<SEC-DOCUMENT>0000950142-25-000890.txt : 20250331
<SEC-HEADER>0000950142-25-000890.hdr.sgml : 20250331
<ACCEPTANCE-DATETIME>20250328210103
ACCESSION NUMBER:		0000950142-25-000890
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250328
FILED AS OF DATE:		20250331
DATE AS OF CHANGE:		20250328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		25788437

	BUSINESS ADDRESS:	
		STREET 1:		TRANSALTA PLACE
		STREET 2:		1400, 1100 - 1ST STREET S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2G 1B1
		BUSINESS PHONE:		403-267-2014

	MAIL ADDRESS:	
		STREET 1:		TRANSALTA PLACE
		STREET 2:		1400, 1100 - 1ST STREET S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2G 1B1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eh250609949_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt">UNITED STATES</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 12pt">SECURITIES
AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: center"><FONT STYLE="font-size: 12pt">FORM 6-K</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE&nbsp;13a-16 OR 15d-16 UNDER THE<BR>SECURITIES EXCHANGE ACT OF 1934</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 10pt; margin-bottom: 0pt"><B>For the month of March
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 10pt; margin-bottom: 10pt"><B></B>Commission File Number: <B>001-15214</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 12pt; margin-bottom: 12pt"><FONT STYLE="font-size: 14pt"><B>TRANSALTA
CORPORATION</B></FONT><FONT STYLE="font-size: 12pt"><BR>
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">(Translation of registrant's name into English)</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>Suite 1400, 1100 - 1st Street S.E., Calgary,
Alberta, T2G 1B1</B><BR>
(Address of principal executive office)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-weight: normal">Form&nbsp;20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">Signatures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>TRANSALTA CORPORATION</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Nancy Brennan</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Nancy Brennan</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President, Legal and External Affairs</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Date: March 28, 2025</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Exhibit&nbsp;Index</FONT></P>

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  <TR>
    <TD STYLE="vertical-align: bottom; width: 17%"><B><U>Exhibit Number</U></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 81%"><B><U>Description</U></B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="eh250609949_ex9901.htm">Indenture, dated as of March 24, 2025, between TransAlta Corporation, as issuer, &nbsp;and Computershare Trust Company of Canada, as trustee.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">99.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="eh250609949_ex9902.htm">First Supplemental Indenture, dated as of March 24, 2025, between TransAlta Corporation, as issuer, &nbsp;and Computershare Trust Company of Canada, as trustee.</A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>eh250609949_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><B>EXHIBIT 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.75in 24pt; text-align: center"><B>TRANSALTA CORPORATION<BR>
as Issuer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.75in 24pt; text-align: center"><B><BR>
AND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 94.5pt 12pt 1.5in; text-align: center"><B><BR>
COMPUTERSHARE TRUST COMPANY OF CANADA<BR>
as Trustee</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.75in 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.75in 12pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; text-align: center"><B>INDENTURE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: center"><B><BR>
Dated as of March 24, 2025</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right"><B>Page</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt"><B>Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B> </TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 15%">Section 1.1</TD>
    <TD STYLE="width: 80%">Definitions.</TD>
    <TD STYLE="text-align: right; width: 5%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.2</TD>
    <TD>Rules of Interpretation.</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.3</TD>
    <TD>Compliance Certificates and Opinions.</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.4</TD>
    <TD>Form of Documents Delivered to Trustee.</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.5</TD>
    <TD>Acts of Holders; Record Dates.</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.6</TD>
    <TD>Notices, etc., to Trustee and Corporation.</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.7</TD>
    <TD>Notice to Holders; Waiver.</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.8</TD>
    <TD>Effect of Headings and Table of Contents.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.9</TD>
    <TD>Successors and Assigns.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.10</TD>
    <TD>Severability.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.11</TD>
    <TD>Benefits of Indenture.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.12</TD>
    <TD>Governing Law.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.13</TD>
    <TD>Conflict with Trust Indenture Legislation.</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.14</TD>
    <TD>Legal Holiday.</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.15</TD>
    <TD>Conversion of Currency.</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.16</TD>
    <TD>Currency Equivalent.</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.17</TD>
    <TD>No Security Interest Created.</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.18</TD>
    <TD>No Recourse Against Others.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.19</TD>
    <TD>Currency.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.20</TD>
    <TD>Time.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 1.21</TD>
    <TD>English Language.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 1.22</TD>
    <TD>Counterparts.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 2 SECURITY FORMS</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 2.1</TD>
    <TD>Forms Generally.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 2.2</TD>
    <TD>Form of Trustee's Certificate of Authentication.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 3 THE SECURITIES</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.1</TD>
    <TD>Amount Unlimited; Issuable in Series.</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.2</TD>
    <TD>Denominations.</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.3</TD>
    <TD>Execution, Authentication, Delivery and Dating.</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.4</TD>
    <TD>Temporary Securities.</TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.5</TD>
    <TD>Registrar and Paying Agent.</TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.6</TD>
    <TD>Transfer and Exchange of Securities.</TD>
    <TD STYLE="text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.7</TD>
    <TD>Mutilated, Destroyed, Lost and Stolen Securities.</TD>
    <TD STYLE="text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.8</TD>
    <TD>Payment of Principal and Interest; Interest Rights Preserved.</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.9</TD>
    <TD>Payment of Interest.</TD>
    <TD STYLE="text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.10</TD>
    <TD>Payments of Amounts Due on Maturity.</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.11</TD>
    <TD>Persons Deemed Owners.</TD>
    <TD STYLE="text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.12</TD>
    <TD>Cancellation.</TD>
    <TD STYLE="text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 3.13</TD>
    <TD>Computation of Interest.</TD>
    <TD STYLE="text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 3.14</TD>
    <TD>CUSIP Numbers, ISIN, etc.</TD>
    <TD STYLE="text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 4 SATISFACTION AND DISCHARGE</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 4.1</TD>
    <TD>Satisfaction and Discharge of Indenture.</TD>
    <TD STYLE="text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 4.2</TD>
    <TD>Application of Trust Money.</TD>
    <TD STYLE="text-align: right">34</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 5 REMEDIES</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 15%">Section 5.1</TD>
    <TD STYLE="width: 80%">Events of Default.</TD>
    <TD STYLE="text-align: right; width: 5%">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.2</TD>
    <TD>Acceleration of Maturity; Rescission and Annulment.</TD>
    <TD STYLE="text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.3</TD>
    <TD>Collection of Indebtedness and Suits for Enforcement by Trustee.</TD>
    <TD STYLE="text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.4</TD>
    <TD>Trustee May File Proofs of Claim.</TD>
    <TD STYLE="text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.5</TD>
    <TD>Trustee May Enforce Claims Without Possession of Securities.</TD>
    <TD STYLE="text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.6</TD>
    <TD>Application of Money Collected.</TD>
    <TD STYLE="text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.7</TD>
    <TD>Limitation on Suits.</TD>
    <TD STYLE="text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.8</TD>
    <TD>Unconditional Right of Holders to Receive Principal, Premium and Interest.</TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.9</TD>
    <TD>Restoration of Rights and Remedies.</TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.10</TD>
    <TD>Rights and Remedies Cumulative.</TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.11</TD>
    <TD>Delay or Omission Not Waiver.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.12</TD>
    <TD>Control by Holders.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.13</TD>
    <TD>Waiver of Past Defaults.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 5.14</TD>
    <TD>Undertaking for Costs.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 5.15</TD>
    <TD>Waiver of Stay or Extension Laws.</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 6 THE TRUSTEE</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.1</TD>
    <TD>Certain Duties and Responsibilities.</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.2</TD>
    <TD>Notice of Defaults.</TD>
    <TD STYLE="text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.3</TD>
    <TD>Certain Rights of Trustee.</TD>
    <TD STYLE="text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.4</TD>
    <TD>Trustee Not Responsible for Recitals or Issuance of Securities.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.5</TD>
    <TD>May Hold Securities.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.6</TD>
    <TD>Money Held in Trust.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.7</TD>
    <TD>Compensation and Reimbursement.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.8</TD>
    <TD>Conflicting Interests.</TD>
    <TD STYLE="text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.9</TD>
    <TD>Corporate Trustee Required; Eligibility.</TD>
    <TD STYLE="text-align: right">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.10</TD>
    <TD>Resignation and Removal; Appointment of Successor.</TD>
    <TD STYLE="text-align: right">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.11</TD>
    <TD>Acceptance of Appointment by Successor.</TD>
    <TD STYLE="text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.12</TD>
    <TD>Merger Conversion; Consolidation or Succession to Business.</TD>
    <TD STYLE="text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.13</TD>
    <TD>Appointment of Authenticating Agent.</TD>
    <TD STYLE="text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.14</TD>
    <TD>Third Party.</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 6.15</TD>
    <TD>Not Bound to Act.</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 6.16</TD>
    <TD>Privacy.</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 7 HOLDERS' LISTS AND REPORTS BY TRUSTEE AND CORPORATION</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 7.1</TD>
    <TD>Corporation to Furnish Names and Addresses of Holders.</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 7.2</TD>
    <TD>Preservation of Information; Communications to Holders.</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 7.3</TD>
    <TD>Reports by Trustee.</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 7.4</TD>
    <TD>Reports by the Corporation.</TD>
    <TD STYLE="text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 8 CONSOLIDATION, AMALGAMATION, ARRANGEMENT, MERGER, CONVEYANCE OR TRANSFER</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">53</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 8.1</TD>
    <TD>Corporation May Amalgamate, Consolidate, etc. Only on Certain Terms.</TD>
    <TD STYLE="text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 8.2</TD>
    <TD>Successor Person Substituted.</TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 9 SUPPLEMENTAL INDENTURES</B> 54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 9.1</TD>
    <TD>Supplemental Indentures Without Consent of Holders.</TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 9.2</TD>
    <TD>Supplemental Indentures With Consent of Holders.</TD>
    <TD STYLE="text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 9.3</TD>
    <TD>Execution of Supplemental Indentures.</TD>
    <TD STYLE="text-align: right">56</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 9.4</TD>
    <TD>Effect of Supplemental Indentures.</TD>
    <TD STYLE="text-align: right">56</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt; width: 15%">Section 9.5</TD>
    <TD STYLE="width: 80%">Conformity with Trust Indenture Legislation.</TD>
    <TD STYLE="text-align: right; width: 5%">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 9.6</TD>
    <TD>Reference in Securities to Supplemental Indentures.</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 9.7</TD>
    <TD>Notice of Supplemental Indentures.</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 10 COVENANTS</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.1</TD>
    <TD>Payment of Principal, Premium, if any, and Interest.</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.2</TD>
    <TD>Maintenance of Office or Agency.</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.3</TD>
    <TD>Money for Securities Payments to Be Held in Trust.</TD>
    <TD STYLE="text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.4</TD>
    <TD>Statement as to Compliance.</TD>
    <TD STYLE="text-align: right">59</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.5</TD>
    <TD>Additional Amounts.</TD>
    <TD STYLE="text-align: right">59</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.6</TD>
    <TD>Payment of Taxes and Other Claims.</TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.7</TD>
    <TD>Maintenance of Properties.</TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.8</TD>
    <TD>Corporate Existence.</TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.9</TD>
    <TD>Maintenance of Books and Records.</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.10</TD>
    <TD>Restriction on Sale and Leaseback Transactions</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.11</TD>
    <TD>Insurance.</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 10.12</TD>
    <TD>Negative Covenant.</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 10.13</TD>
    <TD>Waiver of Certain Covenants.</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 11 REDEMPTION OF SECURITIES</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">63</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 11.1</TD>
    <TD>Applicability of Article.</TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 11.2</TD>
    <TD>Election to Redeem Notice to Trustee.</TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 11.3</TD>
    <TD>Selection by Trustee of Securities to be Redeemed.</TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 11.4</TD>
    <TD>Notice of Redemption.</TD>
    <TD STYLE="text-align: right">63</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 11.5</TD>
    <TD>Securities Payable on Redemption Date.</TD>
    <TD STYLE="text-align: right">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 11.6</TD>
    <TD>Deposit of Redemption Monies.</TD>
    <TD STYLE="text-align: right">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 11.7</TD>
    <TD>Securities Redeemed in Part.</TD>
    <TD STYLE="text-align: right">65</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 11.8</TD>
    <TD>Tax Redemption.</TD>
    <TD STYLE="text-align: right">66</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 11.9</TD>
    <TD>Purchase of Securities.</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 12 DEFEASANCE AND COVENANT DEFEASANCE</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 12.1</TD>
    <TD>Applicability of Article.</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 12.2</TD>
    <TD>Defeasance and Discharge.</TD>
    <TD STYLE="text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 12.3</TD>
    <TD>Covenant Defeasance.</TD>
    <TD STYLE="text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 12.4</TD>
    <TD>Conditions to Defeasance or Covenant Defeasance.</TD>
    <TD STYLE="text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 12.5</TD>
    <TD>Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.</TD>
    <TD STYLE="text-align: right">69</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 12.6</TD>
    <TD>Reinstatement.</TD>
    <TD STYLE="text-align: right">69</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Article 13 MEETINGS OF HOLDERS OF SECURITIES</B> </TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">70</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.1</TD>
    <TD>Purpose, Effect and Convention of Meetings.</TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.2</TD>
    <TD>Notice of Meetings.</TD>
    <TD STYLE="text-align: right">70</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.3</TD>
    <TD>Chair.</TD>
    <TD STYLE="text-align: right">71</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.4</TD>
    <TD>Quorum.</TD>
    <TD STYLE="text-align: right">71</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.5</TD>
    <TD>Power to Adjourn.</TD>
    <TD STYLE="text-align: right">71</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.6</TD>
    <TD>Poll.</TD>
    <TD STYLE="text-align: right">71</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.7</TD>
    <TD>Voting.</TD>
    <TD STYLE="text-align: right">71</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.8</TD>
    <TD>Proxies.</TD>
    <TD STYLE="text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.9</TD>
    <TD>Persons Entitled to Attend Meetings.</TD>
    <TD STYLE="text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.10</TD>
    <TD>Powers Cumulative.</TD>
    <TD STYLE="text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.11</TD>
    <TD>Minutes.</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-left: 10pt">Section 13.12</TD>
    <TD>Instruments in Writing.</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 10pt">Section 13.13</TD>
    <TD>Binding Effect of Resolutions.</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><B>INDENTURE</B>, dated as
of March 24, 2025, between <B>TRANSALTA CORPORATION</B>, a corporation existing under the laws of Canada (herein called the &quot;<U>Corporation</U>&quot;),
having its principal office at 110 - 12<SUP>th</SUP> Avenue S.W., Calgary, Alberta, T2P 2M1, and <B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>,
a trust company existing under the laws of Canada, as trustee, paying agent, registrar and transfer agent (herein called the &quot;<U>Trustee</U>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>RECITALS OF THE CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences
of indebtedness (herein called the &quot;<U>Securities</U>&quot;), which may be convertible into or exchangeable for any securities of
any Person, including the Corporation, to be issued in one or more series as in this Indenture provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All things necessary to make
this Indenture a valid agreement of the Corporation in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1in"><B>NOW, THEREFORE, THIS INDENTURE WITNESSETH:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">For and in consideration of
the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities, or of series thereof, as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
1<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise expressly
provided in any Officer's Certificate, any supplemental indenture hereto or any Board Resolution with respect to any series of Securities,
the terms set forth in this Section 1.1 shall have the meanings assigned to them in this Section 1.1:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Act</U>&quot;, when
used with respect to any Holder, has the meaning specified in Section 1.5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Additional Amounts</U>&quot;
has the meaning specified in Section 10.5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Additional Securities</U>&quot;
has the meaning specified in Section 3.3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Affiliate</U>&quot;
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, &quot;<U>control</U>&quot; means, when used with respect
to any specified Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms &quot;<U>controlling</U>&quot; and &quot;<U>controlled</U>&quot; have meanings
correlative to the foregoing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Applicable Law</U>&quot;
shall mean, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes,
regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, orders and other requirements of any
Governmental Authority relating or applicable at such time to such Person, property, transaction, event or other matter, and shall also
include any interpretation thereof by any Person having jurisdiction over it or charged with its administration or interpretation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Applicable Procedures</U>&quot;
means, with respect to any transaction involving a Global Security or beneficial interest therein, the rules and procedures of the Depository
to the extent applicable to such transaction and as in effect from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Applicable Securities
Law</U>&quot; shall mean any Applicable Law in any jurisdiction regulating, or regulating disclosure with respect to, any sale or distribution
or trading of securities in, or to residents of, such jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Attributable Amount</U>&quot;
means with respect to any sale and leaseback transaction (as defined herein), as at the time of determination, the present value (discounted
at the rate of interest set forth or implicit in the terms of such lease, compounded annually) of the total obligations of the lessee
for rental payments during the remaining term of the lease included in the sale and leaseback transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Authenticating Agent</U>&quot;
means any Person appointed by the Trustee to act on behalf of the Trustee pursuant to Section 6.13 to authenticate Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Authorized Denomination</U>&quot;
has the meaning specified in Section 3.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Authorized Officers</U>&quot;
has the meaning specified in Section 1.6.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Board of Directors</U>&quot;
means the board of directors of the Corporation or any duly authorized committee of such board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Board Resolution</U>&quot;
means a copy of a resolution certified by any officer of the Corporation to have been duly adopted by the Board of Directors and to be
in full force and effect on the date of such certification, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Business Day</U>&quot;
means a day other than: (a) a Saturday or a Sunday; (b) a day on which banking institutions in Toronto, Ontario are authorized or obligated
by law to remain closed; or (c) a day on which the Corporate Trust Office of the Trustee is closed for business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>CDS</U>&quot; shall
mean CDS Clearing and Depository Services Inc., together with its successors from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Clearing Agency</U>&quot;
shall mean, in relation to Securities of any series issuable in whole or in part in the form of one or more Global Securities: (a) CDS;
or (b) any other organization recognized as a &quot;clearing agency&quot; pursuant to Applicable Securities Law specified for such purpose
in the related supplemental indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Consolidated Net
Tangible Assets</U>&quot; means all consolidated assets of the Corporation as shown on the most recent audited consolidated balance sheet
of the Corporation, less the aggregate of the following amounts reflected upon such balance sheet: (a) all goodwill, deferred assets,
trademarks, copyrights and other similar intangible assets; (b) to the extent not already deducted in computing such assets and without
duplication, depreciation, depletion, amortization, reserves and any other account which reflects a decrease in the value of an asset
or a periodic allocation of the cost of an asset; provided that no deduction shall be made under this clause (b) to the extent that such
account reflects a decrease in value or periodic allocation of the cost of any asset referred to in clause (a) above; (c) minority interests;
(d) current liabilities; and (e) Non-Recourse Assets to the extent of the outstanding Non-Recourse Debt financing such assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Consolidated Shareholders'
Equity</U>&quot; means, without duplication, the aggregate amount of shareholders' equity (including, without limitation, common share
capital, preferred share</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">capital, contributed surplus and retained earnings)
of the Corporation as shown on the most recent audited consolidated balance sheet of the Corporation, adjusted by the amount by which
common share capital, preferred share capital and contributed surplus has been increased or decreased (as the case may be) from the date
of such balance sheet to the relevant date of determination, in accordance with generally accepted accounting principles, together with
the aggregate principal amount of obligations of the Corporation in respect of Preferred Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Corporate Trust Office</U>&quot;
means the office of the Trustee designated by the Trustee at which at any particular time its corporate trust business shall be administered,
which office on the date of execution of this Indenture is located at 1 York Street, 6th floor, Toronto, Ontario M5J 0B6.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>corporation</U>&quot;
includes corporations, associations, companies, limited liability companies, unlimited liability companies, joint-stock companies and
business trusts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Corporation</U>&quot;
means the Person named as the &quot;Corporation&quot; in the first paragraph of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &quot;Corporation&quot; shall mean such successor Person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Corporation Request</U>&quot;
or &quot;<U>Corporation Order</U>&quot; means a written request or order signed in the name of the Corporation by any officer (under the
corporate seal of the Corporation or otherwise), and delivered to the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>covenant defeasance</U>&quot;
has the meaning specified in Section 12.3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Currency</U>&quot;
means any currency or currencies, composite currency or currency unit or currency units, issued by the government of one or more countries
or by any recognized confederation or association of such governments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Defaulted Interest</U>&quot;
has the meaning specified in Section 3.8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Defaulted Interest
Rate</U>&quot; has the meaning specified in Section 3.8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>defeasance</U>&quot;
has the meaning specified in Section 12.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Definitive Security</U>&quot;
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 3.6(2) and substantially
in a form as shall be established by or pursuant to a Board Resolution, Officer's Certificate or in one or more indentures supplemental
hereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Depository</U>&quot;
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, the Clearing
Agency that is designated to act as Depository for such Securities as contemplated by Section 3.1, together with its successors in such
capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Dollar</U>&quot;
or &quot;<U>$</U>&quot; means a dollar or other equivalent unit in such coin or Currency of Canada as at the time shall be legal tender
for the payment of public and private debts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Environmental Laws</U><B>&quot;
</B>means all Applicable Laws relating in any way to the environment, preservation or reclamation of natural resources, the generation,
use, handling, collection, treatment, storage, transportation, recovery, recycling, release, threatened release or disposal of any hazardous
material, or health and safety matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Event of Default</U>&quot;
has the meaning specified in Section 5.1.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Executed Documentation</U>&quot;
has the meaning specified in Section 1.22.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Expiration Date</U>&quot;
has the meaning specified in Section 1.5(7).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Financial Instrument
Obligations</U>&quot; means obligations arising under:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options, insurance or other similar agreement
or arrangement, or any combination thereof, entered into or guaranteed by the Corporation where the subject matter of the same is interest
rates or the price, value, or amount payable thereunder is dependent or based upon the interest rates or fluctuations in interest rates
in effect from time to time (but, for certainty, shall exclude conventional floating rate debt);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar agreement, futures or options, insurance or
other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the Corporation where the subject matter
of the same is currency exchange rates or the price, value or amount payable thereunder is dependent or based upon currency exchange rates
or fluctuations in currency exchange rates in effect from time to time; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
agreement for the making or taking of any commodity (including natural gas, oil or electricity), any commodity swap agreement, floor,
cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination thereof, entered
into or guaranteed by the Corporation where the subject matter of the same is any commodity or the price, value or amount payable thereunder
is dependent or based upon the price of any commodity or fluctuations in the price of any commodity;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">to the extent of the net amount due or accruing
due by the Corporation thereunder (determined by marking-to-market the same in accordance with their terms).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1in">&quot;<U>First Currency</U>&quot; has the meaning
specified in Section 1.16.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Foreign Currency</U>&quot;
means any Currency other than Currency of Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Global Security</U>&quot;
means a Security that evidences all or part of the Securities of any series which is issued to the Depository or a nominee thereof for
such series in accordance with Section 3.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Government Obligation</U>&quot;
means, unless otherwise specified with respect to any series of Securities pursuant to Section 3.1, securities which are (a) direct obligations
of the government which issued the Currency in which the principal of, or any premium or interest on, such Securities of a particular
series or any Additional Amounts in respect thereof are payable; or (b) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the government which issued the Currency in which the Securities of such series or any Additional Amounts
in respect thereof are payable, the payment of which is unconditionally guaranteed by such government, which, in either case, are full
faith and credit obligations of such government payable in such Currency and are not callable or redeemable at the option of the issuer
thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government
Obligation or a specific payment of interest on, or principal of, any such Government Obligation held by such custodian for the account
of a holder of a depositary receipt, <I>provided </I>that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Obligation or the specific payment of interest
or principal of the Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Governmental Authority</U>&quot;
shall mean, when used with respect to any Person, any government, parliament, legislature, regulatory authority, agency, tribunal, department,
commission, board, instrumentality, court, arbitration board or arbitrator or other law, regulation or rule making entity (including a
Minister of the Crown, any central bank, Superintendent of Financial Institutions or other comparable authority or agency) having or purporting
to have jurisdiction on behalf of, or pursuant to the laws of, Canada or any country in which such Person is incorporated, continued,
amalgamated, merged or otherwise created or established or in which such Person has an undertaking, carries on business or holds property,
or any province, territory, state, municipality, district or political subdivision of any such country or of any such province, territory
or state of such country.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Holder</U>&quot;
means a Person in whose name a Security is registered in the Securities Register, and for purposes of Section 10.5 hereof, shall include
a beneficial owner of a Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Holders' Request</U>&quot;
means, in respect of one or more particular series of Securities, an instrument signed in one or more counterparts by the Holder or Holders
of not less than 25% in aggregate principal amount of the Outstanding Securities of such series, requesting the Trustee to take or refrain
from taking the action or proceeding specified therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Indebtedness</U>&quot;
means all items of indebtedness in respect of any amounts borrowed (including obligations with respect to bankers' acceptances and contingent
reimbursement obligations relating to letters of credit and other financial instruments) and all Purchase Money Obligations which, in
accordance with generally accepted accounting principles, would be recorded in the financial statements as at the date as of which Indebtedness
is to be determined, and in any event including, without duplication: (a) obligations secured by any Security Interest existing on property
owned subject to such Security Interest, whether or not the obligations secured thereby shall have been assumed; and (b) guarantees, indemnities,
endorsements (other than endorsements for collection in the ordinary course of business) or other contingent liabilities in respect of
obligations of another Person for indebtedness of that other Person in respect of any amounts borrowed by them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Indenture</U>&quot;
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established
as contemplated by Section 3.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Instructions</U>&quot;
has the meaning specified in Section 1.6.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>interest</U>&quot;
means, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, interest payable
after Maturity at the rate prescribed in such Original Issue Discount Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Interest Payment
Date</U>&quot;, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>LVTS</U>&quot; means
the large value electronic money transfer system operated by the Canadian Payments Association and any successor thereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Material Subsidiary</U>&quot;
means, at any time, a Subsidiary: (a) the total assets of which represent more than 10% of the total assets of the Corporation determined
on a consolidated basis as shown in the most recent audited consolidated balance sheet of the Corporation; or (b) the total revenues of
which represent more than 10% of the total revenues of the Corporation determined on a</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">consolidated basis as shown in the consolidated
income statement of the Corporation for the four most recent fiscal quarters of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Maturity</U>&quot;,
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption,
notice of option to elect repayment or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Maturity Account</U>&quot;
means an account or accounts required to be established by the Corporation (and which shall be maintained by and subject to the control
of the Paying Agent) for Securities issued pursuant to and in accordance with this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Minimum Authorized
Denomination</U>&quot; has the meaning specified in Section 3.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Non-Recourse Assets</U>&quot;
means the assets created, developed, constructed or acquired with or in respect of which Non-Recourse Debt has been incurred and any and
all receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the assets
created, developed, constructed or acquired (including the shares or other ownership interests of a single purpose entity which holds
only such assets and other rights and collateral arising therefrom or connected therewith) and to which recourse of the lender of such
Non-Recourse Debt (or any agent, trustee, receiver or other Person acting on behalf of such lender) in respect of such Indebtedness is
limited in all circumstances (other than in respect of false or misleading representations or warranties and customary indemnities provided
with respect to such financings).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Non-Recourse Debt</U>&quot;
means any Indebtedness incurred to finance the creation, development, construction or acquisition of assets and any increases in or extensions,
renewals or refundings of any such Indebtedness, provided that the recourse of the lender thereof or any agent, trustee, receiver or other
Person acting on behalf of the lender in respect of such Indebtedness, in respect thereof is limited in all circumstances (other than
in respect of false or misleading representations or warranties and customary indemnities provided with respect to such financings) to
the assets created, developed, constructed or acquired in respect of which such Indebtedness has been incurred and to any receivables,
inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the assets so created,
developed, constructed or acquired (including the shares or other ownership interests of a single purpose entity which holds any such
assets and other rights and collateral arising therefrom or connected therewith) and to which the lender has recourse.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Notice of Default</U>&quot;
means a written notice of the kind specified in Section 5.1(3).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Officer's Certificate</U>&quot;
means a certificate signed by any officer of the Corporation on behalf of the Corporation and without personal liability, and delivered
to the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Opinion of Counsel</U>&quot;
means a written opinion of counsel, who may be counsel for the Corporation or other counsel, including an employee of the Corporation,
who shall be reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Original Issue Discount
Security</U>&quot; means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Original Securities</U>&quot;
has the meaning specified in Section 3.3.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Outstanding</U>&quot;,
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under
this Indenture, <I>except:</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof, for whose payment or redemption the necessary amount of money or money's worth has been theretofore deposited with
the Trustee or any Paying Agent, other than the Corporation, in trust or set aside and segregated in trust by the Corporation (if the
Corporation shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
except to the extent provided in Section 12.2 and Section 12.3, with respect to which the Corporation has effected defeasance and/or covenant
defeasance as provided in Article 12; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><I>provided, however, </I>that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date: (i) the principal amount of an Original Issue Discount Security
which shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have
been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the Maturity thereof pursuant
to Section 5.2; (ii) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal
amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
3.1; (iii) the principal amount of any Security denominated in a Foreign Currency which shall be deemed to be Outstanding for such purpose
shall be equal to the Dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.1, of the principal
amount of such Security (or, in the case of a Security described in Clause (i) or (ii) above, of the amount determined as provided in
such Clause); and (iv) Securities owned by the Corporation or any other obligor upon the Securities or any Affiliate of the Corporation
or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent, waiver
or other action, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee certifies to the Trustee the pledgee's right
so to act with respect to such Securities and that the pledgee is not the Corporation or any other obligor upon the Securities or any
Affiliate of the Corporation or such other obligor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Paying Agent</U>&quot;
means the Trustee and any other Person authorized by the Corporation to pay the principal of (or premium, if any) or interest, if any,
on, any Securities on behalf of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Permitted Encumbrance</U>&quot;
means any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">any Security Interest existing as of the date of the first issuance by the Corporation of Securities issued
pursuant to this Indenture, or arising thereafter pursuant to contractual commitments entered into prior to such issuance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">any Security Interest created, incurred or assumed to secure any Purchase Money Obligation;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">any Security Interest created, incurred or assumed to secure any Non-Recourse Debt;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: left">any Security Interest in favor of any Wholly-Owned Subsidiary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: left">any Security Interest on property of a corporation or its Subsidiaries which Security Interest exists
at the time such corporation is merged into, or amalgamated or consolidated with the Corporation or such property is otherwise, directly
or indirectly acquired by the Corporation other than a Security Interest incurred in contemplation of such merger, amalgamation, consolidation
or acquisition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: left">any Security Interest securing any Indebtedness to any bank or banks or other lending institution or institutions
incurred in the ordinary course of business and for the purpose of carrying on the same, repayable on demand or maturing within 12 months
of the date when such Indebtedness is incurred or the date of any renewal or extension thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: left">any Security Interest on or against cash or marketable debt securities pledged to secure Financial Instrument
Obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: left">any Security Interest in respect of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">liens for taxes, duties and assessments not at the time overdue or any liens securing workmen's compensation
assessments, unemployment insurance or other social security obligations; <I>provided, however, </I>that if any such liens, duties or
assessments are then overdue the Corporation or the applicable Subsidiary thereof shall be contesting the same in good faith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">any liens or rights of distress reserved in or exercisable under any lease for rent and for compliance
with the terms of such lease;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">any obligations or duties, affecting the property of the Corporation or any Subsidiary thereof, to any
municipality or governmental, statutory or other public authority, with respect to any franchise, permit, licence or grant and any defects
in title to structures or other facilities arising solely from the fact that such structures or facilities are constructed or installed
on lands held by the Corporation or any Subsidiary thereof, under franchises, permits, licences or other grants, from a municipality or
other such authority, which obligations, duties and defects in the aggregate do not materially impair the use of such property, structures
or facilities for the purpose for which they are held by the Corporation or any Subsidiary thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">any deposits or liens in connection with contracts, bids, tenders or expropriation proceedings, surety
or appeal bonds, costs of litigation when required by law, public and statutory obligations, liens or claims incidental to current construction,
builders', mechanics', labourers', materialmen's, warehousemen's, carriers' and other similar liens;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">the right reserved to or vested in any municipality or governmental, statutory or other public authority
by any statutory provision or by the terms of any lease, license, franchise, grant or permit, that affects any land, to terminate any
such lease, license, franchise, grant or permit or to require annual or other periodic payments as a condition to the continuance thereof;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left">any undetermined or inchoate liens and charges incidental to the current operations of the Corporation
or any Subsidiary thereof that have not at the time been filed against the Corporation; <I>provided, however, </I>that if any such lien
or charge shall have been filed, the Corporation or the applicable Subsidiary thereof shall be contesting the same in good faith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: left">any Security Interest the validity of which is being contested at the time by the Corporation or the applicable
Subsidiary thereof in good faith or payment of which has been provided for by deposit with the Trustee or another trustee of debt securities
issued by the Corporation or the applicable Subsidiary thereof of an amount in cash sufficient to pay the same in full;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: left">any easements, rights-of-way and servitudes (including, without in any way limiting the generality of
the foregoing, easements, rights-of-way and servitudes for railways, sewers, dykes, drains, gas and water mains or electric light and
power or telephone and telegraph conduits, poles, wires and cables) that, in the opinion of the Corporation, will not in the aggregate
materially and adversely impair the use or value of the land concerned for the purpose for which it is held by the Corporation or any
Subsidiary thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: left">any security to a public utility or any municipality or governmental, statutory or other public authority
when required by such utility, municipality or other such authority in connection with the operations of the Corporation or any Subsidiary
thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: left">any liens and privileges arising out of judgments or awards with respect to which the Corporation or the
applicable Subsidiary thereof shall be prosecuting an appeal or proceedings for review and with respect to which it shall have secured
a stay of execution pending such appeal or proceedings for review; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: left">any other liens of a nature similar to the foregoing which do not in the opinion of the Corporation materially
impair the use of the property subject thereto or the operation of the business of the Corporation or the applicable Subsidiary thereof
or the value of such property for the purpose of such business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">any extension, renewal, alteration or replacement (or successive extensions, renewals, alterations or
replacements) in whole or in part, of any Security Interest referred to in the foregoing clauses (a) through (h) inclusive, provided the
extension, renewal, alteration or replacement of such Security Interest is limited to all or any part of the same property that secured
the Security Interest extended, renewed, altered or replaced (plus improvements on such property) and the principal amount of the Indebtedness
secured thereby is not increased; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: left">any other Security Interest if the aggregate amount of Indebtedness secured pursuant to this clause (j)
(together with the Attributable Amount of any sale and leaseback transaction) does not exceed 20% of Consolidated Net Tangible Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Person</U>&quot;
means any individual, corporation, partnership, limited liability company, unlimited liability company or corporation, joint venture,
trust, unincorporated organization or government or any agency or political subdivision thereof.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Place of Payment</U>&quot;
means, when used with respect to the Securities of any series, the place or places where the principal of (and premium, if any) and interest,
if any, on the Securities of that series are payable as specified as contemplated by Section 3.1 and Section 10.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Predecessor Security</U>&quot;
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Preferred Securities</U>&quot;
means securities which on the date of issue thereof by a Person: (a) have a term to maturity of more than 30 years; (b) rank subordinate
to the unsecured and unsubordinated Indebtedness of such Person outstanding on such date; (c) entitle such person to defer the payment
of interest thereon for more than four years without thereby causing an event of default in respect of such securities to occur; and (d)
entitle such Person to satisfy the obligation to make payments of deferred interest thereon from the proceeds of the issuance of its shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Privacy Laws</U>&quot;
has the meaning specified in Section 6.16.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Purchase Money Obligation</U>&quot;
means any monetary obligation created or assumed as part of the purchase price of real or tangible personal property, whether or not secured,
any extensions, renewals, alterations or replacements of any such obligation, provided that the principal amount of such obligation outstanding
on the date of such extension, renewal, alteration or replacement is not increased and further provided that any security given in respect
of such obligation shall not extend to any property other than the property acquired in connection with which such obligation was created
or assumed and fixed improvements, if any, erected or constructed thereon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>rate(s) of exchange</U>&quot;
has the meaning specified in Section 1.15(4).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Redemption Date</U>&quot;,
when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to
this Indenture as contemplated by Section 3.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Redemption Price</U>&quot;,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture as contemplated
by Section 3.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Regular Record Date</U>&quot;
means, with respect to the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that
purpose as contemplated by Section 3.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Responsible Officer</U>&quot;
means, when used with respect to the Trustee, an officer of the Trustee in its Corporate Trust Office having direct responsibility for
the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer's knowledge of, and familiarity with, the particular subject.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Securities</U>&quot;
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under
this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Securities Register</U>&quot;
and &quot;<U>Securities Registrar</U>&quot; have the respective meanings specified in Section 3.5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Security Interest</U>&quot;
means any mortgage, charge, pledge, lien, encumbrance, assignment by way of security, title retention agreement or other security interest
whatsoever,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">howsoever created or arising, whether absolute
or contingent, fixed or floating, perfected or not, which secures payment or performance of an obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Special Record Date</U>&quot;
means, with respect to the payment of any Defaulted Interest on the Securities of any series, a date fixed by the Trustee pursuant to
Section 3.8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Stated Maturity</U>&quot;,
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security
as the date on which the principal of such Security or such installment of principal or interest is due and payable, as such date may
be advanced or extended as provided pursuant to the terms of such Security and this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Subsidiary</U>&quot;
means, in relation to a Person: (a) any corporation of which at least a majority of the outstanding shares having by the terms thereof
ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time shares of
any other class or classes of such corporation might have voting power by reason of the happening of any contingency, unless the contingency
has occurred and then only for as long as it continues) is at the time directly, indirectly or beneficially owned or controlled by the
Person or one or more of its Subsidiaries, or the Person and one or more of its Subsidiaries; (b) any partnership of which the Person
or one or more of its Subsidiaries, or the Person and one or more of its Subsidiaries: (i) directly, indirectly or beneficially own or
control more than 50% of the income, capital, beneficial or ownership interests (however designated) thereof; and (ii) is a general partner,
in the case of a limited partnership, or is a partner that has authority to bind the partnership, in all other cases; or (c) any other
Person of which at least a majority of the income, capital, beneficial or ownership interests (however designated) are at the time directly,
indirectly or beneficially owned or controlled by the first-mentioned Person or one or more of its Subsidiaries, or the Person and one
or more of its Subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Successor</U>&quot;
has the meaning specified in Section 8.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Taxes</U>&quot; has
the meaning specified in Section 10.5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Trust Indenture Legislation</U>&quot;
means, at any time, statutory provisions relating to trust indentures and the rights, duties and obligations of trustees under trust indentures
and of bodies corporate issuing or guaranteeing debt obligations under trust indentures to the extent that such provisions are at such
time in force and applicable to this Indenture, and at the date of this Indenture includes the applicable provisions of the <I>Loan and
Trust Corporations Act </I>(Alberta), the <I>Trust and Loan Companies Act </I>(Canada) and the <I>Canada Business Corporations Act </I>and
any statute that may be substituted therefor, as from time to time amended, and any other statute of Canada or a province thereof, including
the regulations under any such statute.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Trustee</U>&quot;
means the Person named as the &quot;Trustee&quot; in the first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &quot;Trustee&quot; shall mean or include each Person who
is then a Trustee hereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>US$</U>&quot; means
a dollar or other equivalent unit in such coin or Currency of the United States of America as at the time shall be legal tender for the
payment of public and private debts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Wholly-Owned Subsidiary</U>&quot;
means any Subsidiary of the Corporation that the Corporation directly or indirectly beneficially owns 100% of the outstanding shares
having by the terms thereof ordinary voting power to elect a majority of the board of directors of such Subsidiary or owns, directly
or indirectly, 100% of the income, capital, beneficial or ownership interests (however designated) thereof.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
1.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules of Interpretation.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
generally accepted accounting principles, and, except as otherwise herein expressly provided, the term &quot;generally accepted accounting
principles&quot; with respect to any computation required or permitted hereunder shall mean (a) international financial reporting standards
as issued by the International Accounting Standards Board, if the Corporation is then preparing its financial statements in accordance
with such principles; (b) accounting principles which are recognized as being generally accepted in Canada, if the Corporation is then
preparing its financial statements in accordance with such principles; or (c) such accounting principles which are recognized as being
generally accepted in the United States, if the Corporation is then preparing its financial statements in accordance with such principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">&quot;including&quot; means including, without limitation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">words importing the singular number only will include the plural and vice versa, words importing gender
will include all genders and words importing any type or category of Persons will include all types and categories of Persons;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">unless the context otherwise requires, any reference to an &quot;Article&quot; or a &quot;Section&quot;
refers to an Article or a Section, as the case may be, of this Indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">the words &quot;herein&quot;, &quot;hereof&quot; and &quot;hereunder&quot; and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance Certificates and Opinions.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Upon any application or request
by the Corporation to the Trustee to take any action under any provision of this Indenture, the Corporation shall furnish to the Trustee
such certificates and opinions as may be required under the Trust Indenture Legislation. Each such certificate or opinion shall be given
in the form of an Officer's Certificate, if to be given by an officer of the Corporation or an Opinion of Counsel, if to be given by counsel,
and shall comply with the requirements of the Trust Indenture Legislation and any other requirements set forth in this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise provided
herein, every certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">a statement that the individual signing such certificate or opinion has read such covenant or condition
and the definitions herein relating thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">a statement that, in the opinion of such individual, they have made such examination or investigation
as is necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied with;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">a statement as to whether, in the opinion of such individual, such condition or covenant has been complied
with.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
1.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Form of Documents Delivered to Trustee.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any certificate or opinion
of an officer of the Corporation may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer's certificate or opinion is based are erroneous. Any Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Corporation
stating that the information with respect to such factual matters is in the possession of the Corporation unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any certificate or opinion
of an officer of the Corporation may be based, insofar as it relates to accounting matters, upon a certificate or opinion of, or representations
by, an accountant or firm of accountants, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the accounting matters upon which such certificate or opinion may be based are erroneous.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Whenever, subsequent to the
receipt by the Trustee of any Board Resolution, Officer's Certificate, Opinion of Counsel or other document or instrument, a clerical,
typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or instrument may be
substituted therefor in corrected form with the same force and effect as if originally filed in the corrected form and, irrespective of
the date or dates of the actual execution and delivery thereof, such substitute document or instrument shall be deemed to have been executed
and delivered as of the date or dates required with respect to the document or instrument for which it is substituted. Anything in this
Indenture to the contrary notwithstanding, if any such corrective document or instrument indicates that action has been taken by or at
the request of the Corporation which could not have been taken had the original document or instrument not contained such error or omission,
the action so taken shall not be invalidated or otherwise rendered ineffective but shall be and remain in full force and effect, except
to the extent that such action was a result of wilful misconduct or bad faith. Without limiting the generality of the foregoing, any Securities
issued under the authority of such defective document or instrument shall nevertheless be the valid obligations of the Corporation entitled
to the benefits of this Indenture equally and ratably with all other Outstanding Securities, except as aforesaid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acts of Holders; Record Dates.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders of the Outstanding Securities of all series or one or more series, as the case
may be, may be embodied in and evidenced by: (a) one or more instruments of substantially similar tenor signed by such Holders in person
or by agents duly appointed in writing; and (b) the record of Holders of Securities of</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance
with the provisions of Article 13, or a combination of such instruments and any such record. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or record is, or instruments are, delivered to the Trustee and, where it is hereby
expressly required, to the Corporation. Such instrument or instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the &quot;<U>Act</U>&quot; of the Holders signing such instrument or instruments or so voting
at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person
of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 6.3) conclusive in favor of the Trustee and
the Corporation, if made in the manner provided in this Section 1.5. The record of any meeting of Holders of Securities shall be proved
in the manner provided in Section 13.11.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by Applicable Law to take
acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof.
Where such execution is by a signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall
also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The ownership of Securities held by any Person, and the date of commencement and the date of termination
of holding the same, shall be proved by the Security Register.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any
Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of, transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Corporation
in reliance thereon, whether or not notation of such action is made upon such Security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">The Corporation may set any day as a record date for the purpose of determining the Holders of Outstanding
Securities of all series or one or more series, as the case may be, entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities
of such series; provided that the Corporation may not set a record date for, and the provisions of this Section 1.5(5) shall not apply
with respect to, the giving or making of any notice, declaration, request or direction referred to in the Section 1.5(6). If any record
date is set pursuant to this Section 1.5(5), the Holders of Outstanding Securities of the relevant series on such record date, and no
other Holders, shall be entitled to take or revoke the relevant action, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.5(5) shall be construed
to prevent the Corporation from setting a new record date for any action for which a record date has previously been set pursuant to this
Section 1.5(5), whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect,
and nothing in this Section 1.5(5) shall be construed to render ineffective any action taken by Holders of the requisite principal amount
of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this
Section 1.5(5), the Corporation,</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing in the manner
set forth in Section 1.6 and to each Holder of Securities of the relevant series in the manner set forth in Section 1.7.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding
Securities of all series or one or more series, as the case may be, entitled to join in the giving or making of (a) any Notice of Default,
(b) any declaration of acceleration referred to in Section 5.2, (c) any request to institute proceedings referred to in Section 5.7(2);
or (d) any direction referred to in Section 5.12, in each case, with respect to Securities of all series or one or more series, as the
case may be. If any record date is set pursuant to this Section 1.5(6), the Holders of Outstanding Securities of the relevant series on
such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction or to revoke the same,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on
such record date. Nothing in this Section 1.5(6) shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this Section 1.5(6), whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect, and nothing in this Section 1.5(6) shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this Section 1.5(6), the Trustee, at the Corporation's expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be sent to the Corporation in writing
in the manner set forth in Section 1.6 and to each Holder of Securities of the relevant series in the manner set forth in Section 1.7.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">With respect to any record date set pursuant to this Section 1.5, the party hereto which sets such record
date may designate any day as the applicable &quot;<U>Expiration Date</U>&quot; and from time to time may change such Expiration Date
to any earlier or later day; provided that no such change shall be effective unless notice of such proposed new Expiration Date is given
in writing to (a) in the case of a record date set by the Corporation, the Trustee; and (b) in the case of a record date set by the Trustee,
the Corporation to each Holder of Securities of the relevant series in the manner set forth in Section 1.7, on or prior to the applicable
existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.5, the
party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration
Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section 1.5. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to
any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed
agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>, <U>etc.</U>, <U>to Trustee and Corporation.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Trustee by any Holder or by the Corporation shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if: (A) hand delivered or sent by first class mail, postage prepaid, to the Trustee at its principal
office in the City of Calgary, at Computershare Trust Company of Canada, 800, 324 &ndash; 8th Avenue SW, Calgary, Alberta, T2P 2Z2 Attention:
Manager, Corporate Trust; or (B) sent by email to corporatetrust.calgary@computershare.com, Attention: Manager, Corporate Trust; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Corporation by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if: (A) hand delivered or sent by first class mail, postage prepaid, to the Corporation at its principal
office at 110 &mdash; 12<SUP>th</SUP> Avenue S.W., Calgary, Alberta, T2P 2M1, Attention: Corporate Secretary or at any other address furnished
in writing to the Trustee by the Corporation; or (B) sent by email to corporatetrust.calgary@computershare.com, Attention: Manager, Corporate
Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any such request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document shall be deemed to have been made, given, furnished
or filed, as applicable: (1) if hand delivered, on the date of delivery if delivered prior to 5:00 p.m. (recipient&rsquo;s time) or otherwise
on the next Business Day; (2) if sent by mail, on the fifth day following the mailing thereof; and (3) if sent by email, on the date of
transmission if sent prior to 5:00 p.m. (recipient&rsquo;s time) or otherwise on the next Business Day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee shall have the
right to accept and act upon instructions, including funds transfer instructions given pursuant to this Indenture and delivered using
electronic means (&quot;<U>Instructions</U>&quot;); provided, however, that the Corporation shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions on behalf of the Corporation (the &quot;<U>Authorized Officers</U>&quot;)
and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Corporation whenever
a person is to be added or deleted from the listing. If the Corporation elects to give Instructions to the Trustee using electronic means
and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed
controlling. The Corporation understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions
and that the Trustee may conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency
certificate provided to the Trustee have been sent by such Authorized Officer. The Corporation shall be responsible for ensuring that
only Authorized Officers transmit such Instructions to the Trustee and that the Corporation and all Authorized Officers are solely responsible
to safeguard the use and confidentiality of applicable user and authorization codes, passwords and authentication keys upon receipt by
the Corporation. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance
upon, and compliance with, such Instructions notwithstanding that such directions may conflict or be inconsistent with a subsequent written
instruction. The Corporation agrees: (a) to assume all risks arising out of the use of electronic means to submit Instructions to the
Trustee, including the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(b) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Corporation; (c) that the security
procedures, if any, to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree
of protection in light of its particular needs and circumstances; and (d) to notify the Trustee immediately upon learning of any compromise
or unauthorized use of the security procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holders; Waiver.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Where this Indenture provides
for notice of any event to Holders by the Corporation or the Trustee, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">writing and mailed, first-class postage prepaid,
or sent by overnight courier, to each Holder affected by such event, at such Holder's address as it appears in the Security Register,
not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any
case where notice to Holders is given by mail or courier, neither the accidental failure to mail or courier such notice, nor any accidental
error or defect in any notice so mailed, couriered or sent, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received
by such Holder, whether or not such Holder actually receives such notice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In case, by reason of the
suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impractical to give such notice by
mail or by courier, then the Corporation shall give notice by publication at least once in the City of Toronto, each such publication
to be made in a daily newspaper of general circulation. Any notice given to Holders by publication shall be deemed to have been given
on the date on which publication shall have been effected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Headings and Table of Contents.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All covenants and agreements
in this Indenture by the Corporation shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In case any provision in this
Indenture or in any of the Securities shall be invalid, illegal or unenforceable, in any respect under any Applicable Law, the validity,
legality and enforceability of the remaining provisions hereof or thereof shall not be affected or impaired thereby. Each of the provisions
of this Indenture or in any of the Securities is declared to be separate and distinct.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits of Indenture.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Authenticating Agent, any Paying
Agent, any Securities Registrar and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or
claim under this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This Indenture and the Securities
shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein,
without regard to conflicts of laws principles thereof, and will be treated in all respects as Alberta contracts, and each of the Corporation,
the Trustee and, by their acceptance of Securities and the benefits of this Indenture and any related supplemental indenture, the Holders,
from time to time submit to the non-</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">exclusive jurisdiction of the courts of the
Province of Alberta. This Indenture is subject to the provisions of the Trust Indenture Legislation and shall, to the extent applicable,
be governed by such provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conflict with Trust Indenture Legislation.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This Indenture is subject
to the provisions of applicable Trust Indenture Legislation and shall, to the extent applicable, be governed by such provisions. If any
provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Legislation which is applicable to this Indenture
and/or which is required thereunder to be a part of and govern this Indenture, the Trust Indenture Legislation provision shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Legislation which may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Holiday.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In any case where any Interest
Payment Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of any Security other than a provision in the Securities
of any series which specifically states that such provision shall apply in lieu of this Section), payment of principal (or premium, if
any), sinking fund amounts, or interest need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, sinking
fund payment date, or at the Stated Maturity or Maturity, as applicable; <I>provided </I>that, unless specified in respect of the Securities
of any series pursuant to Section 3.1, no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date,
sinking fund payment date, Stated Maturity or Maturity, as the case may be.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Currency.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation covenants
and agrees that the following provisions shall apply to conversion of Currency in the case of the Securities and this Indenture to the
fullest extent permitted by Applicable Law:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">If for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country,
it becomes necessary to convert into any other Currency (the &quot;<U>Judgment Currency</U>&quot;<U>)</U> an amount due or contingently
due in the Currency of the Securities of any series and this Indenture (the &quot;<U>Required Currency</U>&quot;<U>)</U>, then the conversion
shall be made at the rate of exchange prevailing on the Business Day before the day on which a final judgment which is not appealable
or is not appealed is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). If there
is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment referred to in the preceding
sentence is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date
of receipt of the amount due, the Corporation shall pay such additional (or, as the case may be, such lesser) amount, if any, as may be
necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will
produce the amount in the Required Currency originally due.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">In the event of the winding-up of the Corporation at any time while any amount or damages owing under
the Securities and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Corporation shall
indemnify and hold the Holders of Securities and the Trustee harmless against any deficiency arising or resulting from any variation in
rates of exchange between (a) the date as of which the equivalent of the amount</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">in the Required Currency due or contingently
due under the Securities and this Indenture (other than under this Section 1.15(2)) is calculated for the purposes of such winding-up
and (b) the final date for the filing of proofs of claim in such winding-up. For the purpose of this Section 1.15(2) the final date for
the filing of proofs of claim in the winding-up of the Corporation shall be the date fixed by the liquidator or otherwise in accordance
with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Corporation may be
ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The obligations contained in Section 1.15(1) and Section 1.15(2) shall constitute separate and independent
obligations of the Corporation from its other obligations under the Securities and this Indenture, shall give rise to separate and independent
causes of action against the Corporation, shall apply irrespective of any waiver or extension granted by any Holder or Trustee from time
to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up
of the Corporation for a liquidated sum in respect of amounts due hereunder (other than under Section 1.15(2)) or under any such judgment
or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustee, as the case may
be, and no proof or evidence of any actual loss shall be required by the Corporation or the applicable liquidator. In the case of Section
1.15(2) above, the amount of such deficiency shall not be deemed to be reduced by any variation in rates of exchange occurring between
the said final date and the date of any liquidating distribution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">The term &quot;<U>rate(s) of exchange</U>&quot; shall mean: (a) in the case that either the Required Currency
or the Judgment Currency is in Dollars, the Bank of Canada daily average exchange rate for purchases on the relevant date of the Required
Currency with the Judgment Currency, as reported on the &quot;Daily Exchange Rates&quot; page of the website of the Bank of Canada, or
by such other means of reporting the Bank of Canada daily average exchange rate as may be agreed upon by each of the parties to this Indenture;
or (b) in all other cases, the rate at which in accordance with normal banking procedures the Trustee could purchase, in Toronto, Ontario
the Required Currency with the Judgment Currency on the relevant date, and, in each case, includes any premiums and costs of exchange
payable.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Currency Equivalent.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise provided
in this Indenture, for purposes of the construction of the terms of this Indenture or of the Securities, in the event that any amount
is stated herein in the Currency of one nation (the &quot;<U>First Currency</U>&quot;), as of any date such amount shall also be deemed
to represent the amount in the Currency of any other relevant nation which is required to purchase such amount in the First Currency:
(a) at the Bank of Canada daily average exchange rate as reported on the &quot;Daily Exchange Rates&quot; page of the website of the Bank
of Canada, or by such other means of reporting the Bank of Canada daily average exchange rate as may be agreed upon by each of the parties
to this Indenture; or (b) if the Bank of Canada daily average exchange rate is not available, in accordance with normal banking procedures
in the City of Toronto, in each case, on the date of determination.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Security Interest Created.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless expressly provided
for in one or more supplements to this Indenture entered into pursuant to the terms of this Indenture, nothing in this Indenture or the
Securities shall be construed to constitute a security interest under the <I>Personal Property Security Act </I>(Alberta) or similar legislation,
as now or hereafter enacted and in effect in any jurisdiction where property of the Corporation is or may be located.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
1.18<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Recourse Against Others.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">No recourse for the payment
of the principal of (or premium, if any) or interest on, any Security, or for any claim based thereon or otherwise in respect thereof,
and no recourse under or upon any obligation, covenant or agreement of the Corporation in this Indenture or in any supplemental indenture,
or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder,
officer, director or employee, as such, past, present or future, of the Corporation or of any successor to the Corporation; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the
execution of this Indenture and the issue of the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Currency.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise expressly
stated in this Indenture, any Security or any indenture supplemental hereto, all amounts referenced herein are in Dollars.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Time.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise expressly
stated in this Indenture, any Security or any indenture supplemental hereto, all references to a time will mean Calgary, Alberta local
time. Time shall be of the essence in this Indenture, each Security and each document related hereto and thereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>English Language.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation, the Trustee
and, by their acceptance of Securities and the benefits of this Indenture, the Holders acknowledge that this Indenture, each Security
and each document related hereto and thereto (whether or not any of such documents is also drawn up in French) has been drawn up in English
at the express will of such Persons. <I>Les parties aux presents conviennent que ces presents ainsi que tout document qui s'y rattache
(incluant tout document redige en francais et en anglais) soient rediges en langue anglaise a la volonte expresse des parties.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The parties hereto may sign
any number of copies of this Indenture, and all such copies together shall represent the same agreement. Documents executed, scanned
and transmitted electronically, including with electronic signatures created or transmitted through a software platform or application,
shall be deemed to be original for purposes of this Indenture and all matters and agreements related hereto, with such scanned, electronic
and facsimile signatures having the same legal effect as original signatures. The parties hereto agree that this Indenture, any Instructions,
or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Indenture or otherwise
related hereto (collectively, &quot;<U>Executed Documentation</U>&quot;) may be accepted, executed or agreed to through the use of an
electronic signature in accordance with Applicable Law. Any Executed Documentation accepted, executed or agreed to in conformity with
Applicable Law will be binding on all parties hereto to the same extent as if it were physically executed and each party hereto hereby
consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto
or thereto.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; text-align: center"><BR>
<B>Article
2</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>SECURITY FORMS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forms Generally.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Securities of each series
shall be in substantially the form as shall be established by or pursuant to a Board Resolution or an Officers' Certificate or in one
or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with law or with the rules of any securities exchange or the Depository therefor or as may,
consistently herewith, be determined by the officer executing such Securities, as evidenced by their execution thereof. If the form of
Securities of any series is established by action taken pursuant to a Board Resolution or an Officers' Certificate, a copy of an appropriate
record of such action shall be certified by an officer of the Corporation and delivered to the Trustee at or prior to the delivery of
the Corporation Order contemplated by Section 3.3 for the authentication and delivery of such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any Definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the
officer executing such Securities, as evidenced by their execution of such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any Global Security shall
represent such of the Outstanding Securities of a series as shall be specified therein and each Global Security shall provide that it
represents the aggregate principal amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate
principal amount of Outstanding Securities represented thereby may from time to time be increased or decreased, as appropriate, to reflect
exchanges, payments and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate
principal amount represented thereby will be made by the Trustee, in accordance with instructions given by the Holder thereof. Any Global
Security may also be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their
execution of such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Trustee's Certificate of Authentication.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Section 6.13, the
Trustee's certificate of authentication shall be in substantially the following form:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 12pt">TRUSTEE'S CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dated: _______________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This is one of the Securities
of the series designated therein referred to in, and issued under, the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, as Trustee</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-right: 15.8pt; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
                                           </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; text-align: center"><BR>
<B>Article
3</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>THE SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amount Unlimited; Issuable in Series.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Securities may be issued
in one or more series and, except as otherwise provided in this Indenture, each such series shall be unsecured and shall rank <I>pari
passu</I> with each other series and with all other unsecured and unsubordinated indebtedness of the Corporation. There shall be established
in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 3.3, set forth
in, or determined in the manner provided in, an Officers' Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the specific designation of the Securities of the series (which shall distinguish the Securities of the
series from all other series of Securities);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">any limit upon the aggregate principal amount of the Securities of the series that may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of, transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or Section 11.6) and
except for any Securities which, pursuant to Section 3.3 are deemed never to have been authenticated and delivered hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">the extent and manner, if any, to which payment on or in respect of the Securities of the series will
be senior or will be subordinated to the prior payment of other liabilities and obligations of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the date or dates on which the principal (and premium, if any) of any Securities of the series is payable
or the method by which such date shall be determined and the right, if any, to shorten or extend the date on which the principal (and
premium, if any) of any Securities of the series is payable and the conditions to any such change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">the rate or rates (whether fixed or variable) at which the Securities of the series shall bear interest,
if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, or the
method by which such date or dates shall be determined, the Interest Payment Dates on which such interest shall be payable, the manner,
if any, of determination of such Interest Payment Dates and the Regular Record Date, if any, for any such interest payable on any Interest
Payment Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">the right, if any, to extend the interest payment periods and the terms of such extension or extensions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">the Person to whom any interest on a Security of the series shall be payable, if other than the Person
in whose name that Security, or any Predecessor Security, is registered at the close of business on the Regular Record Date for such interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">if the amount of principal (or premium, if any) or interest on, any Securities of the series may be determined
with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">whether, under what circumstances and the Currency in which the Corporation will pay Additional Amounts
on the Securities of the series to any Holder, including any modification to the definition of such term, and, if so, whether the Corporation
will have the option to redeem such Securities rather than pay such Additional Amounts, and the terms of any such option;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">the place or places, if any, other than the Corporate Trust Office, where the principal of (and premium,
if any) and interest on, any Securities of the series shall be payable and whether, if acceptable to the Trustee, any principal of (and
premium, if any) on such Securities shall be payable without presentation or surrender thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: left">the period or periods within which, or the date or dates on which, the price or prices at which and the
other terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Corporation,
if the Corporation is to have that option;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(12)</TD><TD STYLE="text-align: left">the obligation, if any, of the Corporation to redeem or purchase any Securities of the series pursuant
to any sinking fund, purchase fund or any other provisions or at the option of the Holder thereof, the period or periods within which,
the price or prices at which and the other terms and conditions upon which any Securities of the series shall be redeemed or purchased,
in whole or in part, pursuant to such obligation and any other provisions related to such redemption or purchase pursuant to such sinking
fund or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(13)</TD><TD STYLE="text-align: left">the application, if any, of all or any portion of Article 11 to the Securities of that series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(14)</TD><TD STYLE="text-align: left">if applicable, the Tax Redemption Reference Date applicable to the Securities of that series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(15)</TD><TD STYLE="text-align: left">if applicable, that any Securities of the series shall be issuable in whole or in part in the form of
one or more Global Securities and, in such case, the Depository for such Global Securities, the form of any legend or legends which shall
be borne by any such Global Security and any circumstances in addition to or in lieu of those set forth in Section 3.6 in which Global
Securities may be exchanged for Definitive Securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(16)</TD><TD STYLE="text-align: left">any transfer and exchange provisions of the Securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(17)</TD><TD STYLE="text-align: left">if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations
in which any Securities of the series shall be issuable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(18)</TD><TD STYLE="text-align: left">if other than the Trustee, the identity of the Trustee, Security Registrar, Authenticating Agent, Paying
Agent or other agents with respect to the Securities of such series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(19)</TD><TD STYLE="text-align: left">if other than Dollars, the Currency in which the principal of (or premium, if any) or interest on, any
Securities of the series shall be payable and the manner of determining the equivalent thereof in Dollars for any purpose, including for
purposes of the definition of Outstanding in Section 1.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(20)</TD><TD STYLE="text-align: left">if the principal of (or premium, if any) or interest on, any Securities of the series is to be payable,
at the election of the Corporation or the Holder thereof, in one or more Currencies other than Dollars, the Currency in which the principal
of (or premium, if any) or interest on, such Securities as to which such election is made shall be payable, the periods within which and
the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be
determined);</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(21)</TD><TD STYLE="text-align: left">the applicability, if any, of Section 12.2 and/or Section 12.3 to the Securities of the series and any
addition, modification or deletion of the provisions of Article 12 that shall be applicable to the Securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(22)</TD><TD STYLE="text-align: left">any addition, modification or deletion of any Events of Default or covenants provided with respect to
any Securities of the series (whether or not such Events of Default or covenants are consistent with the Events of Default or covenants
set forth herein);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(23)</TD><TD STYLE="text-align: left">any addition, modification or deletion in the covenants set forth in Article 10 which applies to Securities
of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(24)</TD><TD STYLE="text-align: left">the applicability, if any, of Article 8 to the Securities of the series and any addition, modification
or deletion of the provisions of Article 8 that shall be applicable to the Securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(25)</TD><TD STYLE="text-align: left">the terms, if any, upon which the Securities of the series may be convertible into or exchanged for any
of the Corporation's common shares, preferred shares, other debt securities or warrants for common shares, preferred shares or other securities
of any kind and the terms and conditions upon which such conversion or exchange shall be effected, including the initial conversion or
exchange price or rate, the conversion or exchange period and any other additional provisions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(26)</TD><TD STYLE="text-align: left">any other terms of the series, which may amend, supplement, modify or delete any provision of this Indenture
insofar as it applies to such series, which are not inconsistent with the requirements of the Trust Indenture Legislation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All Securities of any one
series shall be substantially identical except, subject to Section 3.3, as may otherwise be provided in or pursuant to the Board Resolution
referred to above and set forth or determined in the manner provided in the Officer's Certificate referred to above or in any applicable
indenture supplemental hereto. Not all Securities of any one series need be issued at the same time, and, unless otherwise provided, a
series may be reopened for issuances of additional Securities of such series up to the maximum aggregate principal amount authorized,
if any, with respect to such series without the consent of any Holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If any of the terms of the
series are established by action taken pursuant to one or more Board Resolutions, such Board Resolutions, or a certified copy thereof,
shall be delivered to the Trustee at or prior to the delivery of the Officer's Certificate setting forth the terms or the manner of determining
the terms of the series.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Denominations.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by Section 3.1. With respect to Securities of any series
denominated in Dollars, in the absence of any such specified denomination with respect to the Securities of any series, the Securities
of such series, shall be issuable in denominations of $2,000 (the &quot;<U>Minimum Authorized Denomination</U>&quot;) and any integral
multiple of $1,000 in excess thereof (the &quot;<U>Authorized Denomination</U>&quot;). Securities not denominated in Dollars shall be
issuable in such denominations as are established with respect to such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution</U>, <U>Authentication</U>, <U>Delivery and Dating.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Securities shall be executed
on behalf of the Corporation by any two officers of the Corporation. The signatures of any two officers of the Corporation on the Securities
may be manual or by facsimile or electronic signature and may be imprinted or otherwise reproduced on the Securities.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Securities bearing the manual,
facsimile or electronic signatures of any two individuals each of whom was at any time a proper officer of the Corporation shall bind
the Corporation, notwithstanding that any such individual has ceased to hold such office(s) prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">At any time and from time
to time after the execution and delivery of this Indenture, the Corporation may deliver Securities of any series executed by the Corporation
to the Trustee for authentication, together with a Corporation Order for the authentication and delivery of such Securities, and the Trustee,
in accordance with such Corporation Order, shall authenticate and deliver such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If the form or terms of the
Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Section 2.1 and Section
3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel
stating:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">if the form of such Securities has been established by or pursuant to one or more Board Resolutions as
permitted by Section 2.1, that such form has been established in conformity with the provisions of this Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">if the terms of such Securities has been established by or pursuant to one or more Board Resolutions as
permitted by Section 3.1, that such terms have been established in conformity with the provisions of this Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">that such Securities, when authenticated and delivered by the Trustee and issued by the Corporation in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of
the Corporation enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability relating to or affecting creditors' rights, to general equity principles and to other customary
qualifications; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">that all requirements under Applicable Laws in respect of the issue of such Securities have been complied
with.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee's own rights, duties
or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Each Security shall be dated
the date of its authentication or, in the case of the original issuance of the Securities of a series, the date of original issuance of
such Securities. If any additional Securities of a series (&quot;<U>Additional Securities</U>&quot;) issued after the date of original
issuance of Securities of such series (&quot;<U>Original Securities</U>&quot;) are not fungible with such Original Securities for Canadian
or U.S. federal income tax purposes, then such Additional Securities shall be issued with a separate &quot;CUSIP&quot; or &quot;ISIN&quot;
number so that they are distinguishable from the Original Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">No Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual or electronic signature of an authorized signatory, and
such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">authenticated and delivered hereunder but never
issued and sold by the Corporation, and the Corporation shall deliver such Security to the Trustee for cancellation as provided in Section
3.12, together with a written statement (which need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Corporation, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Temporary Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Pending the preparation of
Definitive Securities of any series, the Corporation may execute, and upon Corporation Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officer executing such Securities may determine, as evidenced by such officer's execution of
such Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If temporary Securities of
any series are issued, the Corporation will cause the Definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive
Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Corporation in a Place
of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any
series, the Corporation shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more Definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such
series and tenor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar and Paying Agent.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Section 3.1, the
Trustee is hereby appointed as security registrar for the purpose of registering Securities and transfers of Securities as herein provided
(each such registrar, a &quot;<U>Securities Registrar</U>&quot;) and the Corporation hereby designates the Corporate Trust Office of the
Trustee as the office where Securities may be presented for payment. The Securities Registrar will keep a register (the &quot;<U>Securities
Register</U>&quot;) of the Securities and of their transfer and exchange. The Corporation may appoint one or more co-registrars and one
or more additional paying agents. The Corporation may change any Registrar or Paying Agent without notice to any Holder. The Corporation
will notify the Trustee in writing of the name and address of any Paying Agent or Registrar not a party to this Indenture. If the Corporation
fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Corporation or any of its
Affiliates may act as Registrar or Paying Agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If at any time the Trustee
is not the Securities Registrar for an applicable series of Securities, upon written request by the Trustee, the Securities Registrar
shall provide a certified copy of the Securities Register to the Trustee as of the date specified in such written request of the Trustee,
acting reasonably.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Securities Register referred
to in this Section 3.5 shall, subject to Applicable Law, at all reasonable times be open for inspection by the Corporation, any Holders
and any beneficial holder of Global Securities that provides a sworn affidavit confirming such beneficial interest and that furnishes
the Trustee with a reasonable fee, all as set out in the Trust Indenture Legislation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation hereby appoints
CDS to act as the initial Depository with respect to the Global Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Section 3.1, the
Corporation hereby appoints the Trustee to act as the initial Registrar and Paying Agent with respect to the Global Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange of Securities.</U></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">A Global Security may not be transferred except as a whole by the Depository to a nominee of the Depository,
by a nominee of the Depository to the Depository or to another nominee of the Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such successor Depository.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">All Global Securities will be exchanged by the Corporation for Definitive Securities if:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">the Corporation delivers to the Trustee notice from the Depository that it is unwilling or unable to continue
to act as Depository, or if at any time such Depository shall no longer be registered or in good standing under Applicable Law, or be
qualified as a Clearing Agency under Applicable Securities Law, in each case as required in order to fulfill its duties and obligations
as Depository for Securities of a series, and, in each case, a successor Depository is not appointed by the Corporation within 120 days
after the date of such notice from the Depository;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">the Corporation in its sole discretion determines that the Global Securities, in whole but not in part,
should be exchanged for Definitive Securities and delivers a written notice to such effect to the Trustee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">there has occurred and is continuing an Event of Default with respect to the Securities, provided that
at the time of such exchange, such Event of Default has not been waived in accordance with the provisions of this Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">Upon the occurrence of any of the events
described in Section 3.6(2)(A) and Section 3.6(2)(B), Definitive Securities shall be issued in such names as the Depository shall instruct
the Trustee. Global Securities also may be exchanged or replaced, in whole or in part, as provided in Section 3.7. A Global Security may
not be exchanged for a Definitive Security other than as provided in this Section 3.6(2).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Subject to the provisions of this Section 3.6, Securities in any authorized form or denomination may be
exchanged for Securities in any other authorized form or denomination, any such exchange to be for an equivalent aggregate principal amount
of Securities of the same series carrying the same rate of interest and having the same Maturity Date and the same redemption and sinking
fund provisions, if any.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">No transfer or exchange of a Security will be effective as against the Corporation unless:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">such transfer or exchange is made by the registered Holder of the Security or the executor, administrator
or other legal representative of, or any attorney for, the registered Holder, duly appointed by an instrument in form and substance satisfactory
to the Trustee or other Securities Registrar, in each case acting reasonably, upon surrender to the Trustee or other Securities Registrar
of the Security and a duly executed form of transfer;</TD></TR></TABLE>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">such transfer or exchange is made in compliance with Applicable Law and such reasonable requirements as
the Trustee or other Securities Registrar may prescribe from time to time; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">such transfer or exchange has been duly noted on such Security and on one of the appropriate Securities
Registers by the Trustee or other Securities Registrar.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">To permit registrations of transfers and exchanges, the Corporation will execute and the Trustee will
authenticate Global Securities and Definitive Securities upon receipt of a Corporation Order for the authentication and delivery of such
Securities in accordance with Section 3.3 or at the Securities Registrar's request.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">No service charge will be made to a holder of a beneficial interest in a Global Security or to a Holder
of a Definitive Security for any registration of transfer or exchange, but the Corporation and the Trustee may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith, other than any such transfer taxes
or similar governmental charge payable upon exchange or transfer pursuant to Section 11.6.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">All Global Securities and Definitive Securities issued upon any registration of transfer or exchange of
Global Securities or Definitive Securities will be the valid obligations of the Corporation, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Global Securities or Definitive Securities surrendered upon such registration of transfer
or exchange.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">Neither the Securities Registrar nor the Corporation will be required to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">issue, register the transfer of or exchange any Securities during a period beginning at the opening of
business five days before the day of any selection of Securities for redemption under Article 11 and ending at the close of business on
the day of selection;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">register the transfer of or exchange any Security selected for redemption in whole or in part, except
the unredeemed portion of any Security being redeemed in part; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">register the transfer of or exchange a Security between a record date and the next succeeding Interest
Payment Date.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">Prior to due presentment for the registration of a transfer of any Security, the Trustee, any Authenticating
Agent and the Corporation may deem and treat the Person in whose name any Security is registered as the absolute owner of such Security
for the purpose of receiving payment of principal of (and premium, if any) and interest on such Securities and for all other purposes,
and none of the Trustee, any Authenticating Agent or the Corporation shall be affected by notice to the contrary.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilated</U>, <U>Destroyed</U>, <U>Lost and Stolen Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If any mutilated but otherwise
identifiable Security is surrendered to the Trustee, the Corporation shall execute and the Trustee shall authenticate and deliver in exchange
therefor a replacement Security of the same series and of like tenor and principal amount and evidencing the same indebtedness and bearing
a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If there shall be delivered
to the Corporation and to the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity as may</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the Corporation or the Trustee that such Security has been acquired
by a &quot;protected purchaser&quot; (as defined in the <I>Securities Transfer Act</I> (Alberta)), the Corporation shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a replacement Security of the same series
and of like tenor and principal amount and evidencing the same indebtedness and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notwithstanding the provisions
of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Corporation in its discretion may, instead of issuing a replacement Security, pay such Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Upon the issuance of any replacement
Security under this Section 3.7, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Every replacement Security
of any series issued pursuant to this Section 3.7 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Corporation, whether or not the mutilated, destroyed, lost or stolen Security shall be at any
time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of that series duly issued hereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The provisions of this Section
3.7, as amended or supplemented pursuant to this Indenture with respect to a particular series or generally, are exclusive and shall preclude,
to the extent lawful, all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Principal and Interest; Interest Rights Preserved.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise provided
as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Corporation
maintained for such purpose pursuant to Section 10.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise provided
as contemplated by Section 3.1 with respect to any series of Securities, any interest on any Security of any series which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date and, if applicable and subject to Applicable Law, interest
on such defaulted interest (such defaulted interest, and if applicable, interest thereon, collectively herein called &quot;<U>Defaulted
Interest</U>&quot;) at the rate specified in the Securities of such series (such rate, the &quot;<U>Defaulted Interest Rate</U>&quot;)
shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such defaulted
interest may be paid by the Corporation, at its election in each case, as provided in clause (1) or (2) below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">The Corporation may elect to make payment of any Defaulted Interest to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed in the following manner:</TD></TR></TABLE>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.3in; text-align: left">(A)</TD><TD STYLE="width: 0.1in"></TD><TD STYLE="text-align: left">the Corporation shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security of such series and the date of the proposed payment, and at the same time the Corporation shall deposit with
the Trustee an</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: left"></P>

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  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 0.1in">&nbsp;</TD>
    <TD STYLE="text-align: left">amount of money in the Currency in which
the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">(B)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">
thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">(C)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">the Trustee shall promptly notify the Corporation of such Special Record Date and, in the name and at the expense of the Corporation,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder
of Securities of such series in the manner set forth in Section 1.7; not less than 10 days prior to such Special Record Date; and</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">(D)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to Section 3.8(2).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The Corporation may make payment of any Defaulted Interest on the Securities of any series in any other
lawful manner consistent with the requirements of any securities exchange, if any, on which such Securities may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the Corporation to the Trustee of the proposed payment pursuant
to this Section 3.8(2), such manner of payment shall be deemed practicable by the Trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to the foregoing provisions
of this Section 3.8 and Section 3.5, each Security delivered under this Indenture upon registration of, transfer of, or in exchange for,
or in lieu of, any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Interest.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">The Corporation shall pay the interest due upon the principal amount of each Definitive Security (except
interest payable on Maturity or redemption of a Definitive Security which, at the option of the Corporation, may be paid only upon presentation
of such Definitive Security for payment) by forwarding or causing to be forwarded by prepaid ordinary mail (or in the event of mail service
interruption, by such other means as the Trustee and the Corporation determine to be appropriate) a cheque for such interest payable to
the Holder of such Definitive Security on the Record Date for each applicable Interest Payment Date at the address appearing on the applicable
Securities Register unless otherwise directed in writing by the Holder or, in the case of registered joint Holders, payable to all such
joint Holders and addressed to one of them at the last address appearing in the applicable Securities Register and negotiable at par at
each of the places at which interest upon such Definitive Security is payable. The forwarding of such cheque shall satisfy and discharge
the liability for the interest on such Definitive Security to the extent of the sum represented thereby unless such cheque is not paid
on presentation at any of the places at which such interest is payable. In the event of the non-receipt of such cheque by the applicable
Holder or the loss, theft or destruction thereof, the</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">Corporation, 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. Notwithstanding the foregoing, the Corporation, at its option, may
cause the amount payable in respect of interest to be paid to a Holder by wire or other electronic transfer to an account maintained by
such Holder or in any other manner acceptable to the Trustee. If payment of interest is made by cheque, the Corporation shall transfer
funds to the Trustee in order that such cheque shall be forwarded at least three Business Days prior to the applicable Interest Payment
Date, and if payment is made in any other manner, such payment shall be made in a manner whereby the recipient receives credit for such
payment on or prior to the applicable Interest Payment Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The Corporation shall pay the interest due upon the principal amount of each Global Security by wire or
other electronic funds transfer by the Corporation either (A) to the Trustee (and then by the Trustee to the Depository or its nominee);
or (B) directly to the Depository or its nominee, unless the Corporation, the Trustee and/or the Depository, as applicable, otherwise
agree. Such funds as are required for the payments of interest on Global Securities shall be transferred by the Corporation to the Trustee
or the Depository (or its nominee), as applicable, by wire or other electronic transfer on or before 11:00 a.m. (Toronto Time) on the
Business Day before the Interest Payment Date, unless the Corporation, the Trustee and/or Depository, as applicable, otherwise agree.
If the funds are transferred to the Trustee, the Trustee shall pay such funds (to the extent actually received by the Trustee) to the
Depository or its nominee on or prior to the applicable Interest Payment Date. The transfer of funds by the Corporation to the Trustee
or to the Depository (or its nominee), as applicable, with respect to the payment of interest will satisfy and discharge the liability
of the Corporation in respect of the interest then due on such Global Security to the extent of the amount transferred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Notwithstanding Section 3.9(1) and Section 3.9(2), all payments made under this Section 3.9 in excess
of $25 million (or such other amount as determined from time to time by the Canadian Payments Association or any successor thereto) shall
be made by the use of the LVTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments of Amounts Due on Maturity.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">In the case of any Securities represented, in whole or in part, by Definitive Securities, the Corporation
shall (prior to the Maturity Date) establish and maintain with the Trustee a Maturity Account for such Definitive Securities. On or before
11:00 a.m. (Toronto time) on the Business Day before the Maturity Date for such Definitive Securities, the Corporation shall deposit in
the Maturity Account by wire or other electronic transfer or by certified cheque an amount sufficient to pay the principal amount of,
premium (if any) on and accrued and unpaid interest (if any) payable in respect of such Definitive Securities. The Trustee will pay to
each Holder of such Definitive Securities entitled to receive payment the principal amount of, and premium (if any) on and accrued and
unpaid interest (if any) on such Definitive Securities, upon surrender of such Definitive Securities to the Trustee. The deposit or making
available of such amounts into the applicable Maturity Account will satisfy and discharge the liability of the Corporation for such Definitive
Securities to which the deposit or making available of funds relates to the extent of the amount deposited or made available and such
Definitive Securities will thereafter not be considered as outstanding under this Indenture to such extent and such Holders will have
no other right except to receive out of the amount so deposited or made available the amount to which they are entitled.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">In the case of any Securities represented, in whole or in part, by Global Securities, on or before 11:00
a.m. (Toronto time) on the Business Day before the Maturity Date for such Global Securities, the Corporation shall deliver either (A)
to the Trustee to transfer to the Depository or its nominee; or (B) directly to the Depository or its nominee, by wire or other electronic
funds</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">transfer an amount sufficient to pay the
principal amount of, premium (if any) on and accrued and unpaid interest (if any) payable in respect of such Global Securities. If such
payment is made to the Trustee, the Trustee shall pay such amount to the Depository or its nominee. The delivery of such wire or other
electronic funds to the Trustee or Depository (or its nominee), as applicable, will satisfy and discharge the liability of the Corporation
for such Global Securities to which the deposit or making available of funds relates to the extent of the amount deposited or made available
and such Global Securities will thereafter not be considered as outstanding under this Indenture unless such wire or other electronic
funds transfer is not received.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Notwithstanding Section 3.10(1) and Section 3.10(2), all payments made under this Section 3.10 in excess
of $25 million (or such other amount as determined from time to time by the Canadian Payments Association or any successor thereto) shall
be made by the use of the LVTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Deemed Owners.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Prior to due presentment of
a Security for registration of transfer, the Corporation, the Trustee and any agent of any of the foregoing may treat the Person in whose
name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any)
and, subject to Section 3.8 any interest on, such Security and for all other purposes whatsoever, whether or not such Security be overdue,
and none of the Corporation, the Trustee or any agent of any of the foregoing shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Depository may be treated
by the Corporation, the Trustee and any agent of the Corporation or the Trustee as the owner of a Global Security for all purposes whatsoever.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">None of the Corporation, the
Trustee or any agent of the Corporation or the Trustee shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interest of a Security in global form or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notwithstanding the foregoing,
with respect to any Global Security, nothing herein shall prevent the Corporation, the Trustee or any agent of any of the foregoing from
giving effect to any written certification, proxy or other authorization furnished by the Depository or its nominee, as a Holder, with
respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the
operation of customary practices governing the exercise of the rights of such Depository or its nominee as Holder of such Global Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise contemplated
by Section 3.1 with respect to any series of Securities, all Securities surrendered for payment, redemption, registration of transfer
or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to
the Trustee and shall be promptly cancelled by it. The Corporation may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Corporation may have acquired in any manner whatsoever, and may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Corporation has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall
be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 3.12, except as expressly permitted
by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary
practices.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
3.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Computation of Interest.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series for any period other than a full
semi-annual interest period shall be computed on the basis of a 365-day or 366-day year, depending on the actual number of days in the
applicable year, and the actual number of days elapsed in that period. For disclosure purposes under the <I>Interest Act</I> (Canada),
whenever in this Indenture or any Securities issued hereunder interest at a specified rate is to be calculated on the basis of a period
less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by a fraction, the numerator
of which is the actual number of days in the relevant calendar year and the denominator of which is the actual the number of days in such
period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 3.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP Numbers, ISIN, etc.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation in issuing
the Securities may use &quot;CUSIP&quot; numbers and &quot;ISINs&quot;, in each case, if then generally in use, and, if so, the Trustee
shall use &quot;CUSIP&quot; numbers and &quot;ISINs&quot; in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Corporation shall notify the Trustee in writing
of any change in any &quot;CUSIP&quot; numbers or &quot;ISINs&quot; applicable to the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
4<BR>
SATISFACTION AND DISCHARGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction and Discharge of Indenture.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This Indenture shall upon
a Corporation Request cease to be of further effect with respect to any series of Securities specified in such Corporation Request (except
as to any surviving rights of transfer or exchange of Securities herein expressly provided for, any right of Holders of Outstanding Securities
to receive payments in respect of the principal of (or premium, if any) or interest on, such Securities when such payments are due, and
the rights of the Trustee with respect to regular payment and indemnity which also shall survive) and the Trustee, at the expense of the
Corporation, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">all Securities of such series theretofore authenticated and delivered, other than (i) Securities which
have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.7; and (ii) Securities for
whose payment money has theretofore been deposited in trust or segregated and held in trust by the Corporation and thereafter repaid to
the Corporation or discharged from such trust, as provided in Section 10.3, have been delivered to the Trustee for cancellation; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">all Securities of such series not theretofore delivered to the Trustee for cancellation:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">have become due and payable, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">will become due and payable at their Stated Maturity within one year, or</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1.5in; text-align: left; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(iii)</TD>
    <TD STYLE="text-align: left">
 if redeemable at the option of the Corporation, are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Corporation,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: left">and the Corporation, in the case of (i),
(ii) or (iii) above, has deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust for such purpose: (I)
money in an amount; (II) Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than the due date of any payment, money in an amount; or (III) a combination thereof, sufficient,
in the case of subclause (II) or (III), in the opinion of a nationally recognized firm of independent chartered accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and
discharge, the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium,
if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Corporation has paid or caused to be paid all other sums payable hereunder by the Corporation with
respect to the Outstanding Securities of such series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">the Corporation has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series
have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notwithstanding the satisfaction
and discharge of this Indenture, each of the obligations of the Corporation to the Trustee under Section 6.7, the obligations of the Trustee
to any Authenticating Agent under Section 6.13 and, if money shall have been deposited with the Trustee pursuant to Section 4.1(1)(B),
the obligations of the Trustee under Section 4.2 and the last paragraph of Section 11.4, shall survive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Trust Money.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to the provisions
of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent,
including the Corporation acting as its own Paying Agent, as the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium, Additional Amounts and interest for whose payment such money has been deposited with the Trustee; but such money need
not be segregated from other funds except to the extent required by Applicable Law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notwithstanding anything in
this Article 4 to the contrary, the Trustee shall deliver or pay to the Corporation from time to time upon Corporation Request any money
or Government Obligations held by it as provided in Section 4.1 which, in the opinion of a nationally recognized firm of independent
chartered accountants expressed in a written certification thereof delivered to the Trustee (in case Government Obligations are held
by the Trustee as provided in Section 4.1), are in excess of the amount thereof which would then be required to be deposited to effect
the satisfaction and discharge of this Indenture.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; text-align: center"><BR>
<B>Article
5</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>REMEDIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Event of Default</U>&quot;,
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is specifically deleted,
modified or made inapplicable in or pursuant to a supplemental indenture, Board Resolution or Officers' Certificate establishing the terms
of such series pursuant to this Indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">if the Corporation defaults in payment of the principal of (or premium, if any) on any Security of that
series when the same becomes due under any provision hereof or of such Security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">if the Corporation defaults in payment of any interest on any Security of that series when it becomes
due and payable, and continuance of such default for a period of 30 days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">if the Corporation defaults in the performance of, or breaches, any covenant or condition herein contained
or contained in an indenture supplemental hereto with respect to the Securities of that series (other than in relation to clauses (1)
and (2) above) and the Corporation fails to cure such breach or default within a period of 60 days after notice in writing has been given
to the Corporation by the Trustee, or to the Corporation and the Trustee by the Holders of at least 25% in principal amount of all Outstanding
Securities of any series affected thereby specifying such default or breach and requiring the Corporation to put an end to the same and
stating that such notice is a Notice of Default hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">if the Corporation or any Subsidiary:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">defaults in payment when due, including any applicable grace period, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">defaults in the performance or observance of any other covenant, term, agreement or condition,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">with respect to any Indebtedness, other
than Non-Recourse Debt, in an aggregate amount in excess of the greater of US$75.0 million and 3% of Consolidated Shareholders' Equity
and, if such Indebtedness has not already matured in accordance with its terms, such Indebtedness shall have been accelerated so that
the same shall be or become due and payable prior to the date on which the same would otherwise have become due and payable, provided
that if such default is waived by the Persons entitled to do so, then the Event of Default hereunder shall be deemed to be waived without
further action on the part of the Trustee or the Holders;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">if a decree or judgment of a Court having jurisdiction is entered adjudging the Corporation or any Material
Subsidiary to be liable for the payment of money in excess of the greater of US$75.0 million and 3% of Consolidated Shareholders' Equity,
in the aggregate, and the Corporation or any such Material Subsidiary, as the case may be, fails to pay such decree or judgment within
60 days or file an appeal thereof within 60 days or, if the Corporation or such Material Subsidiary, as the case may be does file an appeal
and such decree or judgment continues unstayed or undischarged and in effect for a period of at least 60 days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">if a decree or judgment of a Court having jurisdiction is entered adjudging the Corporation or any Material
Subsidiary bankrupt or insolvent or approving as properly filed a petition seeking</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">reorganization, arrangement, adjustment
or composition of or in respect of the Corporation or any Material Subsidiary under the <I>Bankruptcy and Insolvency Act </I>(Canada),
the <I>Companies' Creditors Arrangement Act </I>(Canada) or any other bankruptcy, insolvency or analogous laws, or appointing a receiver,
liquidator, trustee, sequestrator (or other similar official) of, or of all or substantially all of the property of, the Corporation or
any Material Subsidiary, other than Non-Recourse Assets, or ordering the winding up or liquidation of its affairs except in the ordinary
course of carrying out or pursuant to a transaction in respect of which the conditions in Article 8 are duly performed and any such decree
or judgment continues unstayed or undischarged and in effect for a period of at least 60 days;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">if the Corporation or any Material Subsidiary institutes proceedings to be adjudicated a bankrupt or insolvent,
or consents to the institution of bankruptcy or insolvency proceedings against it under the <I>Bankruptcy and Insolvency Act </I>(Canada),
the <I>Companies' Creditors Arrangement Act </I>(Canada) or any other bankruptcy, insolvency or analogous laws, or consents to the filing
of any such petition or to the appointment of a receiver, liquidator, trustee, sequestrator (or other similar official) of, or of any
substantial part of the property of, the Corporation or any Material Subsidiary, other than Non-Recourse Assets, or makes a general assignment
for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due or the authorization of
any such action by the Board of Directors of the Corporation; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">any other Event of Default provided with respect to Securities of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Maturity; Rescission and Annulment.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If an Event of Default with
respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of that affected series may, subject to subordination provisions,
if any, declare the principal amount of all of the Securities of that series (or, if the Securities of that series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in the terms of such affected series), premium, Additional
Amounts and any interest thereon to be due and payable immediately, by a notice in writing to the Corporation (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified portion thereof), premium, Additional Amounts and any interest
thereon shall become immediately due and payable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">At any time after a declaration
of acceleration with respect to Securities of any series has been made, but before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter provided in this Article 5, the Holders of a majority in principal amount of the Outstanding
Securities of that series (or of all series, as the case may be), by written notice to the Corporation and the Trustee, may rescind and
annul such declaration and its consequences if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Corporation has paid or deposited with the Trustee a sum sufficient to pay:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">all overdue interest on all Outstanding Securities of that series (or of all series, as the case may be);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">all unpaid principal of (and premium, if any, on), any Outstanding Securities of that series (or of all
series, as the case may be) which has become due otherwise than by such declaration of acceleration, and any interest thereon at the rate
or rates prescribed therefor in such Securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">to the extent that payment of such interest is lawful, interest on overdue interest, if any, at the rate
or rates prescribed therefor in such Securities; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: left">all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">all Events of Default with respect to the Securities of that series (or of all series, as the case may
be), other than the non-payment of principal of (or premium, if any) or interest on Securities of that series (or of all series, as the
case may be) that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">No such rescission shall affect
any subsequent default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Collection of Indebtedness and Suits for Enforcement by Trustee.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation covenants
that if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">default is made in the payment of any installment of interest on any Security when such interest becomes
due and payable and such default continues for a period of 30 days, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">default is made in the payment of the principal of (or premium, if any), on any Security at the Maturity
thereof,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">then the Corporation will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal (and premium, if any) and interest and, to the fullest extent that payment of such interest is legally enforceable, interest
on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If the Corporation fails to
pay such amounts forthwith upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree any may enforce the same against
the Corporation or any other obligor upon such Securities and collect the moneys adjusted or decreed to be payable in the manner provided
by Applicable Law out of the property of the Corporation or any other obligor upon such Securities, wherever situated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If an Event of Default with
respect to Securities of any series (or of all series, as the case may be), occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights of the Trustee and the rights of the Holders of Securities of such series (or of all series,
as the case may be), by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May File Proofs of Claim.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In case of any pending receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Corporation or any other obligor upon the Securities or the property of the Corporation or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Corporation for the payment of overdue principal,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">premium, if any, or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, (i) to file and prove a claim for the whole amount of the principal and
premium (if any) and interest owning and unpaid of any series of Securities and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agent and counsel) and of the Holders of the Securities of such series allowed in such judicial proceeding,
and (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May Enforce Claims Without Possession of Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Money Collected.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any money collected by the
Trustee pursuant to this Article 5 shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the applicable Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left"><U>First:</U> To the payment of all amounts due to the Trustee under Section 6.7;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left"><U>Second:</U> To the payment of the amounts then due and unpaid for principal of (and premium, if any)
and interest, including interest on interest, if any, on, the Securities in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal
(and premium, if any) and interest, if any, respectively; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left"><U>Third:</U> The balance, if any, to the Corporation or any other Person or Persons legally entitled
thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Suits.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the Securities
of any series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect
to the Securities of that series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Holders of not less than 25% in principal amount of the Outstanding Securities of the series affected
by such Event of Default shall have made a request to the Trustee to institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities to be incurred in compliance with such request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of not less than a majority in principal amount of the Outstanding Securities of that series;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holders of Outstanding Securities of any such affected series, or to obtain or to
seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all Holders of Outstanding Securities of all such affected series. For purposes
of clarity, it is hereby understood and agreed that an Event of Default described in Section 5.1(1) or Section 5.1(2) with respect to
the Securities of any series shall, for purposes of this Section 5.7, be deemed to affect only such series of Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unconditional Right of Holders to Receive Principal, Premium and Interest.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of
(and premium, if any) and, subject to Section 3.8, interest on, such Security on the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restoration of Rights and Remedies.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If the Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Corporation, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights and Remedies Cumulative.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.7, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by Applicable Law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delay or Omission Not Waiver.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
5 or by Applicable Law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Holders, as the case may be.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Control by Holders.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Holders of not less than
a majority in principal amount of the Outstanding Securities of any series affected by an Event of Default shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee, with respect to the Outstanding Securities of such series; provided that, in each case:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">such direction shall not be in conflict with any rule of law or with this Indenture,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such
direction (i) if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would
involve the Trustee in personal liability, or (ii) if it would be unjustly prejudicial to the Holders of Outstanding Securities of such
affected series not consenting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Past Defaults.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Section 5.2, the
Holders of not less than a majority in principal amount of the Outstanding Securities of any affected series with respect to which any
default under the Indenture shall have occurred and be continuing may, on behalf of the Holders of all Outstanding Securities of such
affected series, waive such past default under the Indenture and its consequences, except a default (1) in respect of the payment of the
principal of (or premium, if any) or interest, if any, on, any Security, or (2) in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such affected series.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture with respect to the applicable series; but no such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon. For purposes of clarity, it is hereby understood and agreed that an Event of Default described
in Section 5.1(1) or Section 5.1(2) with respect to the Securities of any series shall, for purposes of this Section 5.7, be deemed to
affect only such series of Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undertaking for Costs</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as a Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">against any such party litigant, in the manner
and to the extent provided in the Trust Indenture Legislation; provided that neither this <FONT STYLE="font-size: 10pt">Section 5.14 nor
the Trust Indenture Legislation shall be deemed to authorize any court to require such an undertaking or to make such an assessment in
any suit instituted by the Corporation or the Trustee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 5.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Stay or Extension Laws.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Corporation (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
6<BR>
THE TRUSTEE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Duties and Responsibilities.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">The duties and responsibilities of the Trustee set out in this Indenture shall be subject to the Trust
Indenture Legislation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">Subject to Section 6.1(1), in the event an Event of Default has occurred and is continuing with respect
to a series of Securities of which a Responsible Officer of the Trustee has received written notification in accordance with the provisions
of this Indenture, the Trustee will, with respect to the Securities of such series, exercise such of the rights and powers vested in it
under this Indenture and use the same degree of care, diligence and skill in its exercise, that a reasonably prudent trustee would exercise
in comparable circumstances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Except during the continuance of an Event of Default with respect to the Securities of any series:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and applicable to the Trustee and no implied covenants or obligations shall be read into this Indenture against the Trustee,
nor shall the Trustee have any obligation to recognize or have any liability or responsibility, in any manner whatsoever, arising under
any other document or agreement to which the Trustee is not a party, notwithstanding that reference thereto may be made herein; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">in the absence of bad faith on its part, the Trustee may conclusively act and rely, and shall be protected
in so acting and relying, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine such certificates
and opinions to determine whether or not they conform to the requirements of this Indenture, but, for greater certainty, need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein, and shall be entitled to seek advice from legal
counsel in relation thereto. Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the
Corporation shall be sufficient if signed by an officer of the Corporation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">The Trustee will not be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:</TD></TR></TABLE>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">this Section 6.1(4) shall not be construed to limit the effect of Section 6.1(2);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">the Trustee shall not be liable for any action it takes or omits to take: (i) in good faith that it reasonably
believes to be authorized or within the rights or powers conferred upon it by this Indenture; (ii) pursuant to any direction or instruction
delivered to it pursuant to the terms hereof; or (iii) for reason of a lack of direction or instruction required to be delivered to it
pursuant to the terms hereof, provided, in each case, that the Trustee's conduct does not constitute negligence, willful misconduct or
bad faith; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: left">the Trustee shall not be liable with respect to any action it takes or omits to take with respect to Securities
of any series in good faith in accordance with a direction received by it pursuant to Section 5.12.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">The Trustee shall not be deemed to have notice or any actual knowledge of any matter, including defaults
or Events of Default, unless written notice thereof is received by a Responsible Officer of the Trustee in accordance with this Indenture
and such notice clearly references the Securities, the Corporation and this Indenture.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">Every provision of this Indenture, as applicable, that in any way relates to the Trustee is subject to
Section 6.1(2), Section 6.1(3), Section 6.1(4) and Section 6.1(7).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur liability in the performance of any of its duties hereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">In the event of any conflict arising between the provisions of this Indenture with respect to the duties
or responsibilities of the Trustee and the provisions of any Applicable Law, the provisions of such Applicable Law shall prevail.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">The Trustee shall not be required to do anything which: (a) is illegal or contrary to Applicable Law or
this Indenture; or (b) the Trustee shall be unqualified or incompetent to do on account of a change in Applicable Law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">No provision of this Indenture shall require the Trustee to take or omit to take any action under this
Indenture or take any action at the request or direction of Holders if it has grounds for believing that repayment of such funds is not
assured to it or it does not receive an agreement in writing from such Holders for full indemnity and security satisfactory to it in its
discretion against any loss, liability or expense which might be incurred by it in compliance with such request or direction. The Trustee
shall not be liable to the Holders if prevented or delayed in performing any of its obligations or discretionary functions under this
Indenture by (a) any present or future law applicable to it, (b) any Governmental Authority or (c) any circumstances beyond its control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: left">The Trustee will, save as expressly otherwise provided herein, have absolute and uncontrolled discretion
as to the exercise or non-exercise of its functions and will not be responsible for any direct or indirect loss, liability, cost, claim,
action, demand, expense or inconvenience which may result from its exercise or non-exercise but, whenever the Trustee is under the provisions
of this Indenture or the Securities bound to act at the request or direction of the Holders, the Trustee shall nevertheless not be so
bound unless first indemnified or secured to its satisfaction</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">against all actions, proceedings, claims
and demands to which it may render itself liable and all costs, charges, damages, expenses and liabilities which it may incur by so doing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Defaults.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If a default occurs hereunder
with respect to Securities of any series, and a Responsible Officer of the Trustee has been provided with written notification of such
default, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust
Indenture Legislation. For the purpose of Section 6.1 and this Section 6.2, the term &quot;<U>default</U>&quot; means any event which
is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Rights of Trustee.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to the provisions
of Section 6.1:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Trustee may conclusively act and rely and shall be protected in so acting or refraining from acting
and relying upon any statutory declaration, resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">any request or direction of the Corporation mentioned herein shall be sufficiently evidenced by a Corporation
Request or Corporation Order or as otherwise expressly provided herein, and any resolution of the Board of Directors shall be sufficiently
evidenced by a Board Resolution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be
proved or established prior to taking, suffering or omitting any action hereunder, the Trustee, unless other evidence be herein specifically
prescribed, may, in the absence of bad faith on its part, rely upon an Officer's Certificate or an Opinion of Counsel, and the Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the Trustee may employ or retain or consult with such agents, counsel, investment bankers or accountants,
or such other experts or advisors of its selection as it reasonably requires for the purpose of determining and discharging its rights
and duties and administering the trusts hereunder, and the opinion or advice of, or information obtained from, any such agent, counsel,
investment banker or accountant, or other expert or advisor, or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by the Trustee hereunder in good faith and in reliance thereon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">subject to the provisions of the Indenture relating to the duties of the Trustee in case an Event of Default
occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have
offered to the Trustee security or indemnity, reasonably satisfactory to it, against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, at reasonable times previously
notified to the Corporation, to examine the relevant books, records and premises of the Corporation, personally or by agent or attorney;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">the Trustee may execute any of the trusts or powers, hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed with due care by it hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">in no event shall the Trustee be responsible or liable for: (A) any breach by another Person of Applicable
Securities Law; or (B) special, indirect, incidental, punitive or consequential loss or damage of any Person of any kind whatsoever, including
lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">in no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">the Trustee shall not be liable for any delay (or any related consequence) in crediting an account with
an amount required under this Indenture to be paid by the Trustee if it has taken all necessary steps as soon as reasonably practicable
to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Trustee for that purpose;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: left">the permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed
as an obligation or duty to do so;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(12)</TD><TD STYLE="text-align: left">prior to the occurrence of an Event of Default of which a Responsible Officer of the Trustee shall have
actual knowledge, and after the curing of all such Events of Default which may have occurred, the duties and obligations of the Trustee
shall be determined solely by the express provisions of this Indenture and the Trustee shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into
this Indenture against the Trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(13)</TD><TD STYLE="text-align: left">the Trustee shall have no duty to inquire as to the performance of the Corporation with respect to the
covenants contained herein. The Trustee may assume without inquiry in the absence of written notice to the contrary that the Corporation
is duly complying with its obligations contained in this Indenture required to be performed and observed by it, and that no default or
Event of Default or other event which would require repayment of the Securities has occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(14)</TD><TD STYLE="text-align: left">the Trustee shall not be required to give any bond or surety in respect of the performance of its powers
and duties hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(15)</TD><TD STYLE="text-align: left">the Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and
shall not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable,
of minimum denominations imposed under this Indenture or under Applicable Law with respect to any transfer, exchange, redemption, purchase
or repurchase, as applicable, of any interest in any Securities, but may in its sole discretion, choose to do so. The Trustee shall have
no obligation, in any manner</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">whatsoever, other than to confer with
the Corporation and its counsel, to ensure that legends appearing on the Securities comply with Applicable Laws. The Trustee shall be
entitled to process all transfers and redemptions pursuant to this Indenture upon the presumption that such transfers and redemptions
are permissible pursuant to all Applicable Laws if they are effected in accordance with the terms of this Indenture;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(16)</TD><TD STYLE="text-align: left">the Trustee may request that the Corporation deliver an Officer's Certificate setting forth the names
of the individuals and titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer's
Certificate may be signed by any Person authorized to sign an Officer's Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(17)</TD><TD STYLE="text-align: left">except as provided for in this Indenture or otherwise agreed between the Corporation and the Trustee,
the Trustee shall not be responsible for the preparation or filing of any reports or returns relating to any federal, state, provincial
or local income Taxes with respect to this Indenture, other than as may be required in relation to the Trustee&rsquo;s compensation or
for reimbursement of expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee Not Responsible for Recitals or Issuance of Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The recitals contained herein
and in the Securities, except a Trustee's certificate of authentication, shall be taken as the statements of the Corporation, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute
and deliver this Indenture and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Corporation of Securities or the proceeds thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>May Hold Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Corporation or of the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Section 6.8 and Section 6.13, may otherwise deal with the Corporation
with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Held in Trust.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Money held by either the Trustee
or any Paying Agent in trust hereunder need not be segregated from other funds except to the extent required by Applicable Law. Neither
the Trustee nor any Paying Agent shall be under any liability for interest on any money received by it hereunder except as otherwise agreed
in writing with the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Reimbursement.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation agrees:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">to pay to the Trustee from time to time such compensation as shall be agreed to in writing between the
Corporation and the Trustee for all services rendered by it hereunder, which compensation shall not be limited by any provision of Applicable
Law in regard to the compensation of a trustee of an express trust;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including discharge
of its rights and duties and administration of the trusts hereunder), including the reasonable compensation and the expenses and disbursements
of its agents, counsel, investment bankers or accountants, or such other experts or advisors of its selection as it reasonably requires,
subject to prior agreement by the Corporation (and the Corporation shall not unreasonably withhold its agreement to such expenses and
disbursements), except any such expense, disbursement or advance as may be attributable to the Trustee's negligence, willful misconduct
or bad faith; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">in addition to and without limiting any other protection of the Trustee hereunder, or otherwise by Applicable
Law, to indemnify the Trustee and its directors, officers, Affiliates (their successors and assigns), employees and agents for, and to
hold it and them harmless against, any direct or indirect claim, demand, action, cause of action, cost, charge, damage, loss, assessment,
interest, penalty, suit, proceeding, liability or expense incurred without negligence, willful misconduct or bad faith on its or their
part arising out of or in connection with the Trustee's acceptance or administration of the trust or trusts hereunder, including the costs
and expenses of defending itself or themselves against any claim or liability (whether asserted by any Holder, the Corporation or otherwise
and including any claim or liability arising pursuant to Environmental Laws) and of enforcing the terms of this Indenture (including,
but not limited to, any indemnification provided hereunder) in connection with the exercise or performance of any of the Trustee's powers
or duties hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">As security for the performance
of the obligations of the Corporation under this Section 6.7, the Trustee shall have a lien prior to the Securities upon all property
and funds held by it hereunder for any amount owing to it or any predecessor of the Trustee pursuant to this Section 6.7, except with
respect to funds held in trust for the benefit of the Holders of particular Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Without limiting any rights
available to the Trustee under Applicable Law, when the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.1(6) or Section 5.1(7) the expenses, including the reasonable charges and expenses of its counsel, and the compensation
for the services are intended to constitute expenses of administration under any applicable U.S. or Canadian federal, state or provincial
bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any amount payable by the
Corporation to the Trustee pursuant to Section 6.7(2) and remaining unpaid 30 days following receipt by the Corporation of an invoice
from the Trustee with respect to such payment shall bear interest at the posted annual rate of interest charged by the Trustee from time
to time to its corporate trust customers from the expiration of such 30 day period to the date of payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The provisions of this Section
6.7 shall survive the satisfaction, discharge or termination of this Indenture and the resignation or removal of the Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The rights, protections, powers,
immunities and indemnities afforded to the Trustee under this Indenture shall be afforded to any other trustee, any Paying Agent, any
Registrar or any Authenticating Agent appointed hereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conflicting Interests.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If the Trustee has or shall
acquire a conflicting interest or material conflict of interest within the meaning of any Trust Indenture Legislation, the Trustee shall
either eliminate such interest</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">or resign, to the extent and in the manner provided
by, and subject to the provisions of, the Trust Indenture Legislation and this Indenture. To the extent permitted by the Trust Indenture
Legislation, the Trustee shall not be deemed to have a conflicting interest or material conflict of interest by virtue of being a trustee
under this Indenture with respect to Securities of more than one series. The Trustee represents and warrants to the Corporation that it
has no conflicting interest or material conflict of interest within the meaning of any Trust Indenture Legislation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Trustee Required; Eligibility.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">There shall at all times be a Trustee hereunder
with respect to the Securities of each series, which may be the Trustee hereunder for Securities of one or more other series. For so long
as required by the Trust Indenture Legislation, the Trustee shall at all times be a corporation organized under the laws of Canada or
any province thereof and shall be authorized and, if so required, duly registered to carry on the business of a trust company under the
laws of each province and territory of Canada. The Trustee shall be a Person that is eligible pursuant to the Trust Indenture Legislation
to act as such.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.9pt 12pt 0; text-align: left">No obligor of any Securities under this
Indenture or Person directly or indirectly controlling, controlled by, or under common control with such obligor shall serve as Trustee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In case at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section 6.9, such Trustee shall resign immediately in the manner
and with the effect specified in Section 6.10.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal; Appointment of Successor.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article
6 shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 6.11.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The Trustee may resign at any time with respect to the Indenture and the Securities of one or more series,
as applicable, by giving written notice thereof to the Corporation. If the instrument of acceptance by a successor Trustee required by
Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition (at the expense of the Corporation) any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series in accordance with the terms of this Section 6.10.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The Trustee may be removed at any time with respect to the Securities of any series by the Holders of
not less than a majority of the aggregate principal amount of the Outstanding Securities of such series.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">If at any time:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">the Trustee shall fail to comply with Section 6.8 after written request therefor by the Corporation or
by any Holder who has been a <I>bona fide </I>Holder of a Security for at least six months;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request
therefor by the Corporation or by any Holder who has been a <I>bona fide</I> Holder of a Security for at least six months; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver
of the Trustee or of its property shall be appointed or any public</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: left">officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">then, in any such case, (A) the Corporation
by a Board Resolution may remove the Trustee with respect to all Securities or the Securities of such series, or (B) subject to Section
5.14 any Holder who has been a <I>bona fide</I> Holder of a Security for at least six months may, on behalf of himself or herself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities
of such series and the appointment of a successor Trustee or Trustees.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in
the office of the Trustee for any cause, with respect to the Securities of one or more series, then the Corporation, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series, it being understood that
any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series, and shall comply with the applicable requirements of
Section 6.11. If, within 60 days after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall not have been appointed by the Corporation, then a successor Trustee may be appointed
by Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities of such series and the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section
6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Corporation. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Corporation
or by the Holders of such series and accepted appointment in the manner required by Section 6.11 within 120 days after such resignation,
removal or incapability, or the occurrence of such vacancy, any Holder who has been a <I>bona fide </I>Holder of a Security of such series
for at least six months may, or the Trustee may, at the expense of the Corporation, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">The Corporation shall give notice of each resignation and each removal of a Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities
of such series in the manner provided in Section 1.7. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceptance of Appointment by Successor.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such
successor Trustee so appointed shall execute, acknowledge and deliver to the Corporation and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Corporation or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers, protections, immunities, indemnities and trusts of
the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more,
but not all, series, the Corporation, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series
shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which: (a)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, protections, immunities, indemnities, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates; (b) if the retiring Trustee is not retiring with respect
to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, protections,
immunities, indemnities, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which
the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee; and (b) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by multiple Trustees,
it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust,
except as otherwise provided in this Indenture, and that each such Trustee shall be trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered, except as otherwise provided in this Indenture, by any other such Trustee; and
upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, protections, immunities, indemnities, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates; but, on request of the Corporation or any successor
Trustee, such retiring Trustee shall, upon payment of its charges with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Upon request of any such successor Trustee, the Corporation shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers, protections, immunities, indemnities
and trusts referred to in Section 6.11(1) and Section 6.11(2) as the case may be.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">No successor Trustee shall accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible under this Article 6.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Merger Conversion; Consolidation or Succession to Business.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any Person into which the Trustee
may be merged, arranged, amalgamated or converted or with which it may be consolidated, or any Person resulting from any merger, arrangement,
amalgamation, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such Person shall be otherwise
qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any successor by
merger, arrangement, amalgamation, conversion or consolidation to such authenticating Trustee shall be deemed to have adopted such authentication
and shall deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities
without the execution or filing of any paper or any further act on the part of any of the parties hereto.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
6.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Appointment of Authenticating Agent.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">At any time when any of the
Securities remain Outstanding, the Trustee may appoint one or more Authenticating Agents with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series and the Trustee shall give written
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee,
and a copy of such instrument shall be promptly furnished to the Corporation. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificates of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee
by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Corporation and shall at all times be a corporation organized
and doing business under the laws of Canada or any province thereof, authorized under such laws to act as Authenticating Agent and subject
to supervision or examination by Canadian federal or provincial authority. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.13, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section 6.13.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any Person into which an Authenticating
Agent may be merged, arranged, amalgamated or converted or with which it may be consolidated, or any Person resulting from any merger,
arrangement, amalgamation, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided that
such Person shall be otherwise eligible under this Section 6.13, without the execution or filing of any paper or any further act on the
part of the Trustee or the Authenticating Agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustee and to the Corporation. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Corporation. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 6.13, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Corporation
and shall give notice of such appointment in the manner provided in Section 1.7 to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.13.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation agrees to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.13.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If an appointment with respect
to one or more series is made pursuant to this Section 6.13, the Securities of such series may have endorsed thereon, in addition to the
Trustee's certificate of authentication, an alternative certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 12pt 0; text-align: left; text-indent: 1in">This is one of the Securities
of the series designated therein referred to in the within- mentioned Indenture.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 221pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">[NAME OF AUTHENTICATING AGENT],</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">as Authenticating Agent</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-right: 15.8pt; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt"></TD>
    <TD>&nbsp;</TD></TR>
                                           </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Third Party.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: left; text-indent: 1in">The Corporation hereby represents
to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the
credit of the Corporation, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">is not intended to be used by or on behalf of any third party; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">is intended to be used by or on behalf of a third party, in which case, the Corporation hereto agrees
to complete and execute forthwith a declaration in the Trustee's prescribed form as to the particulars of such third party.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Not Bound to Act.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: left; text-indent: 1in">The Trustee shall retain
the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever,
the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable economic sanctions
legislation or regulation or any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should
the Trustee, in its sole judgment, determine at any time that its acting under this Indenture has resulted in it being in non-compliance
with any applicable economic sanctions legislation or regulation or any applicable anti-money laundering or anti-terrorist legislation,
regulation or guideline, then it shall have the right to resign on 20 days' written notice to the Corporation, notwithstanding the provisions
of Section 6.10 of this Indenture, provided that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Trustee's written notice shall describe the circumstances of such non- compliance to the extent permitted
under such economic sanctions legislation or regulation or applicable anti-money laundering or anti-terrorist legislation, regulations
or guidelines; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">if such circumstances are rectified to the Trustee's satisfaction within such 20 day period, then such
resignation shall not be effective.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 6.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Privacy.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: left; text-indent: 1in">The parties hereto acknowledge
that federal and/or provincial legislation that addresses the protection of individuals' personal information (collectively, &quot;<U>Privacy
Laws</U>&quot;) applies to obligations and activities under this Indenture. Despite any other provision of this Indenture, neither the
Corporation nor the Trustee shall take or direct any action that would contravene or cause the other to contravene applicable Privacy
Laws. The Corporation shall, prior to transferring or causing to be transferred personal information to the Trustee, obtain and retain
required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties hereto can rely or are not required under Privacy Laws. The
Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee
agrees: (a) to have a designated chief privacy officer; (b) to maintain policies and procedures to protect personal information and to
receive and respond to any privacy complaint or inquiry; (c) to use personal information solely for the purposes of providing its services
under or ancillary to this Indenture and not to use it for any</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: left">other purpose except with the consent of or
direction from the Corporation or the individual involved; (d) not to sell or otherwise improperly disclose personal information to any
third party; and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information
against loss, theft, or unauthorized access, use or modification.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
7<BR>
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporation to Furnish Names and Addresses of Holders.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will furnish
or cause to be furnished to the Trustee:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">within 15 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Securities of each series as of such Regular Record Date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt
by the Corporation of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list
is furnished,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">provided, however, that so
long as the Trustee is the Security Registrar, no such list shall be required to be furnished to the Trustee. If the Trustee shall no
longer be the Security Registrar, the Trustee shall be entitled to rely on the most recent such list provided or available to it without
liability therefor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation of Information; Communications to Holders.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses
of the Holders contained in the most recent list furnished to it as provided in Section 7.1 and the names and addresses of Holders received
by the Trustee in its capacity as Security Registrar for the applicable series of Securities (if acting in such capacity).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list
so furnished.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The rights of Holders to communicate with other Holders with respect to their rights under this Indenture
or under the Securities, and the corresponding rights and obligations of the Trustee, shall be as provided by the Trust Indenture Legislation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">Every Holder of Securities, by receiving and holding the same, agrees with the Corporation and the Trustee
that none of the Corporation or the Trustee or any agent of any of them shall be held accountable by reason of any disclosure of information
as to names and addresses of Holders made pursuant to the Trust Indenture Legislation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Trustee.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Legislation
at the times and in the manner provided pursuant thereto. A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with each stock exchange upon which any Securities of any series are listed, if applicable. The Corporation will
promptly notify the Trustee when any Securities are listed on any stock exchange.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
7.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Reports by the Corporation.</U></FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">So long as any Securities are outstanding, the Corporation shall file with the Trustee, within 15 days
after the Corporation is required to file the same with applicable Canadian securities regulatory authorities, copies of the information,
documents and reports which the Corporation is required to file with applicable Canadian securities regulatory authorities pursuant to
Applicable Securities Law of Canada; <I>provided</I>, that in each case the delivery of materials to the Trustee by electronic means shall
be deemed &quot;filed&quot; with the Trustee for purposes of this Section 7.4.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">If the Corporation is not subject to the reporting requirements of Applicable Securities Law of Canada
and so long as any Securities are outstanding, the Corporation shall file with the Trustee, within 15 days after it would have been required
to file the same with applicable Canadian securities regulatory authorities, annual and interim financial statements, including any notes
thereto (and with respect to annual financial statements, an auditors' report by a firm of established national reputation) and an annual
or interim, as the case may be, management's discussion and analysis of financial condition and results of operations, in each case comparable
to that which the Corporation would have been required to file with applicable Canadian securities regulatory authorities if the Corporation
had been subject to the reporting requirements of Applicable Securities Law of Canada and had securities listed on the Toronto Stock Exchange.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Notwithstanding the foregoing: (a) such forms and information shall be deemed filed with the Trustee pursuant
to Section 7.4(1) and Section 7.4(2) if such forms and information have been (i) filed by the Corporation on SEDAR+ and are publicly available;
or (ii) made publicly available on the website of the Corporation; and (b) the reporting requirements set forth in this Section 7.4 shall,
at all times, be subject to the requirements of Trust Indenture Legislation. Upon receipt of such reports, the Trustee shall, while such
reports are current, maintain custody of same and make same available for inspection by Holders on their reasonable request. No obligation
shall rest with the Trustee to analyze such reports or evaluate the performance of the Corporation as indicated therein, in any manner
whatsoever.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
8<BR>
CONSOLIDATION, AMALGAMATION, ARRANGEMENT, MERGER, CONVEYANCE OR TRANSFER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporation May Amalgamate, Consolidate</U>, <U>etc. Only on Certain Terms.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation shall not
enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other
person (herein called a &quot;<U>Successor</U>&quot;) whether by way of reorganization, consolidation, amalgamation, arrangement, merger,
transfer, sale or otherwise, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Successor expressly assumes all of the covenants and obligations of the Corporation hereunder and
the transaction otherwise meets the requirements hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Successor is organized and existing under the laws of the United States, any state thereof or the
District of Columbia or the laws of Canada or any province thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">immediately before and after giving effect to such transaction, no Event of Default hereunder, and no
event which, after notice or lapse of time or both, would become an Event of Default hereunder, shall have happened and be continuing;
and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the Corporation shall have delivered to the Trustee an Opinion of Counsel to the effect that the proposed
transaction will substantially preserve and not substantially impair any rights or powers of the Trustee or Holders hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Person Substituted.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Whenever the conditions of
Section 8.1 hereof shall have been duly observed and performed, the Successor shall succeed to, and be substituted for, and may exercise
every right and power of, the Corporation under this Indenture with the same effect as if such successor Person had been named as the
Corporation herein, and thereafter (except with respect to any Person that is a predecessor to an amalgamation) the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the Securities, as the case may be, so long as the covenants
of this Article 8 have been complied with.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
9<BR>
SUPPLEMENTAL INDENTURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Supplemental Indentures Without Consent of Holders.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">At any time and from time
to time the Corporation and the Trustee may without the consent of any Holders, and they shall when required by this Indenture, enter
into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee for any of the following purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">to evidence the succession of another Person to the Corporation and the assumption by such successor of
the covenants of the Corporation herein and in the Securities in accordance with the provisions of this Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">to add to the covenants of the Corporation or any other obligor for the benefit of the Holders of all
or any series of Securities, and if such covenants are to be for the benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of such series, or to surrender any right or power herein conferred upon
the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">to add any additional Events of Default for the benefit of the Holders of all or any series of Securities
(and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional
Events of Default are expressly being included solely for the benefit of such series);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest
coupons, or to facilitate the issuance of Securities in uncertificated form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series
of Securities; provided that any such addition, change or elimination: (a) shall neither (i) apply to any Security of any series created
prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the
Holder of any such Security with respect to such provision; and (b) shall become effective only when there is no such Security Outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">to secure the Securities of any series or add guarantees with respect to the Securities of any series;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">to establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect
to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11 or
the removal of one or more of the Trustees pursuant to Section 6.10;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; provided
that such action shall not adversely affect the interests of Holders of Securities of any series in any material respect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">to comply with requirements of Trust Indenture Legislation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: left">giving effect to any resolution of Holders passed in accordance with Article 13;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(12)</TD><TD STYLE="text-align: left">to conform the text of this Indenture or the terms of the Securities of any series to any corresponding
provision of the prospectus, prospectus supplement, offering memorandum, offering circular, term sheet or other document pursuant to which
such Securities were offered and setting forth the final terms of such Securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(13)</TD><TD STYLE="text-align: left">to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or
facilitate the defeasance and discharge of any series of Securities pursuant to Section 4.1, Section 12.2 and Section 12.3; <I>provided
</I>that any such action shall not adversely affect the contractual interests of the Holders of Securities of such series or any other
series; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(14)</TD><TD STYLE="text-align: left">to make any change that would provide any additional rights or benefits to the Holders of Notes or that
does not adversely affect the legal rights under this Indenture of any Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Supplemental Indentures With Consent of Holders.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">With the consent of the Holders
of not less than a majority of the aggregate principal amount of all Outstanding Securities of any series affected thereby, the Corporation
and the Trustee may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affect such series
of Securities or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; <I>provided,
however, </I>that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">change the Stated Maturity of the principal of (or premium, if any), or any installment of interest on,
any Security of such series, or reduce the principal amount thereof (or premium, if any), or the rate of interest, if any, thereon, change
any Place of Payment where, or the Currency in which, any Security of such series or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption
or repayment at the option of the Holder, on or after the Redemption Date or repayment date, as the case may be), or adversely affect
any right to convert or exchange any Security as may be provided pursuant to Section 3.1;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">reduce the percentage in principal amount of the Outstanding Securities of such series required for: (A)
any modification or amendment of this Indenture; or (B) any waiver of compliance with certain provisions of this Indenture which affect
such series or certain defaults applicable to such series hereunder and their consequences provided for in this Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">reduce the requirements of Section 13.4 for quorum or voting with respect to Securities of such series;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">modify any of the provisions of this Section 9.2, Section 5.13 or Section 10.13, except to increase any
such percentage or to provide that certain other provisions of this Indenture which affect such series cannot be modified or waived without
the consent of the Holder of each Outstanding Security of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1in">Any such supplemental indenture adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture, or modifying in any manner the rights of the Holders
of Securities of a series, shall not affect the rights under this Indenture of the Holders of Securities of any other series.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1in">It shall not be necessary for any Act of Holders
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall
approve the substance thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution of Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article 9, or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and, subject to Section 6.1 shall be fully protected in acting and relying
upon, in addition to the documents required by Section 1.3, an Opinion of Counsel and an Officer's Certificate each stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee's own rights, powers, protections, indemnities, duties or immunities under this
Indenture or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Upon the execution of any
supplemental indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes, and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. Any such supplemental indenture may contain terms which add to, modify or negate any of the terms contained
in this Indenture, and to the extent that there is any difference between the terms of this Indenture and the terms contained in a supplemental
indenture, the terms contained in the supplemental indenture shall be applicable to the Securities to which such supplemental indenture
relates and the corresponding terms contained in this Indenture shall not be applicable unless otherwise indicated in such supplemental
indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conformity with Trust Indenture Legislation.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Every supplemental indenture
executed pursuant to this Article 9 shall conform to the requirements of the Trust Indenture Legislation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
9.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Reference in Securities to Supplemental Indentures.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article 9 may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. Alternatively, the Corporation
may, at its option, prepare and execute new Securities of any series authenticated and delivered after the execution of any supplemental
indenture with such modifications as are necessary to conform, in the reasonable opinion of the Trustee, to any matter provided for in
such supplemental indenture, and such new Securities shall be authenticated and delivered by the Trustee in exchange for the Outstanding
Securities of such series.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 9.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Promptly after the execution
by the Corporation and the Trustee of any supplemental indenture pursuant to the provisions of Section 9.2, the Corporation shall give
notice thereof to the Holders of each Outstanding Security affected, in the manner provided for in Section 1.7, setting forth in general
terms the substance of such supplemental indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
10<BR>
COVENANTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Principal</U>, <U>Premium</U>, <U>if any</U>, <U>and Interest.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation covenants
and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay or cause to be paid the principal
of (and premium, if any) and interest, if any (including in the case of a default or an Event of Default, interest at the rate specified
therein on the amount in default to the extent lawful) on the Securities of that series in accordance with the terms of the Securities
and this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office or Agency.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will maintain
or cause to be maintained in each Place of Payment for any series of Securities an office or agency where Securities of that series may
be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange,
where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable and
where notices and demands to or upon the Corporation in respect of the Securities of that series and this Indenture may be served.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will give
prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the
Corporation shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Corporation
hereby appoints the Trustee as its agent to receive such respective presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation may also from
time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all such purposes and may from time to time rescind any such designation; <I>provided, however, </I>that no such designation
or rescission shall in any manner relieve the Corporation of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Corporation will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
10.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Money for Securities Payments to Be Held in Trust.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If the Corporation shall at
any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of
(or premium, if any) or interest, if any, on, any of the Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal of (and premium, if any) and interest, if any, on Securities of such series
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Whenever the Corporation shall
have appointed one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of (or premium,
if any) or interest, if any, on, any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount (less
any applicable withholding tax), such sum to be held as provided by the Trust Indenture Legislation, and unless such Paying Agent is the
Trustee, the Corporation will promptly notify the Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will cause
each Paying Agent (other than the Trustee) for any series of Securities to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">hold all sums held by it for the payment of the principal of (and premium, if any) and interest, if any,
on Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and in all cases, in compliance with the provisions of the Trust Indenture Legislation applicable
to it as a Paying Agent; and; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">give the Trustee notice of any default by the Corporation (or any other obligor upon the Securities of
that series) in the making of any payment of principal of (or premium, if any) or interest, if any, on the Securities of that series;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">at any time during the continuance of any such default, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Corporation Order
direct any Paying Agent to pay, to the Trustee all sums held in trust hereunder by the Corporation or such Paying Agent, such sums to
be held by the Trustee upon the same trusts as those upon which such sums were held by the Corporation or such Paying Agent, and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise specified
pursuant to Section 3.1 in respect of the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then
held by the Corporation, in trust for the payment of the principal of (or premium, if any) or interest, if any, on, any Security of any
series and remaining unclaimed for two years after such principal of (or premium, if any) or interest, if any, has become due and payable
shall be paid to the Corporation, on Corporation Request, or, if then held by the Corporation, shall be discharged from such trust, and
the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Corporation for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Corporation, as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Corporation cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in the City of Toronto, Ontario,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statement as to Compliance.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will deliver
to the Trustee, within 140 days after the end of each fiscal year, or on or before such other day in each calendar year as the Corporation
and the Trustee may from time to time agree upon, an Officer's Certificate stating whether, to the knowledge of the signer thereof the
Corporation is in compliance with all conditions and covenants under this Indenture, without regard to any period of grace or requirement
of notice under this Indenture, and, if not in such compliance, specifying all such defaults of which it may have knowledge.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Amounts.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Unless otherwise specified
with respect to any Securities pursuant to Section 3.1, all payments made by the Corporation under or with respect to the Securities of
any series will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, assessment
or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of
the Government of Canada or any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereinafter
&quot;<U>Taxes</U>&quot;<U>)</U>, unless the Corporation is required to withhold or deduct Taxes by law or by the interpretation or administration
thereof. If the Corporation is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or
with respect to the Securities, the Corporation will pay such additional amounts <U>(</U>&quot;<U>Additional Amounts</U>&quot;<U>)</U>
as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding or deduction
(and after deducting Taxes on such Additional Amounts) will not be less than the amount the Holder would have received if such Taxes had
not been withheld or deducted; <I>provided </I>that no Additional Amounts will be payable:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">to any Person in respect of whom such Taxes are required to be withheld or deducted as a result of such
Person not dealing at arm's length with the Corporation (within the meaning of the <I>Income Tax Act </I>(Canada));</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">where the payment is in respect of a debt or other obligation to pay an amount to a Person with whom the
Corporation is not dealing at arm's length for the purposes of the <I>Income Tax Act </I>(Canada);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">to any Person by reason of such Person being connected with Canada (within the meaning of the <I>Income
Tax Act </I>(Canada)) (otherwise than merely by holding or ownership of any series of Securities or receiving any payments or exercising
any rights thereunder), including without limitation a non-resident insurer who carries on an insurance business in Canada and in a country
other than Canada;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">for or on account of any Taxes which would not have been so imposed but for (i) the presentation by the
Holder of such Security for payment on a date more than 30 days after the date on which such payment became due and payable or the date
on which payment thereof is duly provided for, whichever occurs later or (ii) the Holder's failure to comply with any certification, identification,
information, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an
applicable treaty as a precondition to exemption from or a reduction in the rate of deduction or withholding of, any such taxes, assessment
or charge;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">for or on account of any estate, inheritance, gift, sales, transfer, personal property tax or any similar
tax, assessment or other governmental charge;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">for or on account of any Taxes required to be withheld by any Paying Agent from any payment to a Person
in respect of any Security, if such payment can be made to such Person without such withholding by at least one other Paying Agent the
identity of which is provided to such Person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">for or on account of any Taxes which are payable otherwise than by withholding from a payment in respect
of such Security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">to any Person in respect of whom such Taxes are required to be withheld or deducted as a result of such
Person being a &quot;specified non-resident shareholder&quot; of the Corporation (within the meaning of subsection 18(5) of the <I>Income
Tax Act </I>(Canada)) at the time of the payment or such Person not dealing at arm's length for the purposes of the <I>Income Tax Act
</I>(Canada) with a &quot;specified shareholder&quot; (within the meaning of subsection 18(5) of the <I>Income Tax Act </I>(Canada)) of
the Corporation at the time of payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">to any Person in respect of whom Taxes are imposed on a deemed dividend arising under subsection 214(18)
of the <I>Income Tax Act </I>(Canada) as a result of the Corporation being a &quot;specified entity&quot; (as defined in subsection 18.4(1)
of the <I>Income Tax Act </I>(Canada)) in respect of the Holder of such Security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">any withholding or deduction imposed pursuant to: (a) Sections 1471 to 1474 of the U.S. <I>Internal Revenue
Code of 1986</I>, as amended (&quot;<U>FATCA</U>&quot;), or any successor version thereof, or any similar legislation imposed by any other
Governmental Authority, (b) any treaty, law, regulation or other official guidance enacted by Canada implementing FATCA or an intergovernmental
agreement with respect to FATCA or any similar legislation imposed by any other Governmental Authority, or (c) any agreement between the
Corporation and the United States or any Governmental Authority thereof implementing FATCA; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: left">for any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10);</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0in">nor will Additional
Amounts be paid with respect to any payment on a Security to a Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Canada (or any political subdivision thereof) to be
included in the income for Canadian federal income tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to payment of the Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the Holder of such Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">At least 10 days prior to
each date on which any payment under or with respect to the Securities of any series is due and payable, if the Corporation will be obligated
to pay Additional Amounts with respect to such payment, unless such obligation to pay Additional Amounts arises after the 10th day prior
to the date on which payment under or with respect to the Securities of such series is due and payable, in which case it will be promptly
thereafter, the Corporation will deliver to the Trustee an Officers' Certificate stating the fact that such Additional Amounts will be
payable, the amounts so payable and will set forth such other information, other than the identities of Holders and beneficial owners,
necessary to enable the Trustee or Paying Agent to pay such Additional Amounts to Holders and beneficial owners (net of applicable withholding
tax) on the relevant payment date. The Trustee will make such payments in the same manner as any other payments on the Securities of such
series.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will take
reasonable efforts to furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts or other evidence of
the payment by the Corporation of such Taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notwithstanding anything in
this Indenture to the contrary, wherever in this Indenture there is mention of, in any context, the payment of principal (and premium,
if any), Redemption Price, interest or any other amount payable under or with respect to a Security of any series, such mention shall
be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The obligations of the Corporation
under this Section 10.5 shall survive any termination, defeasance or discharge of this Indenture and shall apply mutatis mutandis to any
jurisdiction in which any Successor to the Corporation is organized, incorporated or otherwise resident or engaged in or carrying on business
for tax purposes and any political subdivision or taxing authority or agency thereof or therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Taxes and Other Claims.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will from
time to time pay or discharge or cause to be paid or discharged all taxes, rates, levies, assessments, ordinary or extraordinary, government
fees or dues lawfully levied, assessed or imposed upon or in respect of its property or any part thereof or upon the income and profits
of the Corporation as and when the same become due and payable, and it will exhibit or cause to be exhibited to the Trustee, when requested,
the receipts and vouchers establishing such payment and will duly observe and conform to all valid requirements of any governmental authority
relative to any of the property or rights of the Corporation and all covenants, terms and conditions upon or under which any such property
or rights are held; provided, however, that the Corporation shall have the right to contest by legal proceedings any such taxes, rates,
levies, assessments, government fees or dues, and upon such contest, may delay or defer payment or discharge thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Properties.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation will cause
all its properties to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and
will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Corporation may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all
times; <I>provided, however, </I>that nothing in this Section 10.7 shall prevent or restrict the sale, abandonment or other disposition
of any of such properties if such action is, in the judgment of the Corporation desirable in the conduct of the business of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Existence.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Article 8, the Corporation
will, at all times (i) maintain and keep in full force and effect its existence (corporate or other) and the rights (charter and statutory)
and franchises of the Corporation and (ii) carry on and conduct its businesses in a proper, efficient and businesslike manner and in
accordance with good business practice; provided, however, that the Corporation shall not be required to preserve any such right or franchise
if the Corporation shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Corporation
and its subsidiaries, taken as a whole.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
10.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Maintenance of Books and Records.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation shall keep
or cause to be kept proper books of record and account, in which full and correct entries shall be made of all financial transactions
and the assets and business of the Corporation in accordance with generally accepted accounting principles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Sale and Leaseback Transactions</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation shall not,
and shall not permit any Subsidiary to, enter into any sale and leaseback transaction unless the Corporation and its Subsidiaries comply
with this Section 10.10. A &quot;<U>sale and leaseback transaction</U>&quot; is an arrangement between the Corporation or any Subsidiary
and a bank, insurance company or other lender or investor where the Corporation or any Subsidiary lease real or personal property which
was or will be sold by the Corporation or any Subsidiary to that lender or investor. The Corporation can comply with this Section 10.10
if it meets either if the following conditions: (a) the sale and leaseback transaction is entered into prior to, concurrently with or
within 270 days after the acquisition, the completion of construction (including any improvements on an existing property) or the commencement
of commercial operations of the property; or (b) the Corporation or its Subsidiaries could otherwise grant a Security Interest on the
property as permitted by the provisions of Section 10.12.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation shall have
in full force and effect such policies of insurance in such amounts issued by insurers of recognized standing covering the properties
and operations of the Corporation as are customarily held by similar corporations engaged in the same or similar business in the localities
where its properties and operations are located.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Negative Covenant.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">So long as any Securities
remain Outstanding the Corporation and its Subsidiaries will not create, assume or otherwise have Outstanding any Security Interest, except
for Permitted Encumbrances, on or over its or their respective assets (present or future) in respect of any Indebtedness of any person
unless, in the Opinion of Counsel to the Corporation, the obligations of the Corporation in respect of all Securities then Outstanding
shall be secured equally and ratably therewith (either by the same instrument or by other instrument).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 10.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Certain Covenants.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation may, with respect
to any series of Securities, omit in any particular instance to comply with any term, provision or condition set forth in Section 10.6,
Section 10.7, Section 10.8, Section 10.10 and Section 10.12 and any covenants added to this Article 10 pursuant to Section 3.1, in each
case, for the benefit of the Holders of such series, if before the time for such compliance the Holders of at least a majority in principal
amount of all the Outstanding Securities of such series shall waive such compliance in such instance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Corporation and the duties of the Trustee to Holders of Securities of such series
in respect of any such term, provision or condition shall remain in full force and effect. The Corporation will promptly notify the Trustee
in writing of any such waiver or the revocation of any such waiver.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-transform: uppercase; text-align: center"><B><BR>
<B>Article
11</B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>REDEMPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applicability of Article.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.1 for Securities of any series) in accordance with this Article 11.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Election to Redeem Notice to Trustee.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The election of the Corporation
to redeem Securities of any series shall be evidenced by an Officer's Certificate or in another manner specified as contemplated by Section
3.1 for such Securities of such series. In case of any redemption at the election of the Corporation, the Corporation shall, at least
45 days prior to the Redemption Date fixed by the Corporation, unless a shorter notice shall be reasonably satisfactory to the Trustee,
notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of
the tenor of the Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Corporation
which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Corporation shall furnish
the Trustee with an Officer's Certificate evidencing compliance with each such restriction or condition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Selection by Trustee of Securities to be Redeemed.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If less than all the Securities
of any series are to be redeemed, the particular Securities of such series to be redeemed shall be selected not more than 60 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption (1) if such
Securities are held as Global Securities, in accordance with the Applicable Procedures of the Depository; or (2) if such Securities are
represented by Definitive Securities, on a pro rata basis; provided that the unredeemed portion of the principal amount of any Security
shall be in an Authorized Denomination, which shall not be less than the Minimum Authorized Denomination, for such Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee shall promptly
notify the Corporation in writing of the Securities of such series selected for redemption as aforesaid and, in the case of any Securities
of such series selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.8pt 12pt 0; text-align: left; text-indent: 1in">The provisions of the
two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to
be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security
shall be in an Authorized Denomination, which shall not be less than the Minimum Authorized Denomination, for such Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
elsewhere in this Indenture or as contemplated by Section 3.1 for Securities of any series, notice of redemption shall be given, in the
manner provided for in Section 1.7, not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">of Securities of such series to be redeemed.
Failure to give notice in the manner provided in Section 1.7 to the Holder of any Securities designated for redemption as a whole or in
part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other
Securities or portion thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All notices of redemption
shall state:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Redemption Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Redemption Price or, if not then ascertainable, the manner of calculation thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">if less than all the Outstanding Securities of any series and of a specified tenor consisting of more
than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal
amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series and of a specified
tenor consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">if the redemption is conditional upon the occurrence of any event(s) or circumstances, the details and
terms of any such conditions precedent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">if the redemption is conditional upon the occurrence of any event(s) or circumstances, such notice may
state that, at the Corporation's discretion, the Redemption Date may be delayed on one or more occasions either to a date specified in
a subsequent notice to Holders of the Securities or until such time (which date or time may be more than 60 days after the date the notice
of redemption was mailed or otherwise sent) as any or all such conditions shall be satisfied or waived, and that such redemption will
not occur and such notice will be rescinded if any or all such conditions shall not have been satisfied as and when required (as determined
by the Corporation in its sole discretion taking into account any election by the Corporation to delay such Redemption Date), unless the
Corporation has waived any such conditions that are not satisfied, or at any time if in the good faith judgment of the Corporation any
or all of such conditions will not be satisfied;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">that, subject to the satisfaction or waiver of any conditions specified in such notice, on the Redemption
Date the Redemption Price, together with accrued interest, if any, to the Redemption Date, will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">the place or places where each such Security is to be surrendered for payment of the Redemption Price
and accrued interest, if any, unless it shall have been specified as contemplated by Section 3.1 with respect to such Securities that
such surrender shall not be required;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">the &quot;CUSIP&quot; number and/or &quot;ISIN&quot;, if any, printed on the Securities being redeemed
and, if the CUSIP number or ISIN is so specified, a statement that no representation is made as to the correctness or accuracy thereof;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">such other matters as the Corporation shall deem desirable or appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notice of redemption of Securities
to be redeemed at the election of the Corporation shall be given by the Corporation or, at the Corporation's request, by the Trustee
in the name and at the expense of the Corporation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
11.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Securities Payable on Redemption Date.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notice of redemption having
been given as aforesaid, and the conditions, if any, set forth in such notice having been satisfied, the Securities or portions thereof
so to be redeemed shall, on the applicable Redemption Date, become due and payable at the applicable Redemption Price, and from and after
such date, unless, in the case of an unconditional notice of redemption, the Corporation shall default in the payment of the applicable
Redemption Price and accrued interest, if any, such Securities of such series or portions thereof, if interest-bearing, shall cease to
bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security or portion thereof shall
be paid by the Corporation at the applicable Redemption Price, together with accrued interest, if any, to the applicable Redemption Date;
provided, however, that no such surrender shall be a condition to such payment if so specified as contemplated by Section 3.1 with respect
to such Security, and provided further that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Regular Record Date or Special Record Date, as the case may be, according
to their terms and the provisions of Section 3.8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If any Security of a series
called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the applicable Redemption Date at the rate prescribed therefor in the Security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Redemption Monies.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
as contemplated by Section 3.1 for Securities, u<FONT STYLE="font-size: 10pt">pon </FONT>Securities <FONT STYLE="font-size: 10pt">being
called for redemption, the Corporation shall deposit with the Trustee or any Paying Agent, on or before 11:00 a.m. (Toronto time) on the
Business Day immediately prior to the Redemption Date specified in the notice of redemption, such sums of money as may be sufficient to
pay the Redemption Price of the </FONT>Securities <FONT STYLE="font-size: 10pt">so called for redemption plus </FONT>accrued interest,
if any, to the applicable Redemption Date<FONT STYLE="font-size: 10pt">. The deposit of such amount by the Corporation with the Trustee
will satisfy and discharge the liability of the Corporation in respect of the Redemption Price of the Securities to be redeemed (plus
accrued interest, if any, to the applicable Redemption Date) to the extent of the amount deposited. From the sums so deposited, the Trustee
or Paying Agent shall pay or cause to be paid to the Holders of such </FONT>Securities <FONT STYLE="font-size: 10pt">so called for redemption,
upon surrender of such </FONT>Securities<FONT STYLE="font-size: 10pt">, the principal, premium (if any) and interest to which they are
respectively entitled on redemption. Payment of funds to the Trustee or Paying Agent upon redemption of </FONT>Securities <FONT STYLE="font-size: 10pt">shall
be made by wire or other electronic funds transfer or certified cheque or pursuant to such other arrangements for the provision of funds
as may be agreed between the Corporation and the Trustee or Paying Agent in order to effect such payment hereunder. Notwithstanding the
foregoing, all payments in excess of $25.0 million (or such other amount as determined from time to time by the Canadian Payments Association)
shall be made by the use of the LVTS.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Redeemed in Part.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any Security of a series which
is to be redeemed only in part shall be surrendered at a Place of Payment therefor, with, if the Corporation or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Corporation and the Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, and the Corporation shall execute, and the Trustee or the Authenticating
Agent shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same
series and of like tenor, of any Authorized Denomination as requested by such Holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Security so surrendered.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
11.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Tax Redemption.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, the Securities of a series will be subject to redemption at any time, in
whole but not in part, at the option of the Corporation, at a redemption price equal to the principal amount thereof together with accrued
and unpaid interest to the date Redemption Date, upon the giving of a notice as described in Section 11.8(2), if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Corporation determines that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder)
of Canada or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position
regarding application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction),
which change or amendment is announced or becomes effective on or after the date specified pursuant to Section 3.1 (such date, the &quot;<U>Tax
Redemption Reference Date</U>&quot;), the Corporation has or will become obligated to pay, on the next succeeding date on which interest
is due, Additional Amounts with respect to any Security of such series pursuant to Section 10.5, or there is more than an insubstantial
risk that interest payable on any Security of such series is not deductible, or within 90 days would not be deductible, in whole or in
part, by the Corporation for Canadian federal income tax purposes; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">on or after the Tax Redemption Reference Date, any action has been taken by any taxing authority of, or
any decision has been rendered by a court of competent jurisdiction in, Canada or any political subdivision or taxing authority thereof
or therein, including any of those actions specified in Section 11.8(1)(A), whether or not such action was taken or decision was rendered
with respect to the Corporation, or any change, amendment, application or interpretation shall be officially proposed, which, in any such
case, in the Opinion of Counsel to the Corporation of recognized standing, will result in the Corporation becoming obligated to pay, on
the next succeeding date on which interest is due, Additional Amounts with respect to any Security of such series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">in any such case, the Corporation in its business judgment determines that such obligation cannot be avoided
by the use of reasonable measures available to the Corporation; <I>provided however, </I>that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">no such notice of redemption may be given earlier than 60 days prior to the earliest date on which the
Corporation would be obligated to pay such Additional Amounts were a payment in respect of any Security of such series then due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">any such notice of redemption shall be given no later than 30 days prior to such Redemption Date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: left">at the time such notice of redemption is given, such obligation to pay such Additional Amounts remains
in effect. Prior to the Corporation or Trustee providing notice of redemption of the Securities of such series pursuant to this Section
11.8, the Corporation will deliver to the Trustee:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">an Opinion of Counsel to the effect that there has been such change or amendment which would entitle the
Corporation to redeem the Securities of such series hereunder; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">an Officers' Certificate stating that the Corporation cannot avoid its obligation to pay Additional Amounts
by taking reasonable measures available to it and all other conditions for such redemption have been met.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 11.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase of Securities.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, the Corporation or any Affiliate of the Corporation may, subject to Applicable
Law, at any time purchase or otherwise acquire Securities in the open market or by invitation for tenders or by private agreement. Any
Securities purchased or acquired as aforesaid may be delivered to the Trustee for cancellation as contemplated by Section 3.12.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
12<BR>
DEFEASANCE AND COVENANT DEFEASANCE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 12.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applicability of Article.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Except as otherwise specified
as contemplated by Section 3.1 for Securities of any series, the provisions of this Article 12 shall apply to each series of Securities,
and the Corporation may, at its option, effect defeasance of the Securities of, or within, a series of Securities under Section 12.2,
or covenant defeasance of, or within, a series of Securities under Section 12.3, in each case, in accordance with the terms of such Securities
and in accordance with this Article 12.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 12.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Defeasance and Discharge.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation may cause
itself to be discharged from its obligations with respect to any Securities or any series of Securities on and after the date the conditions
set forth in Section 12.4 are satisfied (hereinafter, &quot;<U>defeasance</U>&quot;). For this purpose, such defeasance means that the
Corporation shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all
of its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense
of the Corporation, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise
terminated or discharged hereunder:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the rights of Holders of such Securities to receive, solely from the trust fund described in Section 12.4
and as more fully set forth in Section 12.4, payments in respect of the principal of (and premium, if any) and interest, if any, on, such
Securities when payments are due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the Corporation's obligations with respect to such Securities under Section 3.5, Section 3.6, Section
3.7, Section 10.2, Section 10.3 and Section 10.5;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">the Corporation's rights pursuant to Section 11.8;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the rights, powers, trusts, duties and immunities of the Trustee hereunder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">this Article 12.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to compliance with this
Article 12, the Corporation may exercise its option under this Section 12.2 notwithstanding the prior exercise by the Corporation of
the option under Section 12.3 with respect to such Securities. Following a defeasance, payment of such Securities may not be accelerated
because of an Event of Default.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
12.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Covenant Defeasance.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation may cause
itself, in relation to any Securities or any series of Securities, to be released from its obligations under Section 10.6, Section 10.7,
Section 10.8, Section 10.10 and Section 10.12, and, if specified pursuant to Section 3.1, their obligations under any other covenant,
with respect to such Securities, in each case, on and after the date the conditions set forth in Section 12.4 are satisfied (hereinafter,
&quot;<U>covenant defeasance</U>&quot;). For this purpose, such covenant defeasance means that, with respect to such Securities, the Corporation
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of reference in any such covenant
to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section
5.1(3) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 12.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Defeasance or Covenant Defeasance.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The following shall be the
conditions precedent to the application of Section 12.2 or Section 12.3 to any Securities or any series of Securities, as the case may
be:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Corporation shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities: (A) money in an amount, or (B) Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment under such Securities,
money in an amount, or (C) a combination thereof, sufficient, in the case of (B) or (C), in the opinion of a nationally recognized firm
of independent chartered accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee to pay and discharge, the principal (including mandatory sinking fund or analogous payments) of,
and any premium, Additional Amounts and interest on, such Securities on the applicable Stated Maturities or on any Redemption Date established
pursuant to Section 12.4(3) below, in accordance with the terms of this Indenture and such Securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">no event which is, or after notice or lapse of time or both would become, an Event of Default with respect
to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such
event specified in Section 5.1(6) and Section 5.1(7) at any time on or prior to the 90th day after the date of such deposit, it being
understood that this condition shall not be deemed satisfied until the expiration of such period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">if the Securities are to be redeemed prior to the applicable Stated Maturity, other than from mandatory
sinking fund payments or analogous payments, notice of such redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">in the case of defeasance under Section 12.2, the Corporation shall have delivered to the Trustee an Opinion
of Counsel stating that (a) the Corporation has received from, or there has been published by, the Canada Revenue Agency a ruling or (b)
since the date of this Indenture, there has been a change in the applicable Canadian federal or provincial (and/or any other jurisdiction
specified for such purpose in the related supplemental indenture for a series) income tax law, in either case to the effect that and based
thereon such Opinion of Counsel shall confirm that, the Holders of such Securities should not recognize income, gain or loss for</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">Canadian federal or provincial (and/or
any other jurisdiction specified for such purpose in the related supplemental indenture for a series) income tax purposes as a result
of such defeasance and should be subject to Canadian federal and provincial (and/or any other jurisdiction specified for such purpose
in the related supplemental indenture for the series) income tax on the same amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">in the case of covenant defeasance under Section 12.3, the Corporation shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of such Securities should not recognize income, gain or loss for Canadian federal
or provincial (and/or any other jurisdiction specified for such purpose in the related supplemental indenture for the series) income tax
purposes as a result of such covenant defeasance and should be subject to Canadian federal or provincial (and/or any other jurisdiction
specified for such purpose in the related supplemental indenture for the series) income tax on the same amounts, in the same manner and
at the same times as would have been the case if such covenant defeasance had not occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">the Corporation shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel,
each stating that all conditions precedent with respect to the defeasance under Section 12.2 or the covenant defeasance under Section
12.3, as the case may be, have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 12.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to the provisions
of the last paragraph of Section 10.3, all money and Government Obligations, including the proceeds thereof, deposited with the Trustee
pursuant to Section 13.4 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Corporation acting as
its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect
of principal and any premium, Additional Amounts and interest, but money so held in trust need not be segregated from other funds except
to the extent required by Applicable Law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant
to Section 12.4 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by Applicable
Law is for the account of the Holders of Outstanding Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Anything in this Article 12
to the contrary notwithstanding, the Trustee shall deliver or pay to the Corporation from time to time upon a Corporation Request, any
money or Government Obligations held by it as provided in Section 12.4 which, in the opinion of a nationally recognized firm of independent
chartered accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect the defeasance or covenant defeasance, as the case may be, with respect to the applicable
Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 12.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reinstatement.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">If and for so long as the
Trustee is unable to apply any money or Government Obligations held in trust in accordance with Section 11.4, Section 13.4 or Section
13.5 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining
or otherwise prohibiting such application, then the obligations of the Corporation under this Indenture and such Securities shall be revived
and reinstated as though no deposit had</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">occurred; <I>provided, however, </I>that if
the Corporation makes any payment of principal of or interest on any such Security following the reinstatement of its obligations, the
Corporation shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Obligations
held in trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article
13<BR>
MEETINGS OF HOLDERS OF SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purpose, Effect and Convention of Meetings.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">Wherever in this Indenture a consent, waiver, notice, authorization, approval, resolution or other action
of the Holders of a series of Securities is required, a meeting may be convened in accordance with this Article 13 to consider and resolve
whether such consent, waiver, notice, authorization, approval, resolution or other action should be approved by the applicable Holders.
A resolution passed by the affirmative votes of the Holders of at least a majority (or such other portion of the aggregate principal amount
of the Outstanding Securities of the applicable series as is required by the applicable provision of this Indenture) of the Outstanding
principal amount of the Securities represented and voting on a poll at a meeting of Holders of a series of Securities duly convened for
the purpose and held in accordance with the provisions of this Indenture shall constitute conclusively such consent, waiver, notice, authorization,
approval, resolution or other action; provided that, with respect to any of the matters described in Section 9.2, such resolution must
be passed by the affirmative vote of each Holder affected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">At any time and from time to time, the Trustee may and, on receipt of Instructions or a Holders' Request
and upon being indemnified and funded for the costs thereof to the reasonable satisfaction of the Trustee by the Corporation or the Holders
signing such Holders' Request, will, convene a meeting of all Holders of Securities of the applicable series.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">If the Trustee fails to convene a meeting within 30 days after being duly requested as aforesaid (and
indemnified and funded as aforesaid), the Corporation or such Holders may themselves convene such meeting and the notice calling such
meeting may be signed by such Person as the Corporation or those Holders designate, as applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">Every such meeting will be held in Calgary, Alberta or such other place or in any manner (including by
way of a &quot;virtual&quot; meeting held online or by electronic means) as may be approved or determined by the Trustee, the Corporation
or the Holders who convened the meeting in accordance with this Section 13.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Meetings.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Not more than 60 days&rsquo;
nor less than 21 days' notice of any meeting of the Holders of any series of Securities shall be given to the Holders of such series
of Securities, in the manner provided in Section 1.7 and a copy of such notice shall be sent to the Trustee, unless the meeting has been
called by the Trustee, and to the Corporation, unless such meeting has been called by the Corporation. Such notice shall state the time
when and the place where, or the manner in which, the meeting is to be held and shall state briefly the general nature of the business
to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any
of the provisions of this Article 13. The accidental omission to give notice of a meeting to any Holder shall not invalidate any resolution
passed at any such meeting. A Holder may waive notice of a meeting either before or after the meeting.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
13.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Chair.</U></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Chair of the Board of
Directors, if present, will be the Chair of any meeting of the Holders of any series of Securities, failing which, an individual, who
need not be a Holder, nominated in writing by the Trustee shall be Chair of the meeting. If no individual is so nominated, or if the individual
so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Holders present or
by proxy shall choose some individual present to be Chair.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quorum.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to this Indenture,
a quorum at any meeting of Holders of any series of Securities shall consist of one or more Holders present or represented by proxy and
representing at least 25% of the principal amount of the Securities of such series then Outstanding. If a quorum of the Holders shall
not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if convened by the Holders or pursuant to a
Holders' Request, shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such
day is not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place,
or in the same manner, and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the
Holders of Securities of the applicable series present or represented by proxy shall constitute a quorum and may transact the business
for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal amount of the Outstanding
Securities of the relevant series. Any business may be brought before or dealt with at an adjourned meeting which might have been brought
before or dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting
unless the required quorum be present at the commencement of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Power to Adjourn.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Chair of any meeting at
which a quorum of Holders of a series of Securities is present may, with the consent of the Holders of a majority in principal amount
of the Securities of such series represented thereat, adjourn any such meeting and no notice of such adjournment need be given except
such notice, if any, as the meeting may prescribe or as may be required by Applicable Law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Poll.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">A poll will be taken on every
resolution submitted for approval at a meeting of Holders, in such manner as the chair directs, and the results of such polls shall be
binding on all Holders of the relevant series of Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">On a poll, each Holder present or represented by a proxy duly appointed by an instrument in writing shall
be entitled to one vote in respect of each $1,000 principal amount of Securities of the relevant series held by such Holder on the record
date fixed for the meeting. A proxyholder need not be a Holder. In the case of joint Holders of a Security, any one of them present or
represented by proxy at the meeting may vote in the absence of the other or others, but if more than one of them are present or represented
by proxy, they shall vote together in respect of the Securities of which they are joint Holders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">Notwithstanding Section 13.7(1), in the case of a Global Security, the Depository may appoint or cause
to be appointed a Person or Persons as proxies and shall designate the number of</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">votes entitled to each such Person, and
each such Person shall be entitled to be present at any meeting of Holders and shall be the Persons entitled to vote at such meeting in
accordance with the number of votes set out in the Depository's designation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxies.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">A Holder of a series of Securities
may be present and vote at any meeting of Holders of Securities of such series by an authorized representative. The Corporation (in case
it convenes the meeting) or the Trustee (in any other case), for the purpose of enabling the Holders to be present and vote at any meeting
without producing their Securities, and of enabling them to be present and vote at any such meeting by proxy and of depositing instruments
appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary such regulations
as it shall think fit providing for and governing any or all of the following matters:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">voting by proxy by Holders, the form of the instrument appointing a proxyholder (which shall be in writing)
and the manner in which it may be executed, and the authority to be provided by any Person signing a proxy on behalf of a Holder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the deposit of instruments appointing proxyholders at such place or in such manner as the Trustee, the
Corporation or the Holders convening the meeting, as the case may be, may, in the notice convening the meeting, direct and the time, if
any, before the holding of the meeting or any adjournment thereof by which the same shall be deposited; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">the deposit of instruments appointing proxyholders at an approved place or places other than the place
at which the meeting is to be held or in any other manner and enabling particulars of such instruments appointing proxyholders to be mailed,
facsimiled or otherwise provided (including by electronic means) before the meeting to the Corporation or to the Trustee and for the voting
of proxies so deposited as though the instruments themselves were produced at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any regulations so made shall
be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may
provide, the only Persons who shall be recognized at a meeting as the Holders of any Securities, or as entitled to vote or, subject to
Section 13.9, be present at the meeting in respect thereof, shall be Holders and Persons whom Holders have by instrument in writing duly
appointed as their proxyholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Entitled to Attend Meetings.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation and the Trustee,
by their directors, officers and employees and the legal advisors of the Corporation, the Trustee or any Holder may attend any meeting
of the Holders, but shall have no vote as such.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Powers Cumulative.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Any one or more of the powers
in this Indenture stated to be exercisable by the Holders by resolution or otherwise may be exercised from time to time and the exercise
of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the Holders to exercise the same or
any other such power or powers thereafter from time to time. No powers exercisable by resolution will derogate in any way from the rights
of the Corporation pursuant to this Indenture.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
13.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT><U>Minutes.</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Minutes of all resolutions
and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose
by the Trustee at the expense of the Corporation, and any such minutes as aforesaid, if signed by the Chair of the meeting at which such
resolutions were passed or proceedings had, or by the Chair of the next succeeding meeting of the Holders of the relevant series of Securities,
shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings
of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings
taken thereat to have been duly passed and taken.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Instruments in Writing.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">Any
</FONT>consent, waiver, notice, authorization, approval, resolution or other action <FONT STYLE="font-size: 10pt">of Holders of a series
of Securities which may be given by resolution at a meeting of Holders of such series of Securities held as provided in this Article 13
may also be given by the Holders of not less than 50% (or such other portion of the aggregate principal amount of the Outstanding Securities
of the applicable series as is required by the applicable provision of this Indenture) of the aggregate principal amount of the Securities
of such series then Outstanding by a signed instrument in writing in one or more counterparts or in accordance with the procedures of
the Depository and the expression &quot;resolution&quot; when used in this Indenture will include instruments so signed; provided that
with respect to any of the matters described in Section 9.2, such consent, waiver, notice, authorization, approval, resolution or other
action must be given by each Holder affected. Notice of any resolution passed in accordance with this Section 13.12 shall be given by
the Trustee to the Holders of such series of Securities within 30 days of the date on which such resolution was passed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Section 13.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Binding Effect of Resolutions.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">Every
resolution passed in accordance with the provisions of this Article 13 at a meeting of Holders of any series of Securities shall be binding
upon all the Holders of such series of Securities, whether present at or absent from such meeting, and every instrument in writing signed
by the Holders of Securities of such series in accordance with Section 13.12 and every </FONT>consent, waiver, notice, authorization,
approval, resolution or other action <FONT STYLE="font-size: 10pt">otherwise provided in accordance with the procedures of the Depository
in accordance with Section 13.12 shall be binding upon all the Holders of Securities of such series, whether signatories thereto or not,
and each and every Holder of Securities of such series and the Trustee (subject to the provisions for its indemnity herein contained)
shall, subject to Applicable Law, be bound to give effect accordingly to every such resolution, instrument in writing or </FONT>consent,
waiver, notice, authorization, approval, resolution or other action <FONT STYLE="font-size: 10pt">provided in accordance with the procedures
of the Depository. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>[Signature page follows.]</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed, all as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>TRANSALTA CORPORATION</B>, <BR>
as Issuer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Joel Hunter</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Joel Hunter</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: left; text-indent: -24.75pt"><FONT STYLE="font-size: 10pt">Title: Executive Vice President, Finance and Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-align: left; text-indent: -24.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Nancy Brennan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Nancy Brennan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 29.25pt; text-align: left; text-indent: -29.25pt"><FONT STYLE="font-size: 10pt">Title: Executive Vice President, Legal and External Affairs</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, <BR>
as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Rubab Mehdi</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Rubab Mehdi</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Corporate Trust Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Corentin Leverrier</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Corentin Leverrier</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Manager, Corporate Trust</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: center"><FONT STYLE="font-size: 9pt"><I>[Signature Page &ndash;
2025 CAD Base Indenture]</I></FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>eh250609949_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>EXHIBIT 99.2</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B><I>Execution Version</I></B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.75in 24pt; text-align: center"><B>TRANSALTA CORPORATION<BR>
as Issuer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.75in 24pt; text-align: center"><B><BR>
AND </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 94.5pt 12pt; text-align: center"><B><BR>
COMPUTERSHARE TRUST COMPANY OF CANADA<BR>
as Trustee</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.75in 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.75in 12pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; text-align: center"><B>FIRST SUPPLEMENTAL INDENTURE </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1in; text-align: center">PROVIDING FOR THE ISSUE OF 5.625% SENIOR UNSECURED
NOTES DUE 2032</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 1in; text-align: center"><B><BR>
Dated as of March 24, 2025</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5in 0 12pt; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: right"><B>Page</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Article 1 THE NOTES</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; width: 15%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.01</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; width: 80%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Designation of the Notes<I>.</I></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; width: 5%; padding-bottom: 2pt">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.02</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Amount</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.03</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Regular Interest</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.04</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Defaulted Interest.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.05</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Place of Payment.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.06</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Sinking Fund</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.07</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Redemption &amp; Repurchase</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.08</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Form</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.09</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Global Notes</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.11</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tax Redemption Reference Date.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.12</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Stated Maturity</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 1.13</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Discharge of Liability on the Notes</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Article 2 AMENDMENTS TO THE INDENTURE</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 2.01</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Amendments Applicable Only to the Notes</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 2.02</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 2.03</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Amendments to Article Eleven of the Indenture</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Article 3 MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.01</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Interpretation.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.02</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Adoption, Ratification and Confirmation.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.03</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">No Conflict of Interest.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.04</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Counterparts.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.05</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Governing Law.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.06</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Severability of Provisions.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.07</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Successors and Assigns.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.08</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Benefit of First Supplemental Indenture.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(198,244,249)">
    <TD STYLE="padding-top: 2pt; padding-left: 10pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Section 3.09</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Acceptance by Trustee.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">ANNEX A &ndash; Global Security</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><B>FIRST SUPPLEMENTAL INDENTURE
</B>(this &quot;<U>First Supplemental Indenture</U>&quot;), dated as of March 24, 2025, between <B>TRANSALTA CORPORATION</B>, a corporation
existing under the laws of Canada (herein called the &quot;<U>Corporation</U>&quot;), having its principal office at 110 - 12<SUP>th</SUP>
Avenue S.W., Calgary, Alberta, T2P 2M1, and <B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, a trust company existing under the laws of Canada,
as trustee, paying agent, registrar and transfer agent (herein called the &quot;<U>Trustee</U>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>RECITALS OF THE CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation has heretofore
executed and delivered an indenture, dated as of the date hereof (the &quot;<U>Indenture</U>&quot;), between the Corporation and the Trustee,
providing for the issuance from time to time of debentures, notes or other evidences of indebtedness of the Corporation, issuable in one
or more series as in the Indenture provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation desires to
issue unsecured notes under the provisions of the Indenture and this First Supplemental Indenture, as a series of Securities to be designated
as 5.625% Senior Unsecured Notes due 2032 (the &quot;<U>Notes</U>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation and the Trustee
have agreed to supplement the Indenture as herein provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All necessary action has been
taken by the Corporation to make the Notes, when certified by the Trustee and issued and authenticated as provided in this First Supplemental
Indenture and the Indenture, the valid and legally binding obligations of the Corporation, and to make this First Supplemental Indenture
a valid and legally binding agreement of the Corporation, in each case, in accordance with the terms thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><B>NOW, THEREFORE, THIS INDENTURE
WITNESSETH:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">For and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Notes, as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
1<BR>
THE NOTES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.01</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Designation of the Notes</U></FONT><I>.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">There is hereby authorized
and established a series of Securities under the Indenture designated as &quot;5.625% Senior Unsecured Notes due 2032&quot; of the Corporation,
which is not limited in aggregate principal amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.02</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Amount</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Notes are to be issued
initially in an aggregate principal amount of $450,000,000; <I>provided</I>, <I>however</I>, that the Corporation may from time to time
issue, as Additional Securities pursuant to Section 3.3 of the Indenture and this Section 1.02, additional Notes (&quot;<U>Additional
Notes</U>&quot;) hereunder. Additional Notes shall have the same ranking and the same interest rate, maturity and other terms as the Notes
issued on the date hereof (except for the issue date, offering price, interest accrued to the issue date and in some cases, the first
Interest Payment Date) without the consent of the Holders of the Notes then Outstanding. The Notes issued on the date hereof and the Additional
Notes, if any, shall constitute one series for all purposes under the Indenture, as amended and supplemented by the terms of this First
Supplemental Indenture (including, without limitation, waivers, amendments,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">redemptions and offers to purchase). Notwithstanding
Section 3.3 of the Indenture, with respect to any Additional Notes to be issued hereunder, the Corporation shall set forth in a Corporation
Order, a copy of which shall be delivered to the Trustee, the aggregate principal amount of such Additional Notes to be authenticated
and delivered pursuant to this First Supplemental Indenture, and the Holder(s), issue date and first Interest Payment Date of such Additional
Notes. Notwithstanding the foregoing, no Additional Notes may be issued if an Event of Default shall have occurred and is continuing with
respect to the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.03</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Regular Interest</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The principal of the Notes
shall bear interest at the rate of 5.625% per annum from the later of March 24, 2025 and the most recent Interest Payment Date to which
interest has been paid or duly provided for, payable semi-annually in arrears on March 24 and September 24 of each year (each, an &quot;<U>Interest
Payment Date</U>&quot;), commencing September 24, 2025, to the Persons in whose names the Notes are registered at the close of business
on the March 14 or September 14 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date.
When calculating accruals during any partial interest period, interest on the Notes will be computed and paid on the basis of a 365 or
366-day year, depending on the actual number of days in the applicable year, and the actual number of days elapsed in that period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
1.04</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Defaulted
Interest</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Subject to Applicable Law,
the Defaulted Interest Rate shall be equal to the rate borne by the Notes, which shall be compounded semi-annually and shall accrue from
the date such Defaulted Interest was originally due to the date payment of such Defaulted Interest has been made or duly provided for
in accordance with Section 3.8 of the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
1.05</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Place
of Payment</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Place of Payment for the
Notes shall be the principal office of the Trustee in Calgary, Alberta or such other location as the Corporation may designate from time
to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.06</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Sinking Fund</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">There shall be no sinking
fund for the retirement of the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.07</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Redemption &amp; Repurchase</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Notes shall be subject
to redemption and repurchase in accordance with the provisions of the Indenture, including, without limitation, Article 11 thereof, as
amended and supplemented by the terms of this First Supplemental Indenture. The Trustee shall not be responsible for the determination
of any Redemption Price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.08</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Form</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Subject to Section 3.6 of the Indenture, the
Notes shall be issued only as fully registered Global Securities in minimum denominations of $2,000.00 and integral multiples of $1,000.00
in excess thereof. The Notes and the certificate of the Trustee endorsed thereon shall be in the English language and shall be substantially
in the form set forth in Annex A hereto, which is incorporated into and shall be deemed a part of this First Supplemental Indenture, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with
Applicable Law, the rules of any securities exchange or the Applicable</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Procedures of the Depository or as may, consistently
herewith, be determined necessary or desirable by the officers of the Corporation executing the same, as evidenced by their execution
thereof. <FONT STYLE="font-size: 10pt">The Notes may be engraved, printed or lithographed, or partly in one form and partly in another,
as the Corporation may determine.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
1.09</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Global
Notes.</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notes issued hereunder to
the Depository in the form of a Global Security shall be subject to the following additional provisions, unless and until Definitive Securities
have been issued to beneficial holders of the Notes pursuant to Section 3.6 of the Indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">the Trustee may deal with the Depository for all purposes as the sole holder of the Notes and the authorized
representative of the beneficial holders of such Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">the rights of beneficial holders of such Notes shall be exercised only through the Depository and the
rights of beneficial holders shall be limited to those established by Applicable Law and agreements between the Depository and the participants
of the Depository (the &quot;<B>Participants</B>&quot;) and between the Participants and the beneficial holders, and must be exercised
through a Participant in accordance with the Applicable Procedures of the Depository;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">whenever the Indenture, as amended and supplemented by this First Supplemental Indenture, requires or
permits actions to be taken based upon instructions or directions from Holders evidencing a specific percentage of the Outstanding Notes,
the Depository shall be deemed to be counted in that percentage to the extent that it has received instructions to such effect from beneficial
holders or Participants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">the Depository will make book-entry transfers among the direct Participants of such Depository and will
receive and transmit distributions of principal, premium (if any) and interest on the Notes to such direct Participants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">the direct participants of the Depository shall have no rights under the Indenture, as amended and Supplemented
by this First Supplemental Indenture, or under or with respect to any of the Notes held on their behalf by such Depository, and the Depository
may be treated by the Trustee as the absolute owner of the Notes represented by the Global Securities representing the Notes for all purposes
whatsoever;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">whenever a notice or other communication is required to be provided to Holders, the Corporation or the
Trustee shall provide such notices and communications to the Depository for delivery of such notices and communications to beneficials
holders in accordance with Applicable Securities Laws and the Applicable Procedures of the Depository. Notwithstanding Section 1.7 of
the Indenture, notices may be given to the Depository for the Notes by email to any address used by such Depository for general notices,
and any such notice shall be deemed to have been effectively given on the date of transmission if sent prior to 5:00 p.m. (recipient&rsquo;s
time) or otherwise on the next Business Day;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">notwithstanding any other provision of the Indenture or this First Supplemental Indenture, all payments
in respect of Notes issuable in the form of or represented by a Global Security shall be made to the Depository or its nominee for subsequent
payment by the Depository or its nominee to the beneficial holders thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">it is expressly acknowledged that transfers of beneficial ownership in any Note represented by a Global
Security will be effected only: (A) with respect to the interests of Participants, through</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">records maintained by the Depository or
its nominee for the Global Security representing the Notes; and (B) with respect to interests of Persons other than Participants, through
records maintained by Participants. Beneficial holders who are not Participants but who desire to purchase, sell or otherwise transfer
ownership interests in the Notes represented by a Global Security may do so only through a Participant; and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">the transfer and exchange of beneficial interests in Notes represented by a Global Security shall be effected
through the Depository, in accordance with the provisions of the Indenture, as amended and supplemented by this First Supplemental Indenture,
the Applicable Procedures that apply to such transfer or exchange and Applicable Law. Transfers and exchanges of beneficial interests
in Global Notes shall also require compliance with either Section 1.09(9)(A) or Section 1.09(9)(B), as applicable:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left"><I><U>Transfer of Beneficial Interests in the Same Global Security</U></I>. Beneficial interests in a
Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Security
if such beneficial interest is being transferred in accordance with any transfer restrictions or legends set forth in or applicable to
such Global Security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(B)</FONT></TD><TD STYLE="text-align: left"><I><U>All Other Transfers and Exchanges of Beneficial Interests in Global Securities</U></I>. In connection
with all transfers and exchanges of beneficial interests that are not subject to Section 1.09(9)(A), the transferor of such beneficial
interest must deliver: (I) instructions to the Securities Registrar from a Participant or the beneficial holder, in each case, in accordance
with the Applicable Procedures, that directs the Depository to credit or cause to be credited a beneficial interest in another Global
Security (that is outstanding or that the Corporation permits to be outstanding) in an amount equal to the beneficial interest to be transferred
or exchanged; and (II) such other documents, instruments and legal opinions as the Trustee, the Securities Registrar and the Corporation
reasonably request. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities
contained in the Indenture, as amended and supplemented by the terms of this First Supplemental Indenture and compliance with any transfer
restrictions or legends set forth in or applicable to the relevant Global Securities, the Trustee shall adjust the principal amount of
the relevant Global Securities in accordance with the Trustee&rsquo;s customary internal operating procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.10</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Global Security Legend.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notes issued hereunder to
the Depository in the form of a Global Security shall be substantially in the form of Annex A attached hereto and shall include the following
legends:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt; text-align: left">THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CDS CLEARING AND DEPOSITORY SERVICES INC. (THE &quot;<U>DEPOSITORY</U>&quot;)
OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt; text-align: left">UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO TRANSALTA CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
THE REGISTERED HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND IT IS A VIOLATION
OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.11</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Security Legend.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Notes issued in reliance upon
the exemption from registration under the Securities Act of 1933, as amended, provided by Rule 4(a)(2) shall be in substantially the form
of Annex A attached hereto and shall include the following legend:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt; text-align: left">THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &quot;U.S. SECURITIES ACT&quot;), OR UNDER ANY U.S. STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF TRANSALTA CORPORATION THAT THESE SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (A) TO TRANSALTA CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2)
RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
U.S. STATE SECURITIES LAWS AND AFTER, IN THE CASE OF TRANSFERS UNDER CLAUSE (C)(2) OR (D) (OR IF REQUIRED BY COMPUTERSHARE TRUST COMPANY
OF CANADA CLAUSE (B)), THE HOLDER HAS FURNISHED TO TRANSALTA CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE
REASONABLY SATISFACTORY TO TRANSALTA CORPORATION TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &quot;GOOD DELIVERY&quot;
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
1.12</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Tax
Redemption Reference Date</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Tax Redemption Reference
Date applicable to the Notes shall be March 20, 2025.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
1.13</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stated Maturity</U><FONT STYLE="font-size: 10pt">.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The date on which the principal
of the Notes is due and payable, unless accelerated, redeemed or required to be repurchased pursuant to the Indenture, as amended and
supplemented by the terms of this First Supplemental Indenture, shall be March 24, 2032.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.14</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Discharge of Liability on the Notes</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Notes may be discharged
by the Corporation in accordance with the provisions of Article 4 of the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.15</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar, Transfer Agent and Paying Agent</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Corporation hereby appoints
the Trustee as the registrar, transfer agent and paying agent of the Notes and the Trustee hereby accepts such appointment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 1.16</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Terms of the Notes</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Without limiting the foregoing
provisions of this Article 1, the terms of the Notes shall be as set forth in the form of the Notes set forth in Annex A hereto and as
provided in the Indenture.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
2<BR>
AMENDMENTS TO THE INDENTURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 2.01</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Amendments Applicable Only to the Notes</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The amendments provided for
in this Article 2 shall apply only to the Notes and not to any other series of Securities issued under the Indenture, and any covenants
provided herein are expressly being included solely for the benefit of the Notes and not for the benefit of any other series of Securities
issued under the Indenture. These amendments shall be effective for so long as there remain any Notes Outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 2.02</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Definitions</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Section 1.1 of the Indenture
is hereby amended, subject to Section 2.01 and with respect to the Notes only, by inserting, in their appropriate alphabetical position,
the following definitions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Additional Notes</U>&quot;
shall have the meaning specified in Section 1.02 of the First Supplemental Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Alternate Offer</U>&quot;
has the meaning specified in Section 11.9(3).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Change of Control</U>&quot;
means the occurrence of any of the following:</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, amalgamation,
arrangement or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Corporation
and its Subsidiaries, taken as a whole, to any Person or group of Persons acting jointly or in concert (within the meaning of Applicable
Securities Laws) for purposes of such transaction, in each case, other than to the Corporation or one of its Subsidiaries;</TD></TR></TABLE>


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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">the consummation of any transaction (including, without limitation, any merger, amalgamation, arrangement
or consolidation) the result of which is that any Person or group of Persons acting jointly or in concert (within the meaning of Applicable
Securities Laws) for purposes of such transaction (in each case, other than a Subsidiary of the Corporation) becomes the beneficial owner
(with beneficial ownership being defined and calculated pursuant to Section 1.8 of National Instrument 62-104 &ndash; <I>Take-Over Bids
and Issuer Bids</I>, as amended, restated, supplemented or replaced from time to time), directly or indirectly, of more than 50% of the
Corporation&rsquo;s outstanding Voting Shares or other Voting Shares into which the Corporation&rsquo;s Voting Shares are reclassified,
consolidated, exchanged or changed, measured by voting power rather than number of shares;</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">the Corporation consolidates with, merges or amalgamates with or into, or enters into an arrangement with,
any Person, or any Person consolidates with, or merges or amalgamates with or into, the Corporation, in any such event pursuant to a transaction
in which any of the Corporation&rsquo;s outstanding Voting Shares or the Voting Shares of such other Person are converted into or exchanged
for cash, securities or other property, other than any such transaction where the Corporation&rsquo;s Voting Shares outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Shares of the surviving Person
or any direct or indirect parent company of the surviving Person immediately after giving effect to such transaction; or</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: left">the adoption of a plan relating to the liquidation or dissolution of the Corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Notwithstanding the foregoing, (a) a transaction
will not be deemed to involve a Change of Control under clause (b) above if (i) the Corporation becomes a direct or indirect wholly-owned
Subsidiary of a holding body corporate and (ii) (A) the direct or indirect holders of the Voting Shares of such holding body corporate
immediately following that transaction are substantially the same as the holders of the Corporation&rsquo;s Voting Shares immediately
prior to that transaction or (B) immediately following that transaction no Person (other than a holding body corporate satisfying the
requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Shares of such holding
body corporate; and (b) a Change of Control shall not include a merger, amalgamation or consolidation of the Corporation with, or the
sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Corporation and its Subsidiaries
taken as a whole to, an affiliate of the Corporation that is incorporated or organized solely for the purpose of reincorporating or reorganizing
the Corporation in another jurisdiction, which is not otherwise prohibited by the terms of this Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Change of Control
Offer</U>&quot; has the meaning specified in Section 11.9(1).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Change of Control
Payment</U>&quot; has the meaning specified in Section 11.9(1).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Change of Control
Payment Date</U>&quot; has the meaning specified in Section 11.9(2).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Change of Control
Triggering Event</U>&quot; means the occurrence of both a Change of Control and, so long as the Notes are rated, a related Ratings Decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Equity Offering</U>&quot;
means any public or private sale of Equity Securities of the Corporation made on a primary basis by the Corporation, other than (a) Equity
Securities that are</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">mandatorily redeemable or otherwise required
to be repurchased at the option of the holder thereof on or prior to the date that is 91 days after the date on which the Notes mature;
and (b) any sale to a Subsidiary of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Equity Securities</U>&quot;
means: (a) in the case of a corporation, shares or corporate stock; (b) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated) of shares or corporate stock; (c) in the case of a
partnership or limited liability company, partnership interests (whether general or limited) or membership interests; (d) in the case
of a fund or trust, units; and (e) any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person, but, in each case, excluding from all of the foregoing any debt securities
convertible into Equity Securities, whether or not such debt securities include any right of participation with Equity Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Government of Canada
Rate</U>&quot; means, with respect to any Redemption Date for any Note whose Redemption Price may be determined by reference to the Make
Whole Premium, the rate per annum equal to the arithmetic average of the interest rates quoted to the Corporation by two major Canadian
investment dealers designated by the Corporation as being the annual yield to maturity, compounded semi-annually and calculated in accordance
with generally accepted financial practice, which a non-callable actively traded Government of Canada bond would carry if issued on the
second Business Day prior to such Redemption Date, in Dollars in Canada, at 100% of its principal amount and having a maturity most nearly
equal to the period from the Redemption Date to March 24, 2028 and that would be utilized at the time of selection and in accordance with
generally accepted financial practice in pricing new issues of corporate debt securities of comparable maturity. Calculation of the Make
Whole Premium and the Government of Canada Rate will be made by the Corporation or on behalf of the Corporation by such Person as the
Corporation shall designate. The Corporation will calculate the Government of Canada Rate and the Make Whole Premium on the Business Day
immediately preceding the applicable Redemption Date (or, in the case of any redemption in connection with a defeasance of the Notes pursuant
to Article 12 or a satisfaction and discharge of this Indenture pursuant to Article 4, on the Business Day preceding such event).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Investment Grade
Rating</U>&quot; means a rating equal to or higher than BBB(low) (or the equivalent) by DBRS Limited and BBB- (or the equivalent) by S&amp;P
Global Ratings, or, in each case, if such Rating Agency ceases to make a rating of the Notes publicly available, the equivalent investment
grade credit rating by the replacement agency selected by the Corporation in accordance with the procedures described herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Make Whole Premium</U>&quot;
means, with respect to a Note as of any Redemption Date for such Note whose Redemption Price may be determined by reference to the Make
Whole Premium, the excess, if any, of (a) the present value as of the applicable Redemption Date of (i) the Redemption Price of such Note
at March 24, 2028 (such Redemption Price being set forth in the table appearing in Section 11.8(5)) plus (ii) any required interest payments
due on such Note through March 24, 2028 (except for accrued and unpaid interest to, but not including, the applicable Redemption Date),
computed using a discount rate equal to the Government of Canada Rate plus 100 basis points, discounted to the Redemption Date on a semi-annual
basis (assuming a 365-day year), over (b) the then-outstanding principal amount of such Note.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Rating Agencies</U>&quot;
means, with respect to the Notes, each of DBRS Limited and S&amp;P Global Ratings; provided, however, that if either DBRS Limited or S&amp;P
Global Ratings ceases to make a rating of the Notes publicly available, the Corporation shall select (as certified by a Board Resolution)
a &quot;designated rating organization&quot; (within the meaning of National Instrument 44-101 &ndash; <I>Short Form Prospectus Distributions</I>)
to serve as the replacement agency therefor.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Ratings Decline</U>&quot;
means, with respect to the Notes, the occurrence of a decrease in the rating of such Notes by one or more gradations (including gradations
within the rating categories, as well as between categories) by each of the Rating Agencies, within 60 days of the earliest of (a) a Change
of Control, (b) the date of public notice of the occurrence of a Change of Control or (c) public notice of the intention of the Corporation
to effect a Change of Control (which 60 day period shall be extended so long as the rating of the Notes is under publicly announced consideration
for possible downgrade by a Rating Agency); provided, however, that notwithstanding the foregoing, a Ratings Decline shall be deemed not
to have occurred if any of the Rating Agencies rates the Notes with an Investment Grade Rating that is not subject to review for possible
downgrade on such 60th day. The Trustee shall not be charged with knowledge of, or be responsible for the monitoring of, the ratings of
the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&quot;<U>Voting Shares</U>&quot;
means, with respect to any specified Person as of any date, the shares of such Person that are at the time entitled to vote generally
in the election of the board of directors (or similar governing body) of such Person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 2.03</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Amendments to Article Eleven of the Indenture</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Article 11 of the Indenture
is hereby amended, subject to Section 2.01 and with respect to the Notes only, by adding the following sections thereto:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><U>Section 11</U>.<U>8</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Optional Redemption</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">At any time prior to March 24, 2028, the Corporation may, at its option, on one or more occasions, redeem
up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under the First Supplemental Indenture, at
a Redemption Price of 5.625% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding,
the applicable Redemption Date (subject to the right of Holders of Notes on the relevant record date to receive interest due on the relevant
Interest Payment Date), with the net cash proceeds of one or more Equity Offerings, provided that, for purposes of calculating the principal
amount of the Notes able to be redeemed with such cash proceeds of such Equity Offering or Equity Offerings, as applicable, such amount
shall include only the principal amount of the Notes to be redeemed plus the premium on such Notes to be redeemed, provided further that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">at least 65% of the aggregate principal amount of Notes (including Additional Notes) issued under the
First Supplemental Indenture remains Outstanding immediately after the occurrence of such redemption (excluding Notes held by the Corporation
and its Subsidiaries); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">the Redemption Date occurs within 180 days of the date of the closing of such Equity Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">At any time prior to March 24, 2028, the Corporation may, at its option, on one or more occasions, redeem
all or a part of the Notes at a Redemption Price equal to the sum of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: left">100.0% of the principal amount of the Notes to be redeemed; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: left">the Make Whole Premium as of the applicable Redemption Date,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">plus accrued and unpaid interest, if any,
to, but excluding, the applicable Redemption Date, subject to the rights of Holders of Notes on the relevant record date to receive interest
due on the relevant Interest Payment Date.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">On and after March 24, 2028, the Corporation may, at its option, on one or more occasions, redeem all
or a part of the Notes at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, on the Notes to be redeemed to, but excluding, the applicable Redemption Date (subject to the rights of Holders of Notes
on the relevant record date to receive interest on an Interest Payment Date that is on or prior to the Redemption Date), if redeemed during
the twelve-month period beginning on March 24 of the years indicated below:</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-size: 10pt"><U>Year</U></FONT></TD>
    <TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-size: 10pt"><U>Percentage</U></FONT></TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2028</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">102.813%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2029</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">101.406%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2030 and thereafter</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">For greater certainty and without limiting the generality of Section 11.4, notice of any redemption pursuant
to this Section 11.8 may, at the Corporation&rsquo;s discretion, be subject to one or more conditions precedent, including, but not limited
to: (A) the completion of one or more Equity Offerings or other securities offerings or other financings or the completion of any transaction
(or series of related transactions) that constitute a Change of Control; and (B) any other instructions, as determined by the Corporation,
that a Holder of Notes must follow.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">Any redemption pursuant to this Section 11.8 shall be made pursuant to the provisions of Sections 11.2
through 11.6.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 11.9</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Change
of Control Triggering Event</U></FONT>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">If a Change of Control Triggering Event occurs, unless the Corporation has previously or concurrently
exercised its right to redeem all of the then Outstanding Notes pursuant to Section 11.8, each Holder of Notes will have the right, except
as provided below, to require the Corporation to repurchase all or a portion of such Holder&rsquo;s Notes (a &quot;<U>Change of Control
Offer</U>&quot;). In the Change of Control Offer, the Corporation will offer a payment at a purchase price in cash equal to 101.0% of
the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, thereon to, but not including, the date
of repurchase, subject to the rights of Holders of Notes on the relevant record date to receive interest on an Interest Payment Date (the
&quot;<U>Change of Control Payment</U>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the
Corporation&rsquo;s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Corporation
will be required to send, by first class mail or otherwise deliver, a notice to each Holder of Notes, with a copy to the Trustee, which
notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the repurchase date, which must
be no earlier than 10 days nor later than 60 days from the date such notice is mailed or otherwise delivered (including by electronic
delivery), other than as may be required by law (the &quot;<U>Change of Control Payment Date</U>&quot;). The notice, if mailed or otherwise
delivered (including by electronic delivery) prior to the date of consummation of the Change of Control, will state that the Change of
Control Offer is conditional on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of
Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to: (A) in the case of Notes issued and
held in the form of Definitive Securities, surrender their Notes to the Paying Agent at the address specified in the notice; and (B) in
the case of Notes issued and held in the form of Global Securities, and</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">beneficial interests therein that are
held in book-entry form through the facilities of the Depository, transfer their Notes to the Depository by book-entry transfer pursuant
to the Applicable Procedures of the Depository, in each case, prior to the close of business on the third Business Day prior to the Change
of Control Payment Date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The Corporation will not be required to make a Change of Control Offer if (A) a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Corporation and such
third party purchases all Notes properly tendered and not withdrawn under its offer; (B) a notice of redemption has been given, unless
and until there is a default in payment of the applicable Redemption Price; or (C) in connection with or in contemplation of any Change
of Control, the Corporation or a third party has made an offer to purchase (an &quot;<U>Alternate Offer</U>&quot;) any and all Notes validly
tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance
with the terms of such Alternate Offer. Notwithstanding anything to the contrary contained herein, a Change of Control Offer, tender offer
or Alternate Offer by the Corporation or a third party may be made in advance of a Change of Control Triggering Event or Change of Control,
conditioned upon the occurrence of such Change of Control Triggering Event or a Change of Control, if a definitive agreement is in place
for the Change of Control at the time the Change of Control Offer, tender offer or Alternate Offer is made.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">In connection with any Change of Control Offer, tender offer or Alternate Offer by the Corporation or
any third party to purchase all of the Notes, if Holders of not less than 90.0% of the aggregate principal amount of the then outstanding
Notes validly tender and do not validly withdraw such Notes in connection with such Change of Control Offer, tender offer or Alternate
Offer and the Corporation or such third party purchases all of the Notes validly tendered and not validly withdrawn by such Holders, all
of the Holders of the Notes will be deemed to have consented to such Change of Control Offer, tender offer or Alternate Offer and accordingly,
the Corporation or such third party (as applicable) will have the right upon not less than 10 days&rsquo; nor more than 60 days&rsquo;
prior written notice, given not more than 60 days following such purchase date pursuant to the Change of Control Offer, tender offer or
Alternate Offer, to purchase all Notes that remain outstanding following such purchase at a purchase price equal to the highest price
offered to each other Holder in such Change of Control Offer, tender offer or Alternate Offer, plus, to the extent not included in the
Change of Control Offer, tender offer or Alternate Offer, accrued and unpaid interest to, but excluding, the applicable purchase date
(subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">To the extent that the provisions of any Applicable Securities Laws conflict with the Change of Control
provisions of this Indenture, the Corporation will comply with Applicable Securities Laws and will not be deemed to have breached its
obligations under this Section 11.9 by virtue of such compliance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">Any redemption pursuant to this Section 11.9 shall be made pursuant to the provisions of Sections 11.2
through 11.6<I>.</I></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
3<BR>
MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.01</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Interpretation</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">For all purposes of this First
Supplemental Indenture:</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">capitalized terms used herein without definition shall have the meanings specified in the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">the terms &quot;herein&quot;, &quot;hereof&rsquo;, &quot;hereunder&quot; and other words of similar import
refer to this First Supplemental Indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">Article and Section headings are for convenience only and do not affect interpretation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.02</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Adoption, Ratification and Confirmation</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This First Supplemental Indenture
is supplemental to the Indenture within the meaning of the Indenture. The Indenture, as supplemented and amended by this First Supplemental
Indenture, is in all respects hereby adopted, ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the
Indenture in the manner and to the extent herein and therein provided. The provisions of this First Supplemental Indenture shall, subject
to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is inconsistent herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Section
3.03</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>No
Conflict of Interest</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee hereby represents
and warrants to the Corporation that, as of the date of the execution and delivery of this First Supplemental Indenture, there exists
no material conflict of interest between its role as the trustee as a fiduciary hereunder and its role in any other capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.04</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Counterparts</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The parties hereto may sign
any number of copies of this First Supplemental Indenture, and all such copies together shall represent the same agreement. Documents
executed, scanned and transmitted electronically, including with electronic signatures created or transmitted through a software platform
or application, shall be deemed to be original for purposes of this First Supplemental Indenture and all matters and agreements related
hereto, with such scanned, electronic and facsimile signatures having the same legal effect as original signatures. The parties hereto
agree that this First Supplemental Indenture, any Instructions, or any instrument, agreement or document necessary for the consummation
of the transactions contemplated by this First Supplemental Indenture or otherwise related hereto may be accepted, executed or agreed
to through the use of an electronic signature in accordance with Applicable Law. Any such executed documentation accepted, executed or
agreed to in conformity with Applicable Law will be binding on all parties hereto to the same extent as if it were physically executed
and each party hereto hereby consents to the use of any third party electronic signature capture service providers as may be reasonably
chosen by a signatory hereto or thereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.05</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Governing Law</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This First Supplemental Indenture
and the Notes shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada
applicable therein, without regard to conflicts of laws principles thereof, and will be treated in all respects as Alberta contracts,
and each of the Corporation, the Trustee and, by their acceptance of Notes and the benefits of this First Supplemental Indenture and the
Indenture, the Holders from time to time submit to the non-exclusive jurisdiction of the courts of the Province of Alberta.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.06</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Severability of Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">In case any provision in this
First Supplemental Indenture or in any of the Notes shall be invalid, illegal or unenforceable, in any respect under any Applicable Law,
the validity, legality and enforceability of the remaining provisions hereof or thereof shall not be affected or impaired thereby.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Each of the provisions of this First Supplemental
Indenture or in any of the Notes is declared to be separate and distinct.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.07</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Successors and Assigns</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">All covenants and agreements
in this First Supplemental Indenture by the Corporation shall bind its successors and assigns, whether so expressed or not. All agreements
of the Trustee in this First Supplemental Indenture shall bind its successor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.08</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Benefit of First Supplemental Indenture</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">Nothing in this First Supplemental
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Authenticating Agent, Security
Registrar, Paying Agent, and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy
or claim under this First Supplemental Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><U>Section 3.09</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Acceptance by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">The Trustee accepts the amendments
to the Indenture effected by this First Supplemental Indenture and agrees to execute and perform the trusts and duties created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in this First Supplemental Indenture and the Indenture.
The recitals contained herein and in the Notes, except the Trustee's certificate of authentication thereon, shall be taken as the statements
of the Corporation, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this First Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute and deliver
this First Supplemental Indenture and perform its obligations hereunder and under the Indenture. In acting hereunder, the Trustee shall
have the rights, protections and immunities granted to it under the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>[Signature page follows.]</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, the parties
hereto have caused this First Supplemental Indenture to be duly executed, all as of the day and year first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>TRANSALTA CORPORATION</B>, <BR>
as Issuer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Joel Hunter</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Joel Hunter</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-indent: -24.75pt; text-align: left"><FONT STYLE="font-size: 10pt">Title: Executive Vice President, Finance and Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-indent: -24.75pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Nancy Brennan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Nancy Brennan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 29.25pt; text-indent: -29.25pt; text-align: left"><FONT STYLE="font-size: 10pt">Title: Executive Vice President, Legal and External Affairs</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, <BR>
as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Rubab Mehdi</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Rubab Mehdi</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Corporate Trust Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Corentin Leverrier</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: Corentin Leverrier</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Title: Corporate Trust Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">ANNEX A</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">FORM OF GLOBAL SECURITY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DISTRIBUTION
DATE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CDS CLEARING AND DEPOSITORY SERVICES INC. (THE &quot;<U>DEPOSITORY</U>&quot;)
OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO TRANSALTA CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED
HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND IT IS A VIOLATION OF ITS RIGHTS
FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">[THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &quot;U.S. SECURITIES ACT&quot;), OR UNDER ANY U.S. STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF TRANSALTA CORPORATION THAT THESE SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (A) TO TRANSALTA CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2)
RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
U.S. STATE SECURITIES LAWS AND AFTER, IN THE CASE OF TRANSFERS UNDER CLAUSE (C)(2) OR (D) (OR IF REQUIRED BY COMPUTERSHARE TRUST COMPANY
OF CANADA CLAUSE (B)), THE HOLDER HAS FURNISHED TO TRANSALTA CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE
REASONABLY SATISFACTORY TO TRANSALTA CORPORATION TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &quot;GOOD DELIVERY&quot;
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.]</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">No. <B>&#9679;</B></TD>
  <TD STYLE="text-align: right; width: 50%">$<B>&#9679;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">CUSIP No.: <B>&#9679;</B><BR>
ISIN: <B>&#9679;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">TRANSALTA CORPORATION</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">5.625% SENIOR UNSECURED NOTES DUE 2032</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">TransAlta Corporation, a corporation existing
under the laws of Canada (herein called the &quot;<U>Corporation</U>&quot;, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to <B>&#9679;</B>, or registered assigns, the principal sum of $<B>&#9679;</B>
in lawful money of Canada on March 24, 2032 (the &quot;<U>Maturity Date</U>&quot;) and to pay interest thereon from, and including, the
date hereof, or from, and including, the most recent Interest Payment Date to which interest has been paid or duly provided for, whichever
is later, at the rate of 5.625% per annum. Interest will be payable on the Notes semi-annually in arrears on March 24 and September 24
in each year (each, an &quot;<U>Interest Payment Date</U>&quot;), commencing on September 24, 2025, to the Persons in whose names the
Notes are registered at the close of business on the March 14 or September 14 (whether</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">or not a Business Day), as the case may be,
immediately preceding such Interest Payment Date. Subject to Applicable Law, the Corporation shall pay interest on any overdue interest
at the rate borne by the Notes from the date on which such overdue interest becomes payable to the date payment of such interest has been
made or duly provided for.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">This Note is one of a duly authorized issue
of Securities of the Corporation designated as its 5.625% Senior Unsecured Notes due 2032 (herein called the &quot;<U>Notes</U>&quot;),
which may be issued under an indenture, dated as of March 24, 2025 among the Corporation and Computershare Trust Company of Canada, as
trustee (herein called the &quot;<U>Trustee</U>&quot;, which term includes any successor trustee under the Indenture), as amended and
supplemented by a first supplemental indenture thereto, dated as of March 24, 2025 (as so amended and supplemented, herein called the
&quot;<U>Indenture</U>&quot;) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties, obligations and immunities thereunder of the Corporation, the Trustee and the Holders
of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered, all to the same effect as if the
provisions of the Indenture were herein set forth, to all of which provisions the Holder by acceptance hereof acknowledges and assents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Payment of the principal of, and interest on,
this Note will be made at the Place of Payment in Dollars as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">The Notes are unsecured obligations of the Corporation
and will rank equally with all of the Corporation&rsquo;s other unsecured and unsubordinated Indebtedness.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Unless the Certificate of Authentication hereon
has been executed by or on behalf of the Trustee in the manner provided in the Indenture, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">All terms used in this&nbsp;Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">No sinking fund is provided for the Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">The right is reserved to the Corporation to
redeem or repurchase the Notes for cancellation, and in certain circumstances the Corporation will be required to redeem or repurchase
the Notes, in all cases in accordance with the provisions of the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: left">The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000.00 and integral multiples of $1,000.00 in excess thereof. Upon compliance with the
provisions of the Indenture, the Notes of any denomination may be exchanged for an equal aggregate principal amount of the Notes in any
other authorized denomination or denominations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Securities may only be transferred in the Securities
Register by the Holder or such Holder&rsquo;s executors or administrators or other legal representatives or such Holder&rsquo;s attorney
duly appointed by an instrument in form and substance satisfactory to the Trustee or other Securities Registrar, and upon compliance with
such reasonable requirements as the Trustee and/or other Securities Registrar may prescribe from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">The Indenture contains provisions making binding
upon all Holders of Outstanding Notes resolutions passed at meetings of such Holders held in accordance with such provisions and instruments
signed by the Holders of a specified majority of the Outstanding Notes, which resolutions may have the effect of amending the terms of
this Note or the Indenture.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">If an Event of Default with respect to the&nbsp;Notes
occurs and is continuing, the principal amount hereof may become immediately due and payable in the manner and with the effect provided
in the Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">In the case of any conflict between the provisions
of this Note and the Indenture, the provisions of the Indenture shall control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">This Note shall be governed by and construed
in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: left; text-indent: 0in">The parties hereto have declared
that they have required that this certificate and all other documents related hereto be in the English language. <I>Les parties aux pr&eacute;sentes
ont declar&eacute; qu&rsquo;elles ont exig&eacute; que le pr&eacute;sent certificat, de meme que tous les documents s&rsquo;y rapportant,
soient redig&eacute;s en anglais</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: left">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: left; text-indent: 0.5in">IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: left">Dated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>TRANSALTA CORPORATION</B>, <BR>
as Issuer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-indent: -24.75pt; text-align: left"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24.75pt; text-indent: -24.75pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 29.25pt; text-indent: -29.25pt; text-align: left"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><B>TRUSTEE'S CERTIFICATE
OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Dated: ____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">This is one of the Securities
of the series designated therein referred to in, and issued under, the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>,
as Trustee</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-right: 15.8pt; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 15.8pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
                                           </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">[FORM OF REGISTRATION PANEL]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">(No writing hereon except by Trustee or other
registrar)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding: 2pt; border: Black 1pt solid; width: 34%; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date of Registration</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>In Whose Name Registered</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Signature of Trustee or Securities Registrar</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDS &amp; CO.</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: center"><B>TRANSALTA CORPORATION<BR>
5.625% SENIOR UNSECURED NOTES DUE 2032<BR>
SCHEDULE&nbsp;OF INCREASES AND DECREASES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: left">The following increases or decreases of this
Global Security have been made:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="padding: 2pt; border: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date of Transfer, Exchange, Repayment or Redemption</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amount of decrease in principal amount of this Global Security</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amount of increase in principal amount of this Global Security</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal amount of this Global Security following such decrease or increase</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Signature of Trustee or Securities Registrar</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: center"><B>[FORM&nbsp;OF TRANSFER NOTICE]</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: left">FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto _________________________ , whose address and social insurance number, if applicable, are set forth below,
this Note (or $_________________________ principal amount hereof) of TransAlta Corporation standing in the name(s) of the undersigned
in the register maintained by or on behalf of TransAlta Corporation with respect to such Note and does hereby irrevocably authorize and
direct the Trustee to transfer such Note in such register, with full power of substitution in the premises.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: left"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Address of Transferee:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Street Address, City, Province and Postal Code)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Social Insurance Number of Transferee, if applicable:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: left; padding-right: 7.85pt">The signature(s) to this assignment must correspond with the name(s) as written
upon the face of the Note in every particular without alteration or any change whatsoever. The signature(s) must be guaranteed by a Canadian
chartered bank or trust company or by a member of an acceptable Medallion Guarantee Program. Notarized or witnessed signatures are not
acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: &quot;SIGNATURE GUARANTEED&quot;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: left; padding-right: 7.85pt">The registered holder of this Note is responsible for the payment of any documentary,
stamp or other transfer taxes that may be payable in respect of the transfer of this Note.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">Signature Guarantee:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name of Guarantor (please print)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name of Holder (please print)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Signature of Guarantor / Authorized Officer</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Signature of Holder</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Name of Institution</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left">&nbsp;</P>

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