuer shall also file such Prospectus Supplement (or a corresponding Canadian version of such Prospectus Supplement, as applicable) in any applicable province of Canada if and solely to the extent required for the purposes of such U.S. Offering under the requirements of MJDS or applicable Canadian Securities Laws. The Issuer shall not be obligated to effect more than three Demand Offerings in total during the Registration Period. For the purposes of this subsection 2.2(a), a Demand Offering will not be considered as having been effected until (i)&#160;a Prospectus Supplement pursuant to which the Demand Registrable Securities are to be sold has been filed with the applicable Canadian Securities Commissions and/or the SEC, as applicable, (ii)&#160;the Holders have withdrawn its request for the Demand Offering in writing or (iii)&#160;the applicable Holders have failed to fulfill their respective obligations under this Agreement with respect to such Demand Offering. In the event that the Issuer proposes to offer and sell its securities as part of any Demand Offering requested by the Holders under this Agreement, and if the managing underwriter or underwriters (selected as provided for in Section 2.3) advise the Issuer in good faith that the inclusion of the securities requested by the Issuer to be included in such offering will likely, in their opinion, have an adverse effect on the distribution or sales price of the Demand Registrable Securities in such offering, then the number of securities to be offered by the Issuer for its own account in such offering shall be reduced as necessary to avoid such adverse effect.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer shall be entitled to postpone the filing of a Prospectus Supplement otherwise required to be prepared and filed by it pursuant hereto (or withdraw any Prospectus Supplement that has been filed by it pursuant hereto) if, at the time it receives a Demand Offering Request or before a Demand Offering has been completed, the Chief Executive Officer or Chief Financial Officer of the Issuer, in his or her good faith judgment, determines that the Demand Offering should not be initiated or completed because (i)&#160;it would materially interfere with any material financing, acquisition, corporate reorganization or merger or other </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">transaction involving the Issuer, (ii)&#160;it would require the Issuer to disclose any material non-public information which would reasonably be likely to be detrimental to the Issuer and the Issuer gives prompt notice of such determination to the Holders, (iii)&#160;a Prospectus, or the documents incorporated by reference therein, require amendment or supplement to comply with the Securities Laws, provided that in the case of (iii) such postponement shall be limited to the period of time reasonably required for the Issuer to make such amendment or supplement, but in no event for a period of more than 30 days commencing on the date on which Issuer notifies the Holders, or (iv) a Blackout Period is in effect. Any postponement pursuant to this Section 2.2(b) must be confirmed by a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Issuer and delivered to the Holders.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer shall not be required to effect a Demand Offering in connection with an underwritten offering of Registrable Securities unless the Demand Registrable Securities have an aggregate market price of at least $50 million. Market price for the purposes of the foregoing shall be calculated on the basis of the average of the volume weighted average trading prices of the Common Shares on the TSX on each of the 15 trading days immediately preceding the delivery by the Holders to the Issuer of the request for the Demand Offering.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 2.2(e), if during the Registration Period the Issuer proposes to file a Prospectus Supplement in Canada and/or the United States in order to offer its Common Shares pursuant to an underwritten offering (excluding, for greater certainty, any offering in connection with a merger, acquisition or other business combination or an offering solely to then existing securityholders of the Issuer) for its own account (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Treasury Offering</font>&#8221;), in a form and manner that, with appropriate changes to the documentation to reflect the addition of a secondary offering, would permit the offering of Registrable Securities under such Prospectus Supplement, the Issuer shall give notice in accordance with Section 6.2 of its intention to do so to the Holders not less than 5 Business Days in advance of the anticipated filing date of the Prospectus Supplement and, within 3 Business Days of the Issuer sending<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#160;</sup> such notice to the Holders (or such shorter period as is provided therefor in Section 2.2(e), the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Notice Period</font>&#8221;), the Holders have the right to request in writing to the Issuer (such request hereinafter referred to as &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Offering Request</font>&#8221;) to include (and upon such request being received by the Issuer within the Piggy Back Notice Period, the Issuer shall use commercially reasonable efforts to include) in the Treasury Offering such number of Registrable Securities (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Registrable Securities</font>&#8221;, and together with the Demand Registrable Securities, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Designated Registrable Securities</font>&#8221;) as the Holders shall request (any Registration of Piggy Back Registrable Securities to be offered pursuant to such request hereinafter referred to as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Piggy Back Registration</font>&#8221;, and together with a Demand Registration, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Secondary Registration</font>&#8221;) upon the same terms (including the method of distribution) as such Treasury Offering; provided that (i)&#160;the Issuer shall not be required to include all such Piggy Back Registrable Securities in any such Treasury Offering if the Issuer is advised in good faith by its managing underwriter or underwriters that the inclusion of any such Piggy Back Registrable Securities will likely, in their opinion, have an adverse effect on the distribution or sales price of the securities being offered by the Issuer, in which case the number of Piggy Back Registrable Securities shall be reduced as</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">necessary, and (ii)&#160;the Issuer may at any time, at its sole discretion and without the consent of the applicable Holders, withdraw such Prospectus Supplement and abandon the proposed Treasury Offering regardless of whether it was to include any Piggy Back Registrable Securities; provided, that the Issuer will pay the Registration Expenses in connection with such withdrawn Prospectus Supplement. The failure of the Issuer to receive the Holders&#8217; response within the Piggy Back Notice Period shall be deemed to be a waiver of the Holders&#8217; rights under this subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font> with respect to the corresponding Treasury Offering. The Holders may also waive all their rights under this subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font> by giving written notice to the Issuer, either in advance or following the Piggy Back Notice Period. No offering of Registrable Securities under this subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(d)</font> shall relieve the Issuer of its obligations to effect Demand Offerings pursuant to subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">2.2(a)</font> hereof.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding the foregoing, in the event that the Issuer proposes to effect a Treasury Offering by way of a &#8220;bought deal&#8221;, or another public offering which is not expected to include a road show, (i) the notice periods set forth in Section 2.2(d) shall not be applicable, (ii) the Issuer shall give the Holders such notice of the Treasury Offering as is practicable under the circumstances (given the speed and urgency with which bought deals or such other public offerings are then carried out in common market practice) of its rights to participate thereunder and (iii) in lieu of the 5-Business Day Piggy Back Notice Period provided for in in Section 2.2(d), the Holders shall instead have only such time to make a Piggy Back Offering Request as is practicable under the circumstances, and sufficiently in advance of the execution of the bought deal letter (in the case of a &#8220;bought deal&#8221; offering) or announcement of such public offering, as applicable, to notify the Issuer that one or more Holders wish to participate in such Treasury Offering, failing which, the Issuer shall be free to pursue the bought deal or such other public offering without the participation of the Holders.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For greater certainty, notwithstanding any participation by the Holders in a Treasury Offering pursuant to subsection 2.2(d), the terms and manner of sale for any Treasury Offering, including the jurisdictions in which it is effected, shall be within the sole discretion of the Issuer.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Selection of Underwriters for Underwritten Demand Offerings</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Upon requesting a Demand Offering for an underwritten offering of Registrable Securities, the Holders shall, with the approval of the Issuer (provided such consent will not be unreasonably withheld, conditioned or delayed), select the investment banker(s) and manager(s) to effect the distribution in connection with such underwritten Demand Offering, it being acknowledged by the Holders that the participation of a registrant shall be required in Canada and/or a registered broker-dealer in the United States (as applicable) in connection with each underwritten Demand Offering hereunder and it being further acknowledged that the investment banker(s) and/or manager(s) selected by the Holders must be of nationally recognized standing in the United States and/or Canada (as applicable). Notwithstanding the foregoing, the Holders acknowledge that the Issuer shall have the sole right to select the investment banker(s) and manager(s) to effect the distribution in connection with any Piggy Back Offering.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Expenses and Selling Expenses</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Except as expressly provided below and in Section 2.2(d), the Issuer shall be responsible for all Registration Expenses on any Registration Offering; provided that, in the event any Registrable Securities are Freely Tradeable at the time that the Issuer receives the Offering Request, the Investor and the Holders shall be jointly and severally responsible for the proportionate share of any Registration Expenses of any Holders in any Registration based on the total offering price of the Freely Tradable Registrable Securities sold by the Holders in any such Registration Offering, as applicable, to the total offering price of all of the securities sold by the Issuer in any such Registration Offering. The Investor and the Holders shall be jointly and severally responsible for paying all Selling Expenses with respect to any Registrable Securities sold by the Holders, the Issuer will pay all Selling Expenses with respect to any securities sold for the account of the Issuer and any other Person that sells securities will pay all Selling Expenses in respect of the securities of such Person sold, if any, in each case, in connection with such Registration Offering. For greater certainty, the Investor and the Holders shall be solely responsible on a joint and several basis for any and all out-of-pocket expenses incurred by any Holders in connection with any Registration Offering.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Other Registration Rights</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">The Issuer represents and warrants to the Holders that it has not entered into, and covenants with the Holders that it will not enter into, any agreement granting registration rights in respect of any equity securities of the Issuer which are adverse to or violate the rights granted to the Holders pursuant to this Agreement; provided that no agreement granting rights to a third party to sell securities as part of a Treasury Offering that may have the effect of reducing the number of Piggy Back Registrable Securities that may be included in a Piggy Back Offering shall be considered to be adverse to or a violation of the rights granted to the Holders pursuant to this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transfer of Rights</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">The rights of a Holder under this Agreement may, in the Holder&#8217;s discretion and without the consent of the Issuer, be assigned, in whole or in part, to one or more Affiliates of Brookfield who at the time of such assignment beneficially owns Registrable Securities and agrees in writing with the Issuer to be subject to and bound by all the terms and conditions of this Agreement. For clarity, a Holder may not assign any of its rights under this Agreement to a Person other than an Affiliate of Brookfield and in the case of an assignment of the rights hereunder in respect of less than all of such Holder&#8217;s Registrable Securities, no such assignment will limit or otherwise impair the assignor&#8217;s rights or obligations under this Agreement. The Holder shall provide the Issuer with written notice prior to such assignment (and such assignment shall not be effective if such notice has not been provided) stating the name and address of the assignee, identifying the Registrable Securities beneficially owned by such assignee.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">The rights of the Investor under this Agreement may only be assigned, in whole but not in part, to an Affiliate of Brookfield who at the time of such assignment agrees with the Issuer in writing to be subject to and bound by all the terms and conditions of this Agreement. Any assignment pursuant to this Section 2.6(b) shall not be effective unless prior written notice of such assignment to the Issuer is given identifying the name and address of the assignee.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Suspension of Registration</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Notwithstanding anything herein to the contrary, if the party that is the &#8220;Investor&#8221; under the Investment Agreement is in breach of any of its covenants in Section 4.3, 4.5, 4.6 or 4.9 of the Investment Agreement, all of the rights of the Investor and the Holders to cause the Issuer to effect the Registration of Registerable Securities pursuant to this Agreement shall be suspended until such time as the &#8220;Investor&#8221; under the Investment Agreement has cured all breaches of such covenants in accordance with the Investment Agreement; provided that if the breaches cannot be cured, or are of a nature that makes them incapable of being cured, under the Investment Agreement, the Issuer may, without the consent of the Investor or any of the Holders, terminate this Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;3<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>REGISTRATION PROCEDURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Procedures</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">If the Issuer is required pursuant to this Agreement to effect a Secondary Registration, it shall, subject to Section&#160;2.2 and Section 3.3, in each case as applicable and solely for the purposes of such Secondary Registration (with references herein to (x) &#8220;distribution&#8221; being the Canadian Offering or U.S. Offering, as applicable, that is the subject of such Secondary Registration, and &#8220;underwriters&#8221; being the underwriters therefor, (x) &#8220;Designated Registrable Securities&#8221; being those being offered pursuant to such distribution and (z) &#8220;Holders&#8221; being the Holders whose Designated Registrable Securities are so offered):</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(i) if such Secondary Registration is in respect of a Canadian Offering, prepare and file in the English language and, if required, French language, a Prospectus Supplement under and in compliance with the Securities Laws of each Canadian jurisdiction in which the Secondary Registration is to be effected and such other related documents as may be reasonably necessary to be filed in connection with such Prospectus Supplement and take all other steps and proceedings that may be reasonably necessary in order to permit an underwritten public offering of the Designated Registrable Securities by the Holders in the applicable Canadian jurisdictions and/or, (ii) if such Secondary Registration is in respect of a U.S. Offering, prepare and file with the SEC a Prospectus Supplement, covering the distribution of the Designated Registrable Securities (subject to the terms of Section&#160;2.2) and such other related documents as may be reasonably necessary to be filed in connection with such Prospectus Supplement and take all other steps and proceedings that may be reasonably necessary in order to permit an underwritten public offering of the Designated Registrable Securities by the Holders in the United States;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">use commercially reasonable efforts to prepare and file with the applicable Canadian Securities Commissions (in the case of a Canadian Offering) and with the SEC (in the case of a U.S. Offering) such amendments and supplements to the Prospectus Supplement, as may be reasonably necessary to comply with the provisions of the applicable Securities Laws with respect to the Registration of the Designated Registrable Securities, and take such steps as are reasonably necessary to maintain the effectiveness of the applicable Prospectus during the Distribution Period;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of a Demand Offering that is a U.S. Offering, use commercially reasonable efforts to (i)&#160;register or qualify, unless an exemption from registration and qualification applies, the resale by the Holders of the Designated Registrable Securities covered by the Prospectus Supplement under such other securities or &#8220;blue sky&#8221; laws of such jurisdictions of the United States as designated by the Holders, acting reasonably, in the request for Demand Offering, (ii)&#160;prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations or qualifications as may be reasonably necessary to maintain their effectiveness during the Distribution Period, and (iii)&#160;take such other actions as may be necessary to maintain such registrations or qualifications in effect at all times during the Distribution Period; provided, however, that the Issuer shall not be required in connection any U.S. Offering to (A)&#160;qualify to do business as a foreign corporation or dealer in any jurisdiction where it would not otherwise be required to qualify but for this subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">3.1(c)</font>, (B)&#160;subject itself to any taxation in any such jurisdiction, or (C)&#160;consent to general service of process in such jurisdiction. The Issuer shall promptly notify the Holders of the receipt by the Issuer of any notification with respect to the suspension of the registration or qualification of any of the Designated Registrable Securities for sale under the securities or &#8220;blue sky&#8221; laws of any jurisdiction of the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">furnish to the Holders and any underwriter or underwriters of the distribution, upon their request, such number of copies of the Prospectus and any amendment and supplement thereto (including any documents incorporated therein by reference) as the Holders may reasonably request in order to facilitate the distribution of the Designated Registrable Securities;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">make available to the underwriter or underwriters of the distribution reasonable access to the senior management of the Issuer for investor calls and meetings with respect to such distribution;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">use commercially reasonable efforts to provide any additional cooperation reasonably requested by such underwriters in connection with the offering, marketing or selling of the Designated Registrable Securities;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">furnish to the Holders and any underwriter or underwriters of the distribution such corporate certificates as are customarily furnished in equivalent underwritten securities offerings, and, in each case, covering substantially the same matters as are customarily covered in such documents in the relevant jurisdictions;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">otherwise use its commercially reasonable efforts to comply with all Securities Laws applicable to such Secondary Registration;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">provide a transfer agent and CUSIP for all Designated Registerable Securities to be sold under the Prospectus Supplement, not later than the effective date of the Prospectus Supplement;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">subject to the Holders&#160; complying with Section 3.2(g), enter into an underwriting agreement with the underwriter or underwriters for such distribution and the applicable Holders, with each such underwriting agreement to contain such </div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 15 -</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">representations and warranties by the Issuer and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions and indemnification provisions in favor of the Holders substantially consistent with Section 4.2 and such other documents as are customary in secondary offerings;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(k)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the event of the issuance of any order or ruling of a Canadian Securities Commission or the SEC, as applicable, (x) suspending the effectiveness of the receipt in respect of the Base Prospectus or the Registration Statement maintained by the Issuer pursuant to Section 2.1(a), (y) suspending or preventing the use of the Prospectus for such Secondary Registration or suspending the Registration by such Prospectus of the distribution of any of the Designated Registrable Securities or (z) cease trading of the Common Shares in any applicable province of Canada or in the United States, in each case where such order or ruling is issued during the Distribution Period, then the Issuer will, as expeditiously as possible after actual knowledge by the Issuer thereof, notify the Holders of such event and use its commercially reasonable efforts promptly to obtain the withdrawal of such order or ruling;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(l)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of a Canadian Offering, during the Distribution Period, the Issuer will prepare and file French translations of all documents incorporated by reference into any Prospectus for the Secondary Registration if, as and when required by Canadian Securities Laws for purposes of the Secondary Registration; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">cooperate and assist in the performance of any due diligence investigation by any underwriter for the distribution and its counsel in connection therewith.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Obligations of the Holders</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">In connection with any Secondary Registration, each of the Holders included in the Secondary Registration shall:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">provide, in writing, such information with respect to the Holders including the number of securities of the Issuer held by the Holders and any such other information regarding the Holders as may be required by the Issuer to comply with the applicable Securities Laws in each jurisdiction in which the Secondary Registration is to be effected;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">if required under applicable Securities Laws, execute any certificate forming part of a Prospectus or similar document to be filed with the applicable Canadian Securities Commissions or the SEC;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">as expeditiously as possible following actual knowledge by the Holder thereof, notify the Issuer of the happening of any event during the Distribution Period, as a result of which the Prospectus, as in effect, would include a misrepresentation;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">comply with all Securities Laws and all published policies, rules and regulations of any stock exchange or over-the-counter market on which the Common Shares are then listed or quoted applicable to the Holders in connection with the Secondary Registration;</div>
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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 16 -</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">not effect or permit to be effected sales of Designated Registrable Securities pursuant to the Prospectus or deliver or permit to be delivered the Prospectus in respect of such sales after notification by the Issuer of any order or ruling suspending the effectiveness of the Prospectus, until the Issuer advises the Holders that such suspension has been lifted or that it has filed an amendment to the Prospectus and has provided copies of such amendment to the Holders. The Holders shall, if so directed by the Issuer, deliver to the Issuer (at the Issuer&#8217;s expense) all copies, other than permanent file copies, then in the Holders&#8217; possession of the Prospectus covering the Designated Registrable Securities that was in effect at the time of receipt of such notice;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">shall not use as the basis for any market transactions in the securities of the Issuer or its Affiliates any information obtained by it, any Secondary Participants or either of their respective counsel pursuant to Section 4.1 unless and until such information is made generally available to the public; and</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">subject to the Issuer complying with Section 3.1(j), enter into an underwriting agreement with the underwriter or underwriters for such distribution and the Issuer, with each such underwriting agreement to contain such representations and warranties by the applicable Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions and indemnification provisions in favor of the Issuer substantially consistent with Section 4.2 and such other documents as are customary in secondary offerings.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Conflict with Underwriter Requirements</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">In the event of a conflict between the Issuer&#8217;s obligations under this Agreement and the Issuer&#8217;s obligations under any underwriting or similar agreement entered into by the Issuer in connection with a Registration Offering, the provisions of such underwriting or similar agreement shall at all times prevail.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;4<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>DUE DILIGENCE; INDEMNIFICATION</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Preparation; Reasonable Investigation</div>
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<table id="zbf16d46cfa9946dd88fa728663082a58" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In connection with the preparation and filing of a Prospectus Supplement for a Demand Registration, the Issuer will give the Holders whose Designated Registrable Securities are to be offered in the distribution contemplated thereby and the underwriter or underwriters of such distribution (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Secondary Participants</font>&#8221;) and their respective counsel the opportunity to participate in the preparation of such Prospectus Supplement and each amendment thereof or supplement thereto, and shall insert therein such information relating to the Holders furnished to the Issuer in writing, which in the reasonable judgment of the Holders and their counsel should be included in accordance with Securities Laws.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In connection with the preparation and filing of a Prospectus Supplement for a Piggy Back Registration, the Issuer will give the Holders whose Designated Registrable Securities are to be offered in the distribution contemplated thereby </div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">and the Secondary Participants and their respective counsel the opportunity to review such Prospectus Supplement and each amendment thereof or supplement thereto, and shall insert therein such information relating to the Holders furnished to the Issuer in writing, which in the reasonable judgment of the Issuer and its counsel should be included in accordance with Securities Laws.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In connection with the preparation and filing of a Prospectus Supplement for a Secondary Registration, the Issuer will, subject to the prior execution and delivery by the Secondary Participants to the Issuer of reasonable confidentiality agreements, give each of the Secondary Participants and their respective counsel such reasonable and customary access to the Issuer&#8217;s books and records and opportunity to discuss the business of the Issuer with its officers and auditors and to conduct such other reasonable and customary due diligence, in each case as shall be necessary in the reasonable opinion of the Secondary Participants and their respective counsel in order to conduct a reasonable investigation for purposes of establishing, to the extent permitted by Securities Laws, a due diligence defense as contemplated by the Securities Laws.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Indemnification</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>By the Issuer</u></div>
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</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">The Issuer agrees to indemnify, to the extent permitted by law, the Holders and each Person who participates as an underwriter in the offering or sale of the Designated Registrable Securities, their respective directors, officers, employees and agents and each Person who controls any Holder or any such underwriter&#160; against all losses, claims, damages, liabilities and expenses arising out of or based upon: (i)&#160;any information or statement contained in the Prospectus, any filing made in connection with the registration under the securities or other &#8220;blue sky&#8221; laws of a jurisdiction of the United States or any amendment thereto which at the time and in light of the circumstances under which it was made contains or is alleged to contain a misrepresentation; (ii)&#160;any order made or inquiry, investigation or proceeding commenced or threatened by any applicable Canadian Securities Commission, court or other competent authority based upon any misrepresentation or alleged misrepresentation in the Prospectus or any amendment thereto or based upon any failure or alleged failure to comply with applicable Securities Laws (other than any failure to comply with applicable Securities Laws by the Holder or the underwriter or underwriters which is not as a result of a failure or alleged failure of the Issuer to comply with applicable Securities Laws); and (iii)&#160;non-compliance by the Issuer with any of the Securities Laws in connection with a Secondary Registration and the distribution effected thereunder, except in the case of any of the foregoing insofar as (A)&#160;any information or statement referred to in clause&#160;(i) or (ii) of this subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2(a)</font> has been furnished in writing to the Issuer by the Holders or the underwriter or underwriters expressly for use therein pursuant to subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">3.2(a)</font> or Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.1</font>; or (B)&#160;any amounts paid in settlement of any claim have been paid if such settlement is effected without the prior written consent of the Issuer, which consent shall not be unreasonably withheld, conditioned or delayed.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>By the Holders</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">The Holders agree, jointly and severally, to indemnify, to the extent permitted by law, the Issuer and each Person who participates as an underwriter in the offering or sale of the Designated Registrable Securities, their respective directors, officers, employees and agents and each Person who controls such underwriter&#160; against all losses, claims, damages, liabilities and expenses arising out of or based upon: (i) any information or statement contained in the Prospectus, any filing made in connection with the registration under the securities or other &#8220;blue sky&#8221; laws of a jurisdiction of the United States or any amendment thereto which has been furnished to the Issuer by the Holders in writing expressly for use therein pursuant to subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">3.2(a)</font> or Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.1</font> which at the time and in light of the circumstances under which it was made contains a misrepresentation or alleged misrepresentation; and (ii) any order made or inquiry, investigation or proceeding commenced or threatened by any applicable Canadian Securities Commission, court or other competent authority based upon any misrepresentation or alleged misrepresentation in the Prospectus or any amendment thereto based upon any information or statement which has been furnished to the Issuer by the Holders in writing expressly for use therein pursuant to subsection&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">3.2(a)</font> or Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.1</font>, or based upon any failure or alleged failure to comply with applicable Securities Laws (other than any failure to comply with applicable Securities Laws by the Issuer or the underwriter or underwriters which is not as a result of a failure or alleged failure of a Holder to comply with applicable Securities Laws), except in the case of any of the foregoing insofar as any amounts paid in settlement of any claim have been paid if such settlement is effected without the prior written consent of the Holders, which consent shall not be unreasonably withheld, conditioned or delayed.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Procedure</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">Any Person entitled to indemnification hereunder will (i)&#160;give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any failure to give notice pursuant to this Section 4.2(c) shall not relieve the indemnifying party of its obligations under this Section 4.2 except and only to the extent such failure to give notice results in any prejudice against such indemnifying party) and (ii)&#160;unless in such indemnified party&#8217;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel satisfactory to the indemnified party, acting reasonably. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its prior written consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party may settle any claims without the express written consent of an indemnified party (such consent not to be </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">unreasonably withheld, conditioned or delayed where such consent does not contain any admission of liability).</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Survival; Contribution</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">The indemnification provisions provided for under this Agreement will survive the expiry of this Agreement and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive any transfer of securities pursuant thereto. In the event the indemnification is unavailable in whole or in part for any reason under this Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2</font>, the Issuer and the Holders shall contribute to the aggregate of all losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the Issuer and the Holders in connection with the event giving rise to liability.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Holder is Trustee</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">The Issuer hereby acknowledges and agrees that, with respect to this Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2</font>, each Holder is contracting on its own behalf and as agent for the other indemnified persons referred to in Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2(a)</font>. In this regard, each Holder will act as trustee for such indemnified persons of the covenants of the Issuer under this Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2</font> with respect to such indemnified persons and accepts these trusts and will hold and enforce those covenants on behalf of such indemnified persons.</div>

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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Issuer is Trustee</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1.25">The Holders hereby acknowledge and agree that, with respect to this Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2</font>, the Issuer is contracting on its own behalf and as agent for the other indemnified persons referred to in Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2(b)</font>. In this regard, the Issuer will act as trustee for such indemnified persons of the covenants of the Holders under this Section&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">4.2</font> with respect to such indemnified persons and accepts these trusts and will hold and enforce those covenants on behalf of such indemnified persons.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;5<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>LOCK-UP AGREEMENT</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Registration Offering Lock-Up</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">With respect to any underwritten Registration Offering, if requested by the underwriters, the Issuer shall not (except as part of such offering) effect any transfer of Common Shares, or any securities convertible into or exchangeable or exercisable for such Common Shares (except (i) pursuant to a Registration Statement on Form S-8, (ii) in connection with the exchange, transfer, conversion or exercise of existing outstanding securities of the Issuer pursuant to agreements which have been previously disclosed, (iii) for purposes of granting employee or director compensation and incentives pursuant to the Issuer&#8217;s equity incentive and compensation plans or (iv) in connection with acquisitions, joint ventures and other strategic transactions), for a period not exceeding 90 days from the closing date of the Registration Offering or such shorter period as the underwriters may reasonably request, and the Issuer shall, from time to time, enter into customary lock-up agreements on terms consistent with the </div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 20 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">preceding sentence (which may form a part of the underwriting agreement for the applicable offering).</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z999d2013e562477abbe17556f6ece899" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holders Lock-Up</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">In respect of any underwritten offering of securities by the Issuer (regardless of whether the Holders have any rights, or have exercised any of their rights, for a Registration in connection therewith), if requested by the underwriters in connection with such offering, each Holder agrees to enter into a customary lock-up agreement with the underwriters for a period ending no later than 90 days, or such shorter period as the underwriters may reasonably request, after closing date of the offering.</div>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;6<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font>GENERAL</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z8a6f5bab98dd4772bd02a1af7ed90f9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.1</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">One Voice Rule</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zee6092138221424dba2a03be95cf832b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Investor shall be the sole representative of the Holders for all purposes of this Agreement. The Issuer shall be entitled to deal with the Investor as the sole representative of the Holders and only the Investor shall have the power and authority to exercise all of the rights and powers granted by the Issuer to the Holders pursuant to this Agreement. All actions taken by the Investor in connection with this Agreement shall apply to and be effective and binding upon all Holders as if taken by the Holders directly. It is the intention of this Section 6.1(a) that any obligation of the Issuer to provide notice to, communicate with or deliver any documentation to a Holder, in each case pursuant to this Agreement shall be satisfied by the Issuer providing such notice, communication or documentation to the Investor.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc57f1c3b33344b7796104b833e30775c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If a Holder ceases to be an Affiliate of Brookfield, such Person shall immediately cease to have any rights under this Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="ze96e57d78f124e72878287d3d2e9f085" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Notices</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z245143ae08914e73b0ad3146a20f8f47" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed as follows:</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z3a47e42cd6074f11827267cece7f6856" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of the Investor or a Holder:</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">Eagle Hydro II LP<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Address]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><br style="LINE-HEIGHT: 1.25">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attention:</font>&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Name]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font></div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 21 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z240888c39e4b4a8aba28cb6789cde012" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of the Issuer:</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.25">TransAlta Corporation<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Address]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><br style="LINE-HEIGHT: 1.25">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attention:</font>&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Name]</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">E-mail:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">[Email]</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z053e2469847c483298a6b201b43ed2fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after 5:00&#160;p.m. (Calgary time) at the place of receipt, then on the next following Business Day) or, if mailed, on the third Business Day following the date of mailing; provided, however, that if at the time of mailing or within three Business Days thereafter there is or occurs a labour dispute or other event which might reasonably be expected to disrupt the delivery of documents by mail, any notice or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication as aforesaid.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z634f5fc204a34234b70323bbf85f3ee9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any party may at any time change its address for service from time to time by giving notice to the other party in accordance with this Section&#160;6.2.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z478830c2e2864712815714090169d3aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Amendments and Waivers</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">No amendment or waiver of any provision of this Agreement shall be binding on any party unless consented to in writing by such party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zf79f23a4dfa84a3ba348a37ccd6d4928" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Time of Essence</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Time is of the essence in respect of this Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z8412890e6db44f5cadc13b6ae26fb523" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Entire Agreement</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">This Agreement constitutes the entire agreement between the parties and/or their respective Affiliates with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. Unless otherwise agreed upon in writing by the parties, there are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in this Agreement and the Investment Agreement.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z7d9d873131854c4996c3be9f359307ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Governing Law and Submission to Jurisdiction</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4e7b49b9f06c4e79b755c83e114b1812" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall be governed by, the laws of the Province of Alberta and the federal laws of Canada applicable in that province.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 22 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z50c913a9405342eb8b18971d580cd9a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each of the parties irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the Province of Alberta over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z9de992f308834820a80fd9608026acd5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Assignment</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Except as set forth in Section 2.6, no party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other party.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z67baaf904c794da783991164fb2bcc76" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Term and Termination</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z870903b4fc43425bb93f5d1f67d61fd5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 6.8(b), this Agreement will continue in force until the earlier of the date on which:</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zbf0198cea8214755bbd80428749a8903" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">this Agreement is terminated by the mutual written agreement of the parties; and</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z89c0dd6743084f27af65006c573a4d42" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">none of the Holders party to this Agreement beneficially own any Registrable Securities.</div>
</td>
</tr>
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer may terminate this Agreement:</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">pursuant to Section 2.7; or</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 72pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">at any time after the date that is 12 months following the earlier of (x) the termination of the Investment Agreement, (y) the date on which no Exchangeable Securities are outstanding (due to exchange, redemption or otherwise) and (z) the date on which Brookfield together with its Affiliates beneficially owns in the aggregate less than 3.00% of the issued and outstanding Common Shares.</div>
</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The provisions of Section 4.2 and this Article&#160;6 shall continue in full force and effect notwithstanding any termination of this Agreement, and termination of this Agreement will not affect or prejudice any rights or obligations which have accrued or arisen under this Agreement prior to the time of termination and such rights and obligations, including any indemnities and remedies, will continue in full force and effect and survive the termination of this Agreement.</div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.9</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Successors and Assigns</div>
</td>
</tr>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.</div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.10</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Severability</div>
</td>
</tr>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.</div>

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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Further Assurances</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">Each of the parties hereto shall, from time to time hereafter and upon any reasonable request of the other, use its commercially reasonable efforts to do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.</div>

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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.12</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Counterparts</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt">This Agreement and all documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall be construed together to be an original and will constitute one and the same agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Brett Gellner (signed)</div>
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<tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.31%; VERTICAL-ALIGN: top">Chief Strategy and Investment Officer</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">John Kousinioris (signed)</div>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.31%; VERTICAL-ALIGN: top">John Kousinioris</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.31%; VERTICAL-ALIGN: top">Chief Growth Officer</td>
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<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Signature Page for Registration Rights Agreement</div>

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<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the parties hereto have caused this Agreement to be duly executed as of the date first above written.</div>

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<tr>
<td style="WIDTH: 44.44%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: top" rowspan="10">&#160;</td>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EAGLE HYDRO II LP, by its general </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">partner, EAGLE HYDRO </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INVESTMENTS GP INC.</div>
</td>
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<tr>
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<tr>
<td style="WIDTH: 45.2%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">by</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Mabel Wong (signed)</div>
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<td style="WIDTH: 4.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.49%; VERTICAL-ALIGN: top">Mabel Wong</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.49%; VERTICAL-ALIGN: top">Managing Director</td>
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<tr>
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<td style="WIDTH: 4.55%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 35.49%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">James Rickert (signed)</div>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.49%; VERTICAL-ALIGN: top">James Rickert</td>
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<tr>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4.55%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<td style="WIDTH: 35.49%; VERTICAL-ALIGN: top">President</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">Signature Page for Registration Rights Agreement</div>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>eh1900659_ex9903.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 99.3</div>

<div style="TEXT-ALIGN: right"><br>
&#160;</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">THIS SECURITY IS SUBJECT TO THE PROVISIONS OF THE INVESTMENT AGREEMENT (AS DEFINED HEREIN) AND THE EXCHANGE AND OPTION AGREEMENT (AS DEFINED HEREIN), WHICH AGREEMENTS CONTAIN, AMONG OTHER THINGS, RESTRICTIONS ON THE RIGHT TO TRANSFER, PLEDGE OR OTHERWISE DEAL WITH THIS SECURITY. NOTICE OF SUCH RESTRICTIONS AND THE OTHER PROVISIONS OF SUCH AGREEMENTS IS HEREBY GIVEN.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">THIS DEBENTURE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.&#160; EXCEPT AS OTHERWISE PROVIDED HEREIN, SUCH SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO TRANSALTA CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE SEPTEMBER 2, 2019</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNSECURED SUBORDINATED DEBENTURE</div>

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<div>Original Principal Amount: $350,000,000</div>
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<div style="TEXT-ALIGN: right">Issue Date: May 1, 2019</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">FOR VALUE RECEIVED, the Issuer (as defined below) promises to pay to the Holder (as defined below), the principal amount set forth above as the &#8220;Original Principal Amount&#8221; (as reduced pursuant to the terms and conditions hereof upon any redemption, exchange or otherwise (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Principal Amount</font>&#8221;)), in lawful money of Canada, on May 1, 2039 (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Maturity Date</font>&#8221;), and to pay interest on the unpaid Principal Amount as set forth herein.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">This Debenture comprises all of the &#8220;Exchangeable Debentures&#8221; referred to in that certain investment agreement dated as of March 22, 2019 between TransAlta Corporation and the Investor (to whom the Investment Agreement was assigned by Brookfield BRP Holdings (Canada) Inc. to the Investor on April 30, 2019), as amended, supplemented, restated, converted, exchanged or replaced from time to time.</div>

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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>INTERPRETATION</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Definitions</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Capitalized terms used in this Debenture without definition shall have the meanings specified in the Investment Agreement or the Exchange and Option Agreement, as applicable.&#160; Unless the context requires otherwise, the following terms used in this Debenture shall have the following meanings:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Affiliate</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Bankruptcy Law</font>&#8221; means any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Brookfield</font>&#8221; has the meaning specified in the Investment Agreement.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Canadian Financial Institution</font>&#8221; means &#8220;Canadian financial institution&#8221; as defined in Section 1.1 of National Instrument 45-106 - Prospectus Exemptions.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Event</font>&#8221; means, subject to Section 2.2(b) of the Exchange and Option Agreement, the occurrence of an event or circumstance specified as such in Section 5.1.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Credit Agreement</font>&#8221; means the second amended and restated credit agreement dated June 30, 2011, as amended by a first amending agreement dated April 20, 2012, a second amending agreement dated May 29, 2013, a third amending agreement dated June 17, 2014, a fourth amending agreement dated June 5, 2015, a fifth amending agreement dated August 10, 2016, a sixth amending agreement dated July 24, 2017 and a seventh amending agreement dated June 7, 2018, between the Issuer, as borrower, Canadian Imperial Bank of Commerce, as administrative agent, and the lenders from time to time party thereto, as amended, modified, restated or replaced from time to time.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Custodian</font>&#8221; means any custodian, receiver, trustee, assignee for the benefit of creditors or other similar official under any Bankruptcy Law.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debenture</font>&#8221; means this unsecured, subordinated debenture.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debentures</font>&#8221; means this Debenture and any other unsecured, subordinated debentures issued by the Issuer pursuant to the Investment Agreement and having identical terms and conditions to this Debenture.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Default</font>&#8221; means (1) any Cash Acceleration Event or (2) any event, act or condition that, after notice or the passage of time or both, would be a Cash Acceleration Event.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Early Exchange Event</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Encumbrance</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange and Option Agreement</font>&#8221; means the exchange and option agreement dated as of the Issue Date between the Issuer and Eagle Hydro II LP.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange Right</font>&#8221; has the meaning specified in the Exchange and Option Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holder</font>&#8221; means Eagle Investment II LP or, at and after the time, if any, that this Debenture is transferred in accordance with Section 6.6 hereof, the Permitted Transferee in whose name this Debenture is registered.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Hydro Assets Owner</font>&#8221; means the Subsidiary of the Issuer (which Subsidiary shall not be a corporation) that will hold, directly or indirectly, the interests in the Hydro Assets upon completion of the Hydro Assets Reorganization.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interest Payment Date</font>&#8221; has the meaning specified in Section&#160;2.2.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Agreement</font>&#8221; has the meaning specified in the second recital to this Debenture.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investor</font>&#8221; means Eagle Hydro II LP, a limited partnership existing under the laws of Ontario, or, at and after the time, if any, that all of the rights of the party that is the &#8220;Investor&#8221; under the Exchange and Option Agreement is assigned to a Permitted Assignee in accordance with the terms of the Exchange and Option Agreement, the Permitted Assignee to whom such rights have been so assigned.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Issue Date</font>&#8221; means May 1, 2019.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Issuer</font>&#8221; means TransAlta Corporation or, at and after the time, if any, that TransAlta Corporation (or any successor Issuer) hereunder shall amalgamate, consolidate or merge with or into any other Person, the Person formed by or surviving such amalgamation, consolidation or merger.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Date</font>&#8221; has the meaning specified in Section 5.2(b).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Price</font>&#8221; has the meaning specified in Section 5.2(b).</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Operating Committee</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Redemption Price</font>&#8221; has the meaning specified in Section 4.1.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Person</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Principal Amount</font>&#8221; has the meaning specified in the first recital to this Debenture.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redeemable Shares</font>&#8221; means the Redeemable First Preferred Shares, Series I to be issued by the Issuer on the Second Funding Date pursuant to the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Regulatory Approvals</font>&#8221; means approvals of a Governmental Entity that, if not obtained, would prevent the Issuer from satisfying the Investor&#8217;s exercise of the Exchange Right; provided that, for greater certainty, such approvals do not include any approvals required in connection with the completion of the Hydro Assets Reorganization.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Second Funding</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Second Funding Date</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities</font>&#8221; means, collectively, the Debentures and the Redeemable Shares.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Senior Indebtedness</font>&#8221; means (i) obligations of the Issuer under the Credit Agreement; (ii) indebtedness of the Issuer for borrowed money (including under the Credit Agreement), whether secured or unsecured; (iii) obligations of the Issuer evidenced by bonds, debentures, notes or other similar instruments; (iv) obligations of the Issuer arising&#160; pursuant to or in relation to bankers&#8217; acceptances, letters of credit and letters of guarantee (including payment and reimbursement obligations in respect thereof) or indemnities issued in connection therewith; (v) obligations of the Issuer under any swap, hedging or other similar contracts or arrangements in respect of indebtedness; (vi) obligations of the Issuer under guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations relating to the Senior Indebtedness or </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">other obligations of any other Person which would otherwise constitute Senior Indebtedness within the meaning of this definition; (vii) all indebtedness of the Issuer representing the deferred purchase price of any property including, without limitation, purchase money mortgages; (viii) all capital and operating lease obligations of the Issuer that would be classified as a liability pursuant to IFRS 16, Leases or otherwise in accordance with IFRS; (ix) all renewals or extensions of any of the foregoing; (x) all accrued and unpaid interest, fees and other amounts in respect of any of the foregoing; and (xi) all costs and expenses incurred by or on behalf of the holder of any Senior Indebtedness in enforcing payment or collection of any such Senior Indebtedness, including enforcing any security interest securing the same. &#8220;Senior Indebtedness&#8221; shall not include any indebtedness that would otherwise be Senior Indebtedness if it is expressly stated to be subordinate to, or to rank <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pari passu</font> with, this Debenture.&#160; For greater certainty, &#8220;Senior Indebtedness&#8221; shall not include any obligations of the Issuer under this Debenture or any other Securities.</div>

&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Subsidiary</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">subsidiary</font>&#8221; has the meaning specified in the Investment Agreement.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Transfer</font>&#8221; has the meaning specified in the Investment Agreement.</div>

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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>PRINCIPAL AND INTEREST</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Principal</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">On the Maturity Date, the Issuer shall pay to the Holder, in cash, the then outstanding Principal Amount of this Debenture (together with any accrued but unpaid interest thereon on the Maturity Date payable pursuant to Section 2.2),<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>except to the extent that this Debenture has been redeemed pursuant to Article&#160;4 or Article&#160;5, or the Principal Amount of this Debenture has otherwise been satisfied in accordance with the terms of this Debenture, on or prior to the Maturity Date.&#160; Payment of Principal Amount under this Debenture will be paid to the Holder at the close of business on the Business Day immediately preceding the date such payment is due.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Issuer shall pay to the Holder, in cash, interest on the Principal Amount outstanding under this Debenture in arrears on the last day of February, May, August and November of each calendar year (or the next Business Day if such date is not a Business Day (each such date, an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interest Payment Date</font>&#8221;)); provided, however, that the first Interest Payment Date shall be September 2, 2019. Interest shall accrue from and including the Issue Date or, if interest has already been paid, from and including the most recent Interest Payment Date to which interest has been paid, to, but excluding, the next succeeding Interest Payment Date, at a per annum rate of 7.00% until the Principal Amount is paid. The interest payable on any Interest Payment Date will be paid to the Holder at the close of business on the Business Day immediately preceding such Interest Payment Date. &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interest Period</font>&#8221; means the period commencing on any Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the Issue Date) to but excluding the next succeeding Interest Payment Date, and in the case of the last such period, from and including the Interest Payment Date immediately preceding the Maturity Date to but not including such Maturity Date.&#160; Interest on this Debenture shall cease to accrue from and after the date on which the full Principal Amount of this Debenture has been discharged in accordance with the terms of this Debenture, whether </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">on redemption of this Debenture pursuant to Article&#160;4 or Article&#160;5, the repayment of this Debenture on the Maturity Date or otherwise. Interest on this Debenture shall be computed on the basis of a 365-day year or 366-day year, as applicable, based on the actual number of days elapsed in the period.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Subscription</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Issuer hereby agrees to create, issue and sell to the Holder, and the Holder hereby subscribes for and agrees to purchase from the Issuer, Debentures in the aggregate principal amount of $350,000,000, at a subscription price of $349,750,000.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;3<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>SUBORDINATION</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Subordination</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Each Holder of this Debenture, by its acceptance hereof, covenants and agrees that, to the extent and in the manner hereinafter set forth in this Article&#160;3, the payment of the Principal Amount, the Optional Redemption Price, the Mandatory Redemption Price, any interest on, and all other amounts payable under, this Debenture, is hereby expressly made subordinate and subject in right of payment to all Senior Indebtedness of the Issuer, whether now outstanding or hereafter incurred.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">3.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Payment Over of Proceeds upon Insolvency, Bankruptcy, Dissolution, Etc.</u></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event of (i)&#160;any insolvency, bankruptcy or similar proceeding or case under any Bankruptcy Law, or any receivership, liquidation, arrangement, reorganization or other similar case or proceeding in connection therewith, relative to the Issuer or to its assets, (ii)&#160;any liquidation, dissolution or other winding up of the Issuer, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iii)&#160;any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Issuer (each such event, if any, herein sometimes referred to as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Proceeding</font>&#8221;), the holders of Senior Indebtedness shall be entitled to receive or retain payment in full in cash of all amounts due or to become due on or in respect of all Senior Indebtedness (including any interest accruing on or after the filing of any Proceeding relating to the Issuer, whether or not allowed in such Proceeding) before the Holder is entitled to receive any payment or distribution of any kind or character, whether in cash, property or securities, on account of the Principal Amount of, or interest on, or other obligations in respect of, this Debenture or on account of any purchase, redemption or other acquisition of this Debenture by the Issuer or any Subsidiary of the Issuer, including any payment of the Optional Redemption Price or the Mandatory Redemption Price or any consideration a Holder would be entitled to receive on a Cash Acceleration Event or pursuant to the terms of the Exchange and Option Agreement in connection with an Early Exchange Event or otherwise on the exercise of the Exchange Right (all such payments, distributions, purchases, redemptions and acquisitions herein referred to, individually and collectively, as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debenture Payment</font>&#8221;), and to that end the holders of Senior Indebtedness shall be entitled to receive, for application to the payment thereof, any Debenture Payment which may be payable or deliverable in respect of this Debenture in any such Proceeding.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event that, notwithstanding Section 3.2(a), the Holder shall have received, following the commencement of any Proceeding, any Debenture Payment before all Senior Indebtedness of the Issuer is paid in full, then and in such event such Debenture Payment shall </font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">be paid over or delivered forthwith to the Custodian making payment or distribution of assets of the Issuer for the application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay the Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For purposes of this Article&#160;3 only, the words &#8220;any payment or distribution of any kind or character, whether in cash, property or securities&#8221; shall not be deemed to include a payment or distribution of shares or other securities of the Issuer provided for by a plan of arrangement, reorganization or readjustment authorized by an order or decree of a court of competent jurisdiction in a reorganization proceeding under any applicable Bankruptcy Law (as defined below) or of any other corporation provided for by such plan of arrangement, reorganization or readjustment, which shares or other securities are subordinated in right of payment to all then outstanding Senior Indebtedness to substantially the same extent as, or to a greater extent than, this Debenture is so subordinated as provided in this Article&#160;3.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>No Payment when Senior Indebtedness in Default</u></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event that any Senior Default (as defined below) shall have occurred and be continuing, then no Debenture Payment shall be made unless and until such Senior Default shall have been cured or waived or shall have ceased to exist or all amounts then due and payable in respect of such Senior Indebtedness shall have been paid in full.&#160; &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Senior Default</font>&#8221; means the occurrence or existence and continuance of any default or event of default with respect to Senior Indebtedness that permits the holders of the Senior Indebtedness (or a trustee, agent or other representative on behalf of the holders thereof) then to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise become due and payable.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event that, notwithstanding the foregoing, the Issuer shall make any Debenture Payment to the Holder prohibited by the foregoing provisions of this Section 3.3, then and in such event such Debenture Payment shall be paid over and delivered forthwith to the holders of the applicable Senior Indebtedness (or the trustee, agent or other representative for the holders thereof for distribution to such holders) in the same form received and, until so turned over, the same shall be held in trust by the Holder as the property of the holders of the Senior Indebtedness.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The provisions of this Section 3.3 shall not apply to any Debenture Payment with respect to which Section 3.2 would be applicable.</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">3.4</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Subrogation to Rights of Holders of Senior Indebtedness</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Only after the payment in full of all amounts due or to become due on or in respect of Senior Indebtedness of the Issuer (and except as otherwise provided in this Article&#160;3), the Holder of this Debenture shall be subrogated (equally and ratably with all other indebtedness ranking <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pari passu</font> with this Debenture) to the rights of the holders of Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to such Senior Indebtedness until the Principal Amount of, and interest on, any other payment owing by the Issuer to the Holder in respect of, this Debenture shall be paid in full.&#160; For purposes of such subrogation, no payments or distribution to the holders of the Senior Indebtedness of any cash, property or securities to which the Holder of this Debenture would be entitled except for the provisions of this Article&#160;3, and no payments over pursuant to the provisions of this Article&#160;3 to the holders of Senior Indebtedness by the Holder of this </div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Debenture, shall, as among the (i)&#160;Issuer, (ii)&#160;its creditors other than holders of Senior Indebtedness, and (iii)&#160;the Holder of this Debenture, be deemed to be a payment or distribution by the Issuer to or on account of the Senior Indebtedness.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Provisions Solely to Define Relative Rights</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The provisions of this Article&#160;3 are and are intended solely for the purpose of defining the rights of the Holder on the one hand and the holders of Senior Indebtedness on the other hand.&#160; Nothing contained in this Article&#160;3 or in this Debenture is intended to or shall (i)&#160;impair, as amongst the Issuer and the Holder of this Debenture, the obligation of the Issuer, which is absolute and unconditional (subject to the rights under this Article&#160;3 of the holders of Senior Indebtedness), to pay to the Holder of this Debenture the Principal Amount of, and interest on, any other payment owing by the Issuer to the Holder in respect of, this Debenture as and when the same shall become due and payable in accordance with its terms, (ii)&#160;affect the relative rights against the Issuer of the Holder of this Debenture and creditors of the Issuer other than their rights in relation to the holders of Senior Indebtedness, (iii)&#160;prevent the Holder of this Debenture from exercising the remedies otherwise permitted by this Debenture upon a default by the Issuer of its obligations under this Debenture, subject to the rights, if any, under this Article&#160;3 of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Holder or (iv) impose any obligations on the Issuer.&#160; Nothing contained in this Article&#160;3 or in this Debenture shall prevent the Issuer from making Debenture Payments.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>No Waiver of Subordination Provisions.</u></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Issuer with the terms, provisions and covenants of this Debenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Without in any way limiting the generality of Section 3.6(a), the holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Holder of this Debenture, without incurring responsibility to the Holder of this Debenture and without impairing or releasing the subordination provided in this Article&#160;3 or the obligations hereunder of the Holder of this Debenture to the holders of Senior Indebtedness, do any one or more of the following:&#160; (i)&#160;change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii)&#160;sell, exchange, release or otherwise deal with any asset pledged, mortgaged or otherwise securing Senior Indebtedness; (iii)&#160;release any Person liable in any manner for the collection of Senior Indebtedness; (iv)&#160;settle or compromise any such Senior Indebtedness or any other liability of any obligor of such Senior Indebtedness to such holder or any security therefor or any liability issued in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including, without limitation, payment of any of the Senior Indebtedness) in any manner or order; (v)&#160;fail to take or to record or otherwise perfect, for any reason or for no reason, any lien securing such Senior Indebtedness by whomsoever granted, exercise or delay in or refrain from exercising any right or remedy against any obligor or any guarantor or any other Person, elect any remedy and otherwise deal freely with any obligor and any security for such Senior Indebtedness or any liability of any </font></div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">obligor to the holders of such Senior Indebtedness or any liability issued in respect of such Senior Indebtedness; and (vi)&#160;exercise or refrain from exercising any rights against the Issuer and any other Person.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Reliance on Judicial Order or Certificate of Liquidating Agent.</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Upon any payment or distribution of assets of the Issuer referred to in this Article 3, the Holder of this Debenture shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such Proceeding is pending, or a certificate of the Custodian making such payment or distribution, delivered to the Holder of this Debenture, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article&#160;3.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">3.8</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Reliance by Holders of Senior Indebtedness on Subordination Provisions.</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Each Holder of this Debenture, by accepting this Debenture, acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of this Debenture, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holders of such Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Confirmation of Subordination</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">By acceptance of this Debenture, the Holder of this Debenture hereby irrevocably agrees that, from time to time, upon any request from the Issuer therefor, it shall enter into and deliver to a holder of Senior Indebtedness, or its agent or representative, any agreement or acknowledgment requested by such holders or representatives that confirms the foregoing subordination provisions of this Article&#160;3.</div>

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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>OPTIONAL REDEMPTION</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">4.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Optional Redemption Right</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">At any time after December 31, 2028, the Issuer may, at its option, redeem this Debenture (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption</font>&#8221;), in whole or in part from time to time, on the Optional Redemption Date (as defined below) at a price equal to 100% of the Principal Amount of this Debenture being redeemed plus accrued and unpaid interest thereon up to (but excluding) the applicable Optional Redemption Date (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Redemption Price</font>&#8221;); provided, however, that, other than an Optional Redemption that is to redeem the balance of the outstanding Principal Amount of this Debenture, the Issuer shall not be entitled to redeem this Debenture in part unless the aggregate proceeds to be received by the Holder for any such Optional Redemption, when aggregated with the aggregate proceeds to be received by the holders of other outstanding Securities for any redemption of their Securities that is to be completed concurrently with the applicable Optional Redemption, is not less than $100,000,000.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer may exercise its Optional Redemption right under Section 4.1(a) by delivering a written notice to the Investor (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional Redemption Notice</font>&#8221;). The Optional Redemption Notice shall state (i) the date fixed by the Issuer on which the Optional Redemption shall occur (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Optional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Redemption Date</font>&#8221;), which date shall not be less than fifteen (15) days nor more than thirty (30) days following the date of the Optional Redemption Notice, and (ii) the aggregate Principal Amount of this Debenture to be redeemed pursuant to such Optional Redemption. Subject to Section 4.3, on the Optional Redemption Date, the Issuer shall pay the applicable Optional Redemption Price to the Holder in cash in accordance with Section 6.1.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Partial Redemption</u></div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the Issuer redeems any Debentures in part, pursuant to Section 4.1 or the equivalent optional redemption right in another Debenture, as applicable, the Issuer shall, within 36 months of the first Optional Redemption Date of any such partial redemption, redeem all of the outstanding Securities.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the event of an Optional Redemption of less than all of the Principal Amount&#160; of this Debenture then outstanding, the Issuer shall, upon delivery by the Holder of its existing Debenture to the Issuer for cancellation, promptly cause to be issued and delivered to the Holder a new Debenture (in accordance with Section 6.7) representing the outstanding Principal Amount which has not been redeemed.</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">4.3</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Conditional Redemption</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Any Optional Redemption or Optional Redemption Notice may, at the Issuer&#8217;s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an equity or other offering, issuance of indebtedness, or other corporate transaction or event. Notice of any redemption in respect thereof will be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied. If an Optional Redemption is subject to the satisfaction of one or more conditions precedent, the related Optional Redemption Notice shall describe each such condition, and if applicable, state that, in the Issuer&#8217;s discretion, the Optional Redemption Date may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Optional Redemption Date; provided that any failure of the Issuer to include such information in the applicable Optional Redemption Notice shall not impact the Issuer&#8217;s right to rescind the Optional Redemption Notice if the applicable condition precedents are not satisfied.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;5<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>ACCELERATION EVENTS</u></font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">5.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Cash Acceleration Events</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The occurrence of any one or more of the following events or circumstances shall constitute a &#8220;Cash Acceleration Event&#8221; under this Debenture (each such event or circumstance, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Event</font>&#8221;):</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">provided that the Hydro Assets Reorganization is completed in the manner described in the Investment Agreement, any Regulatory Approvals are not obtained on terms acceptable to the Investor and the Issuer, each acting reasonably; or</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a final and non-appealable order is issued by a court of competent jurisdiction that enjoins either the Second Funding or satisfaction of the Exchange Right.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">5.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Cash Acceleration Event Notice; Mandatory Redemption</u></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Upon the occurrence of a Cash Acceleration Event with respect to this Debenture, the Issuer shall within five (5) Business Days of becoming aware of the occurrence of the Acceleration Event deliver written notice thereof (an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Acceleration Event Notice</font>&#8221;) to the Investor; provided, however, that failure to provide an Acceleration Event Notice shall not diminish or otherwise affect the rights and remedies of the Investor hereunder.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">At any time after the date on which a Cash Acceleration Event occurs, the Investor<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>may require the Issuer to redeem all and not less than all of this Debenture by delivering written notice thereof (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Cash Acceleration Notice</font>&#8221;) to the Issuer. If a Cash Acceleration Notice is delivered by the Investor pursuant to this Section 5.2(b), (i) this Debenture shall be redeemed by the Issuer, on a date fixed by the Issuer (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Date</font>&#8221;) which shall not be later than 30 days after the Issuer&#8217;s receipt of such Cash Acceleration Notice, at a price equal to 100% of the Principal Amount of this Debenture then outstanding plus accrued and unpaid interest thereon up to (but excluding) the Mandatory Redemption Date (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Mandatory Redemption Price</font>&#8221;) and (ii) the Issuer shall pay the Mandatory Redemption Price to the Holder in cash in accordance with Section 6.1 on the Mandatory Redemption Date, unless such Cash Acceleration Notice has been rescinded prior to the Mandatory Redemption Date therefor in accordance with Section 5.3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Rescission of Cash Acceleration Notice</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">A Cash Acceleration Notice shall be irrevocable; provided, however, that the Investor may rescind and annul a Cash Acceleration Notice, and the corresponding consequences thereof, by providing written notice thereof to the Issuer not more than 5 Business Days after the Investor has delivered such Cash Acceleration Notice (and at least 5 Business Days prior to the applicable Mandatory Redemption Date) or at such later time as is agreed by the Issuer.&#160; Any such written notice from the Investor rescinding a Cash Acceleration Notice shall be deemed an irrevocable waiver by the Investor of its right to cause the Issuer to redeem this Debenture as a result of the Cash Acceleration Event that is the subject of such Cash Acceleration Notice.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Remedies</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">The Investor&#8217;s right to accelerate the Issuer&#8217;s payment obligations pursuant to and on the terms and conditions provided therefor in this Article&#160;5 shall be the sole and exclusive remedy for any Cash Acceleration Event.&#160; No other right or remedy in respect of any Cash Acceleration Event shall be available to the Investor or the Holder under this Debenture.&#160; For greater certainty, nothing herein shall restrict the exercise of any additional or alternative rights or remedies of the Investor in respect of the Investment Agreement.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; MARGIN-TOP: 6pt; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">ARTICLE&#160;6<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>MISCELLANEOUS</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Currency; Payments</u></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All references in this Debenture to &#8220;Canadian dollars&#8221;, &#8220;dollars&#8221; and &#8220;$&#8221; are to lawful money of Canada.&#160; All payments to be made hereunder shall be made in Canadian dollars.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject to Section 6.1(c), whenever any payment of cash is to be made by the Issuer to the Holder pursuant to this Debenture, such payment shall be made, at the Issuer&#8217;s option, by (i) electronic funds transfer or wire transfer on the relevant payment date to the account of the Holder or (ii) a certified cheque mailed or sent via overnight courier service, on the relevant payment date, to the address of the Holder on the Register (as defined below); provided, however, that the Holder may elect to receive any such payment via electronic funds transfer or wire transfer, in each case to a Canadian dollar account maintained by the Holder with a bank named in Schedule I or II of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Bank Act</font> (Canada), by providing the Issuer with prior written notice setting out such request and the applicable account information.&#160; The mailing or delivery of any such electronic funds transfer, wire transfer or cheque, as the case may be, shall satisfy and discharge the Issuer&#8217;s liability hereunder for the payment of such interest, principal or other amount, as applicable, to the extent of the sum represented thereby (plus the amount of any tax, assessment or other governmental charge required by law to be deducted or withheld). In the event of the non-receipt of any such cheque by the Holder or the loss, theft or destruction thereof, the Issuer, upon being furnished with evidence of such non-receipt, loss, theft or destruction and indemnity reasonably satisfactory to it, shall issue or cause to be issued to such Holder a replacement cheque for the amount of such cheque.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer shall only be required to make payment of the Principal Amount, the Optional Redemption Price or the Mandatory Redemption Price, as applicable, when such amount is due and payable under this Debenture, upon surrender by the Holder of this Debenture to the Issuer for such payment. If the Holder fails to surrender this Debenture to the Issuer for payment prior to or on the date on which the amount becomes payable, the Issuer may pay the amount payable (together with any accrued and unpaid interest thereon) to an account to be held in trust for the Holder and thereupon the amounts payable (including such accrued and unpaid interest thereon) shall be deemed to have been paid to the Holder, and the Issuer&#8217;s obligations hereunder will be satisfied and discharged for all purposes hereunder, and the Holder shall thereafter have no right in respect thereof except that of receiving payment of such amounts so set aside by the Issuer upon due presentation and surrender of this Debenture to the Issuer.</div>
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<table id="z5f680e5d2ae948d0b629eb5d1d1e4ec9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.2</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Taxes</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z460b6f396fed4146977ed2656eadb718" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer may withhold or deduct from any payments to be made by or on behalf of the Issuer under or with respect to this Debenture, from time to time, for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed or levied by or on behalf of the </div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 11 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4370cd3d1d954f8abddf4705c0251b93" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government of Canada or the United States or elsewhere, or of any province, territory or state thereof or by any authority or agency therein or thereof having power to tax (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Taxes</font>&#8221;) to the extent such withholding or deduction is required by Law (including the interpretation or administration thereof), and, provided that the Issuer does not fail to remit as required any such amount so withheld or deducted to the relevant Governmental Entity, the amount of any such withholding or deduction will be considered an amount paid in satisfaction of the Issuer&#8217;s obligations under this Debenture. There is no obligation on the Issuer to gross-up or pay additional amounts to the Holder of this Debenture in respect of such deductions or withholdings.</div>
</td>
</tr>
</table>
</div>

<table id="z3b0f1165c86049949f13ddb463825f6b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Upon the Issuer&#8217;s reasonable request therefor, the Holder will provide the Issuer with any information that is required by the Issuer to comply with its tax reporting and withholding and deduction obligations under applicable Law with respect to payments to be made to the Holder pursuant to this Debenture.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zd4709af1f74b4ff28f33379ace0b33e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.3</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic"><u>Interest Act </u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>(Canada)</u></font></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">For the purposes of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Interest Act</font> (Canada), the yearly rate of interest to which any rate of interest payable under this Debenture, which is to be calculated on any basis other than a full calendar year, is equivalent may be determined by multiplying the rate by a fraction, the numerator of which is the number of days in the calendar year in which the period for which interest at such rate is payable and the denominator of which is the number of days comprising such other basis.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zcc5d75aed33248f8aa98b8a8dfdfccbf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.4</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Notices; One Voice Rule</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z36c262ad27f44d7db74973a8c6745034" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any notice herein required or permitted to be given to the Issuer or the Investor shall be given in accordance with Section&#160;9.2 of the Investment Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zf9b717d2f3e043ebae4781102eb98d85" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each Holder of this Debenture acknowledges and agrees that the Investor shall be the sole representative of such Holder for all purposes of this Debenture, and the Issuer shall be entitled to deal with the Investor as the sole representative of such Holder and only the Investor shall have the power and authority to exercise all of the rights and powers granted by the Issuer to the Investor pursuant to this Debenture and the Investment Agreement. All actions taken by the Investor in connection with this Debenture and the Investment Agreement shall apply to and be effective and binding upon the Holder (including any subsequent Permitted Transferee) as if taken by the Holder directly. Except as expressly provided for herein, (i) the Issuer shall not be obligated to deal with the Holder (including any Permitted Transferees) in respect of any action taken or to be taken with respect to this Debenture and (ii) all notices that the Issuer is required to&#160; provide in respect of any such actions or otherwise in connection with this Debenture may be satisfied in all cases by providing such notice to the Investor.</div>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z73e1b4b1f5c94eed8b1db2916af67a01" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.5</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Amendment</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z8004a86f343548799790cbc15312150c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Debenture</font>&#8221; and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented from time to time.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 12 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z45325045f9024407bff6a3a556965596" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Debenture may not be amended or modified except by written instruments signed by both the Issuer and Investor or as otherwise expressly provided herein.&#160; This Debenture may be amended or modified through an amendment, restatement, supplement or other modification to the Investment Agreement or the Exchange and Option Agreement. For greater certainty, no consent shall be required from any Holder (except a Holder that is, at the applicable time, the Investor) to amend or modify, or to waive any of the terms or conditions of, this Debenture, the Investment Agreement or the Exchange and Option Agreement.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zc6d1ba23c36c4fa98be5c947a1ae3504" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.6</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Transfer</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z0da38d449350465fa53dafd4ef7d2105" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Holder may not Transfer this Debenture without the prior written consent of the Issuer, which consent may be withheld in its sole discretion; provided, however, that, subject to Sections 6.6(c) and 6.8(a) of this Debenture, (i) the Holder may Transfer this Debenture to an Affiliate of the Investor without the consent of the Issuer, but only for so long as such Affiliate remains an Affiliate of the Investor (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Transferee</font>&#8221;), and provided that any such Permitted Transferee shall agree in writing to be bound by the terms and conditions of this Debenture and (ii) the Holder may grant a security interest on this Debenture in favour of one or more Canadian Financial Institutions to secure indebtedness for borrowed money owed by the Holder to such Canadian Financial Institutions under a bona fide credit facility (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Financing Facility</font>&#8221;), which indebtedness (x) is in an aggregate principal amount (taken together with all other indebtedness incurred by all other holders of Securities under such Financing Facility or any other &#8220;Financing Facility&#8221; (as defined in the applicable Securities)) not in excess of C$325,000,000 and (y) is incurred following the date hereof in order to finance any of the Initial Purchase Price and/or Second Purchase Price (such security interest, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Permitted Pledge</font>&#8221;).&#160; At any time that there is a Permitted Pledge, the Holder shall (and shall cause each of its Affiliates that is an obligor, or otherwise the subject of any covenants, under a Financing Facility to) use commercially reasonable efforts to comply with the terms and conditions of, and not be in default of its payment or other obligations under, the applicable Financing Facility..</div>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z8e8bf3e04ad04c279b687ca049440afc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the Holder of this Debenture ceases to be an Affiliate of the Investor, such Holder shall immediately transfer this Debenture back to the Investor or an Affiliate of the Investor, and for so long as the Holder is in breach with this Section 6.6(b), all of the Holder&#8217;s rights under this Debenture shall be suspended and the Issuer shall have no obligation to make any payments to the Holder.</div>
</td>
</tr>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z20b1fbe7bc674885be5e6506ebfd8ed0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As a condition to any Transfer of this Debenture, the Issuer may, among other things, require the Investor to (i) pay the Issuer an amount to reimburse the Issuer for any transfer taxes, similar governmental charges or other fees required to be paid by the Issuer in connection with such Transfer, (ii) furnish the Issuer with due endorsements by, or a written instrument of transfer in form satisfactory to the Issuer duly executed by, the Investor, (iii) provide the name, addresses and other details for payment of the Permitted Transferees and (iv) provide the Issuer with evidence, including, if the Issuer requires, one or more legal opinions, satisfactory to the Issuer confirming that the applicable Transfer complies with applicable securities laws, including Securities Laws.</div>
</td>
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</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">- 13 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade>
</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zaed7d640336148e180b26a27f900ec3c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any purported Transfer in violation of this Section 6.6 shall be invalid and void and shall not be registered in the Register or otherwise recognized for any purpose.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z7c1fc2848bf2446981135ff52961a6fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.7</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Reissuance of this Debenture</u></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z3c8a6a78b8ef4d05995c141a467ead02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If this Debenture is Transferred pursuant to Section 6.6, the Holder (or the Investor, provided that it has full power and authority to so act on behalf of the Holder) shall promptly surrender this Debenture to the Issuer and within ten (10) Business Days of such surrender, the Issuer will (subject to any applicable limitations in Section 6.6) execute and deliver upon the order of the Holder (or the Investor, if acting on behalf of the Holder) a new Debenture (in accordance with Section 6.7(c)) and register such Debenture in the Register in the name of the Permitted Transferee, representing the outstanding Principal Amount being transferred by the Holder and, if less than the entire outstanding Principal Amount of this Debenture is being Transferred, a new Debenture (in accordance with Section 6.7(c)) registered in the name of the Holder representing the outstanding Principal Amount Transferred.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z702e2833012146e9970cfe215a78cac6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Within ten (10) Business Days of the Issuer receiving evidence reasonably satisfactory to the Issuer of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Investor to the Issuer in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Issuer shall execute and deliver to the Holder a new Debenture (in accordance with Section 6.7(c)) representing the outstanding Principal Amount.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="z4e3f01339a9941988fa72c4588155e58" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Whenever the Issuer is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal Amount remaining outstanding (or in the case of a new Debenture being issued upon the Transfer of less than the full Principal Amount of this Debenture pursuant to Section 6.7(a), the Principal Amount designated by the Holder which, when added to the Principal Amount represented by all other new Debenture issued in connection with such issuance, does not exceed the aggregate Principal Amount remaining outstanding under this Debenture immediately prior to such issuance of new Debenture), (iii) shall have an issue date, as indicated on the face of such new Debenture, which is the same as the Issue Date, and (iv) shall have the same rights and conditions as this Debenture.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
<table id="zadd677b5a63c46678c34de90e8e728cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">6.8</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Register; Minimum Denominations</u></div>
</td>
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</table>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Debentures shall be issuable only in fully registered form in minimum denominations of principal amount of $10,000,000.&#160; A Debenture may be Transferred only by registration of such Transfer on the Register and otherwise in accordance with Section 6.6, Section 6.7 and this Section 6.8, as applicable.&#160; The Issuer need not register the transfer of this Debenture if it has been called for redemption pursuant to Article&#160;4 or Article&#160;5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Issuer shall maintain a register or an electronic database (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Register</font>&#8221;) for the recordation of the names and addresses of the registered holders of all </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">issued and outstanding Debentures and the principal amount of Debentures held by such holders. The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Issuer, the Investor and any Holders shall treat each Person whose name is recorded in the Register as the owner of this Debenture for all purposes (including, without limitation, the right to receive payments of principal and interest hereunder) notwithstanding notice or knowledge to the contrary.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>No Recourse Against Others</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">No Subsidiary or Affiliate of the Issuer has guaranteed, and none of them shall have any liability for, the payment of principal or interest or any other payment or other obligations of the Issuer under this Debenture.&#160; No director, officer, employee or shareholder of the Issuer or any of its Subsidiaries or Affiliates, as such, shall have any liability for any obligations of the Issuer under this Debenture, or for any claim based on, in respect of, or by reason of such obligations.&#160; The Holder, by accepting this Debenture, waives and releases all such liability.&#160; The waiver and release are part of the consideration for issuance of this Debenture.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Day Not a Business Day</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">In any case where the date for payment (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">payment date</font>&#8221;) of any interest, principal or other amount, if any, with respect to this Debenture shall not be a Business Day, then (notwithstanding any other provision of this Debenture) payment of the interest, principal or other amounts if any, payable on such date need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no interest shall accrue with respect to such payment for the period from and after such payment date to the next succeeding Business Day, and the Holder shall not be entitled to any additional interest or other payment in respect of the delay.&#160; Except as otherwise expressly provided in this Debenture, if any day on which an amount is to be determined or an action is to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be taken at or before the requisite time on the next succeeding day that is a Business Day.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Governing Law</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">This Debenture shall be governed by, and construed in accordance with, the laws of the Province of Alberta and the laws of Canada applicable in that Province.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Severability</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Any provision of this Debenture that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Satisfaction, Discharge and Cancellation</u></div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt">Upon the payment in full of the Principal Amount and accrued and unpaid interest owed on this Debenture, whether on redemption of this Debenture pursuant to Article&#160;4 or</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Article&#160;5, the repayment of this Debenture on the Maturity Date or otherwise, this Debenture shall be satisfied and discharged for all purposes hereunder, shall cease to be of further effect and shall be deemed canceled, and the Issuer will have no further obligations hereunder, and the Holder agrees, at the request of the Issuer, that it shall execute proper instruments acknowledging the satisfaction and discharge of the Issuer&#8217;s obligations hereunder.&#160; It is acknowledged that the exchange of this Debenture pursuant to the Exchange Right will, pursuant to the terms of this Debenture, constitute a repayment in kind of this Debenture equal to the Principal Amount and any accrued and unpaid interest owed on this Debenture at the time of the Exchange and will satisfy and discharge all of the Issuer&#8217;s obligations hereunder for purposes of this Section 6.13 and all other relevant provisions of this Debenture.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">IN WITNESS WHEREOF </font>the Issuer has caused this 7.00% Unsecured Subordinated Debenture to be duly executed on this 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">st</sup> day of May, 2019.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TRANSALTA CORPORATION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">by</div>
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<td style="WIDTH: 2.28%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 7.81%; VERTICAL-ALIGN: top">&#160;</td>
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