<SEC-DOCUMENT>0001104659-20-053232.txt : 20200429
<SEC-HEADER>0001104659-20-053232.hdr.sgml : 20200429
<ACCEPTANCE-DATETIME>20200429150421
ACCESSION NUMBER:		0001104659-20-053232
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20200429
DATE AS OF CHANGE:		20200429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237897
		FILM NUMBER:		20829604

	BUSINESS ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
		BUSINESS PHONE:		604-484-4085

	MAIL ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>tm2017874d1_f10.htm
<DESCRIPTION>FORM F-10
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on April 29, 2020</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
FORM F-10<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933<BR></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORTUNA
SILVER MINES INC</B></FONT><B>.<BR>
</B>(<I>Exact name of registrant as specified in its charter</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>British Columbia, Canada<BR>
</B>(Province or other jurisdiction of incorporation or organization)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1040<BR>
</B>(Primary Standard Industrial Classification Code Number, if applicable)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable<BR>
</B>(I.R.S. Employer Identification No., if applicable)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 Burrard Street, Suite 650<BR>
Vancouver, British Columbia<BR>
(604) 484-4085<BR>
</B>(Address and telephone number of Registrant&rsquo;s principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Puglisi &amp; Associates<BR>
850 Library Ave., Suite 204<BR>
Newark, DE 19711<BR>
(302) 738-6680<FONT STYLE="font-size: 10pt"><BR>
</FONT></B><FONT STYLE="font-size: 10pt">(Name, address (including zip code) and telephone number (including area code) of agent
for service in the United States)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.35pt 0pt 110.35pt; text-align: center"><B>Copies to:</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Susan
        Tomaine, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Blake,&nbsp;Cassels&nbsp;&amp;&nbsp;Graydon
        LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>595
        Burrard Street, Suite 2600</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Vancouver,
        British Columbia, Canada V7X 1L3</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(604)&nbsp;631-3300</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Christopher
    J. Cummings<BR>
    Paul, Weiss, Rifkind,<BR>
    Wharton &amp; Garrison LLP<BR>
    Toronto-Dominion Centre <BR>
    77 King Street West, <BR>
    Suite 3100<BR>
    Toronto, Ontario <BR>
    Canada, M5K 1J3 <BR>
    Tel: (416) 504-0520</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of commencement of
proposed sale to the public:<BR>
As soon as practicable after this Registration Statement becomes effective.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Province of British Columbia, Canada<BR>
(Principal jurisdiction regulating this offering) </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is proposed that this filing shall become effective (check
appropriate box below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">upon filing with the Commission
    pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">at some future date (check the
    appropriate box below):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-bottom: 12pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 0.25in; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
    at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than 7 calendar days after filing).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
    at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time 7 calendar days or sooner after filing) because the securities
    regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">pursuant to Rule 467(b) as soon as practicable
    after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction
    that a receipt or notification of clearance has been issued with respect hereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">after the filing of the next amendment to
    this Form (if preliminary material is being filed).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s shelf prospectus offering
procedures, check the following box. <FONT STYLE="font-family: Wingdings; background-color: white">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.1pt"></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 STYLE="border: Black 1pt solid; width: 39%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title
    of Each Class of Securities to be Registered</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    to be Registered <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum Offering Price per Unit<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum Aggregate Offering Price <SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Common
    Shares, no par value <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Subscription
    Receipts <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Units
    <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Warrants
    <SUP>(7)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share
    Purchase Contracts <SUP>(8)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Debt
    Securities <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">US$120,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">US$120,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">US$15,576</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>There are being registered under this Registration Statement
                                         such indeterminate number of common shares, subscription receipts, units, warrants, share
                                         purchase contracts and debt securities or any combination thereof, of the Registrant
                                         as shall have an aggregate offering price not to exceed US$120,000,000 (or its equivalent
                                         in any other currency used to denominate the securities).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The proposed maximum offering price per security will be determined,
                                         from time to time, by the Registrant in connection with the sale of the securities registered
                                         under this Registration Statement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Estimated solely for the purpose of calculating the amount
                                         of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as
                                         amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>There is being registered an indeterminate number of common
                                         shares, no par value, as from time to time may be issued at indeterminate prices.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>There is being registered an indeterminate number of subscription
                                         receipts as from time to time may be issued at indeterminate prices. Each subscription
                                         receipt will be issued under a subscription receipt agreement and will represent a right
                                         to exchange such subscription receipt into common shares, warrants or any combination
                                         thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>There is being registered an indeterminate number of units
                                         as from time to time may be issued at indeterminate prices. Each unit will consist of
                                         one or more common shares, warrants or any combination of securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>There is being registered an indeterminate number of warrants
                                         as from time to time may be issued at indeterminate prices. Each warrant will be issued
                                         under a warrant indenture or warrant agency agreement and will represent a right to purchase
                                         common shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>There is being registered an indeterminate number of share
                                         purchase contracts as from time to time may be issued at indeterminate prices.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>There is being registered an indeterminate principal amount
                                         of debt securities consisting of debentures, notes or other secured or unsecured evidence
                                         of indebtedness as may be sold from time to time.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED TO BE DELIVERED
TO<BR>
OFFEREES OR PURCHASERS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHORT FORM BASE SHELF PROSPECTUS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">New Issue</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; width: 50%"><FONT STYLE="background-color: White"><B>April
    29,</B> </FONT><B>2020</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORTUNA SILVER MINES INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 126px; width: 367px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">US$120,000,000</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the offering
for sale from time to time, during the 25-month period that this prospectus, including any amendments hereto, remains effective,
of the securities of Fortuna Silver Mines Inc. (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>Fortuna</B>&rdquo;) listed above
in one or more series, issuances or sales of outstanding securities, with a total offering price of such securities, in the aggregate,
of up to US$120,000,000 (or the equivalent thereof in Canadian dollars or one or more foreign currencies or composite currencies).
The securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions
at the time of the sale and set forth in an accompanying prospectus supplement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares of the Company (the
 &ldquo;<B>Common Shares</B>&rdquo;) are listed for trading on the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;) under
the trading symbol &ldquo;FVI&rdquo;, on the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) under the symbol &ldquo;FSM&rdquo;
and on the Frankfurt Stock Exchange (the &ldquo;<B>FSE</B>&rdquo;) under the trading symbol &ldquo;F4S&rdquo;. The subordinated
unsecured convertible debentures of the Company (the &ldquo;<B>Debentures</B>&rdquo;) are listed for trading on the TSX under
the trading symbol &ldquo;FVI:DB.U&rdquo;. On April 28, 2020, being the last trading day prior to the date hereof, the closing
price of the Common Shares on the TSX was C$4.03, on the NYSE was US$2.88 and on the FSE was &euro;2.57. On April 28, 2020, the
closing price of the Debentures on the TSX was US$99.75. Unless otherwise specified in an applicable prospectus supplement, our
subscription receipts, units, warrants, share purchase contracts and debt securities will not be listed on any securities or stock
exchange or on any automated dealer quotation system. <B>There is currently no market through which these securities, other than
our Common Shares or Debentures, may be sold and purchasers may not be able to resell such securities purchased under this short
form base shelf prospectus. This may affect the pricing of our securities, other than our Common Shares or Debentures, in the
secondary market, the transparency and availability of trading prices, the liquidity of these securities and the extent of issuer
regulation. See &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No underwriter or agent has been involved
in the preparation of this prospectus or performed any review of the contents of this prospectus. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All applicable information permitted under
securities legislation to be omitted from this prospectus that has been so omitted will be contained in one or more prospectus
supplements that will be delivered to purchasers together with this prospectus. Each prospectus supplement will be incorporated
by reference into this prospectus for the purposes of securities legislation as of the date of the prospectus supplement and only
for the purposes of the distribution of the securities to which the prospectus supplement pertains. You should read this prospectus
and any applicable prospectus supplement carefully before you invest in any securities issued pursuant to this prospectus. The
Company&rsquo;s securities may be sold pursuant to this prospectus through underwriters or dealers or directly or through agents
designated from time to time at amounts and prices and on other terms determined by the Company, or directly pursuant to applicable
statutory exemptions. In connection with any underwritten offering of securities, the underwriters may over-allot or effect transactions
which stabilize or maintain the market price of the securities offered. Such transactions, if commenced, may discontinue at any
time. See &ldquo;<I>Plan of Distribution</I>&rdquo;. A prospectus supplement will set out the names of any underwriters, dealers
or agents involved in the sale of our securities, the amounts, if any, to be purchased by underwriters, the plan of distribution
for such securities, including the anticipated net proceeds to the Company from the sale of such securities, the amounts and prices
at which such securities are sold and, if applicable, the compensation of such underwriters, dealers or agents.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment in the securities being offered
is highly speculative and involves significant risks that you should consider before purchasing such securities. You should carefully
review the risks outlined in this prospectus (including any prospectus supplement) and in the documents incorporated by reference
as well as the information under the heading &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo; and consider
such risks and information in connection with an investment in the securities. See &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Unless otherwise stated, the financial statements included or incorporated by reference
herein have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the
International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards and thus may not
be comparable to financial statements of United States companies. See &ldquo;<I>Financial and Exchange Rate information</I>&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Owning our securities may subject you
to tax consequences both in Canada and the United States. Such tax consequences are not fully described in this prospectus and
may not be fully described in any applicable prospectus supplement. You should read the tax discussion in any prospectus supplement
with respect to a particular offering and consult your own tax advisor with respect to your own particular circumstances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your ability to enforce civil liabilities
under the U.S. federal securities laws may be affected adversely because we are incorporated under the laws of Canada, some of
our officers and directors and some or all of the experts named in this prospectus are Canadian residents, and the underwriters,
dealers or agents named in any prospectus supplement may be residents of a country other than the United States, and a substantial
portion of our assets are located outside of the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE U.S. SECURITIES AND EXCHANGE
COMMISSION (THE &ldquo;SEC&rdquo;), NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY
OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our head office and registered and records
office is located at Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jorge Ganoza Durant, President, Chief
Executive Officer and a director of the Company, Mario Szotlender and Alfredo Sillau, directors of the Company, Luis Ganoza Durant,
Chief Financial Officer of the Company, and Geoff Allard and Denys Parra Murrugarra (&ldquo;qualified persons&rdquo; under NI 43-101)
(as defined herein), experts providing their consents under Part 10 of National Instrument 41-101 &ndash; <I>General Prospectus
Requirements</I>,</B> reside outside of Canada and have appointed the Company at its Vancouver head office address as their agent
for services for process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained
in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction
or resides outside of Canada, even if the party has appointed an agent for service of process. See &ldquo;<I>Agent for Service
of Process</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should rely only on the information
contained in or incorporated by reference into this prospectus and any applicable prospectus supplement. We have not authorized
anyone to provide investors with different information. Information contained on our website shall not be deemed to be a part of
this prospectus (including any applicable prospectus supplement) or incorporated by reference and should not be relied upon by
prospective investors for the purpose of determining whether to invest in the securities. We will not make an offer of these securities
in any jurisdiction where the offer or sale is not permitted. Investors should not assume that the information contained in this
prospectus is accurate as of any date other than the date on the face page of this prospectus, the date of any applicable prospectus
supplement, or the date of any documents incorporated by reference herein.</P>




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

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#aboutthisprospectus">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#aboutthisprospectus">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#cautionary1">CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED
MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionary1">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#cautionary2">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionary2">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#documentincorporated">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documentincorporated">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#documentsfiled">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documentsfiled">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#technical">TECHNICAL AND THIRD-PARTY INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#technical">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#financial">FINANCIAL AND EXCHANGE RATE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#financial">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#thecompany">THE COMPANY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#thecompany">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#recentdevelopments">RECENT DEVELOPMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#recentdevelopments">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#riskfactors">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#riskfactors">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#useofproceeds">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#useofproceeds">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#consolidatedcapitalization">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#consolidatedcapitalization">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#priorsales">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#priorsales">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#trading">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="text-align: right"><A HREF="#trading">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionofshare">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofshare">26</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionofwarrants">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofwarrants">27</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionofunits">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofunits">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsub">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsub">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionfofsharepurchase">DESCRIPTION OF SHARE PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionfofsharepurchase">30</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#descriptionofdebtsecurities">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofdebtsecurities">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#certainincometaxconsiderations">CERTAIN INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#certainincometaxconsiderations">39</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#planofdistribution">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#planofdistribution">40</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#agentforserviceofprocess">AGENT FOR SERVICE OF PROCESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#agentforserviceofprocess">40</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#legalmatters">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#legalmatters">41</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#interestofexperts">INTEREST OF EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#interestofexperts">41</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#transferagentofregistrar">TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right"><A HREF="#transferagentofregistrar">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#whereyoucanfindmoreinfo">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#whereyoucanfindmoreinfo">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#enforce">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#enforce">42</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="aboutthisprospectus"></A>ABOUT THIS
PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus and in any prospectus
supplement, unless the context otherwise requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or similar
terms, as well as references to &ldquo;Fortuna&rdquo; or the &ldquo;Company&rdquo;, refer to Fortuna Silver Mines Inc. together
with our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus and any prospectus supplement,
unless otherwise indicated, all dollar amounts and references to &ldquo;U.S.$&rdquo; or &ldquo;US$&rdquo; are to U.S. dollars and
references to &ldquo;C$&rdquo; are to Canadian dollars. In addition, any references to &ldquo;&euro;&rdquo; are to Euros.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained or incorporated by reference in this prospectus or any applicable prospectus supplement and on the other information
included in the registration statement of which this prospectus forms a part. We have not authorized anyone to provide you with
different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We are not making an offer to sell or seeking an offer to buy the securities offered pursuant to this prospectus in any jurisdiction
where the offer or sale is not permitted. You should assume that the information contained in this prospectus or any applicable
prospectus supplement is accurate only as of the date on the front of those documents and that information contained in any document
incorporated by reference is accurate only as of the date of that document, regardless of the time of delivery of this prospectus
or any applicable prospectus supplement or of any sale of our securities pursuant thereto. Our business, financial condition, results
of operations and prospects may have changed since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market data and certain industry forecasts
used in this prospectus or any applicable prospectus supplement and the documents incorporated by reference in this prospectus
or any applicable prospectus supplement were obtained from market research, publicly available information and industry publications.
We believe that these sources are generally reliable, but the accuracy and completeness of this information is not guaranteed.
We have not independently verified such information, and we do not make any representation as to the accuracy of such information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A registration statement on Form F-10 will
be filed by the Company with the SEC in respect of the offering of securities. The registration statement, of which this prospectus
constitutes a part, contains additional information not included in this prospectus, certain items of which are contained in the
exhibits to such registration statement, pursuant to the rules and regulations of the SEC. Statements included or incorporated
by reference into this Prospectus about the contents of any contract, agreement or other documents referred to are not necessarily
complete, and in each instance, you should refer to any applicable full version or more detailed description of the contract, agreement
or other document, as may be available electronically on the Canadian System for Electronic Document Analysis and Retrieval (&ldquo;<B>SEDAR</B>&rdquo;),
at www.sedar.com and on the SEC&rsquo;s Electronic Data Gathering and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;) at www.sec.gov,
for a more complete description of the matter involved. Each such statement is qualified in its entirety by such reference. Information
on or connected to the Company&rsquo;s website, even if referred to in a document incorporated by reference herein, does not constitute
part of this prospectus or any prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="cautionary1"></A>CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Financial statements included or incorporated by reference herein have been prepared
in accordance with IFRS as issued by the International Accounting Standards Board and are subject to Canadian auditing and auditor
independence standards and thus may not be comparable to financial statements of United States companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technical disclosure regarding our properties
included herein and in the documents incorporated herein by reference has not been prepared in accordance with the requirements
of U.S. securities laws. Without limiting the foregoing, such technical disclosure uses terms that comply with reporting standards
in Canada and certain estimates are made in accordance with National Instrument&nbsp;43-101&nbsp;&mdash;&nbsp;<I>Standards of Disclosure
for Mineral Projects</I> (&ldquo;<B>NI&nbsp;43-101</B>&rdquo;). NI&nbsp;43-101 is a rule developed by the Canadian Securities Administrators
that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral
projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure
have been prepared in accordance with NI&nbsp;43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification
System.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canadian standards, including NI 43-101,
differ significantly from the requirements of the SEC, and mineral reserve and resource information contained or incorporated by
reference in this prospectus and any prospectus supplement may not be comparable to similar information disclosed by U.S. companies.
In particular, and without limiting the generality of the foregoing, the term &ldquo;resource&rdquo; does not equate to the term
 &ldquo;reserves&rdquo;. Under U.S. standards, mineralization may not be classified as a &ldquo;reserve&rdquo; unless the determination
has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination
is made and volumes that are not &ldquo;reserves&rdquo; should not be disclosed. Among other things, all necessary permits would
be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly,
mineral reserves estimates included herein and in the documents incorporated herein by reference may not qualify as &ldquo;reserves&rdquo;
under SEC standards. The SEC&rsquo;s disclosure standards normally do not permit the inclusion of information concerning &ldquo;measured
mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo; or other descriptions
of the amount of mineralization in mineral deposits that do not constitute &ldquo;reserves&rdquo; by U.S. standards in documents
filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S.&nbsp;investors should also understand
that &ldquo;inferred mineral resources&rdquo; have a great amount of uncertainty as to their existence and great uncertainty as
to their economic and legal feasibility. It cannot be assumed that all or any part of an &ldquo;inferred mineral resource&rdquo;
will ever be upgraded to a higher category. Under Canadian rules, estimated &ldquo;inferred mineral resources&rdquo; may not form
the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any
part of an &ldquo;inferred mineral resource&rdquo; exists or is economically or legally mineable. Disclosure of &ldquo;contained
ounces&rdquo; in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers
to report mineralization that does not constitute &ldquo;reserves&rdquo; by SEC standards as in-place tonnage and grade without
reference to unit measures. In addition, the definitions of &ldquo;proven mineral reserves&rdquo; and &ldquo;probable mineral reserves&rdquo;
under reporting standards in Canada differ in certain respects from the standards of the SEC. Accordingly, information concerning
mineral deposits set forth herein and in the documents incorporated herein by reference may not be comparable with information
made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities
laws and the rules and regulations thereunder.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="cautionary2"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain statements contained in this short
form base shelf prospectus and any documents incorporated by reference into this short form base shelf prospectus constitute forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the United States
Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and forward-looking information within the
meaning of applicable Canadian securities legislation (collectively, &ldquo;forward-looking statements&rdquo;). All statements
included or incorporated by reference herein, other than statements of historical fact, are forward-looking statements and are
subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially
from those reflected in the forward-looking statements. The forward-looking statements included or incorporated by reference in
this short form base shelf prospectus include, without limitation, statements relating to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mineral reserves and mineral resources, as they involve implied assessment, based on estimates
and assumptions that the mineral reserves and mineral resources described exist in the quantities predicted or estimated and can
be profitably produced in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">production rates at the Company&rsquo;s properties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cash cost estimates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">timing for delivery of materials and equipment for the Company&rsquo;s properties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sufficiency of the Company&rsquo;s cash position and its ability to raise equity capital or
access debt facilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned greenfields exploration programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned capital expenditures and brownfields exploration at the San Jose Mine
(as defined herein);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned capital expenditures and brownfields exploration at the Caylloma Mine
(as defined herein);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s planned capital expenditures and brownfields exploration at the Lindero Project
(as defined herein);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s construction of the open pit gold heap leach mine at its Lindero property in
Salta Province, Argentina (the &ldquo;<B>Lindero Property</B>&rdquo;) and the anticipated timing of commissioning and commercial
production at the Lindero Project;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maturities of the Company&rsquo;s financial liabilities, finance leases and other contractual commitments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the expiry dates of bank letters of guarantee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">litigation matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimated mine closure costs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s expectation that any investigations, claims, and legal, labour and tax proceedings
arising in the ordinary course of business will not have a material effect on the results of operations or financial condition
of the Company.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Often, but not always, these forward-looking
statements can be identified by the use of words such as &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;, &ldquo;plans&rdquo;,
 &ldquo;estimates&rdquo;, &ldquo;expects&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;targets&rdquo;, &ldquo;possible&rdquo;,
 &ldquo;strategy&rdquo;, &ldquo;potential&rdquo;, &ldquo;intends&rdquo;, &ldquo;advance&rdquo;, &ldquo;goal&rdquo;, &ldquo;objective&rdquo;,
 &ldquo;projects&rdquo;, &ldquo;budget&rdquo;, &ldquo;calculates&rdquo; or statements that events, &ldquo;will&rdquo;, &ldquo;may&rdquo;,
 &ldquo;could&rdquo; or &ldquo;should&rdquo; occur or be achieved and similar expressions, including negative variations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company
to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements.
Such uncertainties and factors include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operational risks associated with mining and mineral processing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to mineral resource and mineral reserve estimates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to capital and operating costs, production schedules and economic returns;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty and risks related to the start-up of the Lindero Project;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to capital and operating costs and economic returns of development projects
such as the Lindero Project;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the construction, commissioning and commencement of commercial production at the
Lindero Project;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with mineral exploration and project development;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to the repatriation of funds as a result of currency controls;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">risks relating to the Company&rsquo;s ability to replace its mineral reserves;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental matters including potential liability claims;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to nature and climate conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with political instability and changes to the regulations governing the Company&rsquo;s
business operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in national and local government legislation, taxation, controls, regulations and political
or economic developments in countries in which the Company does or may carry on business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks relating to the termination of the Company&rsquo;s mining concessions in certain circumstances;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to International Labour Organization (&ldquo;<B>ILO</B>&rdquo;) Convention 169 compliance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developing and maintaining relationships with local communities and stakeholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with losing control of public perception as a result of social media and other
web-based applications;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential opposition of the Company&rsquo;s exploration, development and operational activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the Company&rsquo;s ability to obtain adequate financing for planned exploration
and development activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">substantial reliance on the Caylloma and San Jose Mines for revenues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">property title matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks relating to the integration of businesses and assets acquired by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impairments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to potential conflicts of interest involving the Company&rsquo;s directors
and officers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the Company&rsquo;s reliance on local counsel and advisors and its management
and board of directors of the Company (the &ldquo;<B>Board</B>&rdquo;) in foreign jurisdictions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adequacy of insurance coverage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">risks related to the Company&rsquo;s compliance with the Sarbanes-Oxley Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the foreign corrupt practices regulations and anti-bribery laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">legal proceedings and potential legal proceedings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties relating to general economic conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">risks relating to a global pandemic, including COVID-19, which unless contained could cause a slowdown
in global economic growth and impact the Company&rsquo;s business, operations, financial condition and share price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations in metal prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with entering into commodity forward and option contracts for base metals production;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations in currency exchange rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to meet covenants under the 2018 Credit Facility (as defined herein);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax audits and reassessments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to concentrate treatment charges and transportation costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sufficiency of monies allotted by the Company for land reclamation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with dependence upon information technology systems, which are subject to disruption,
damage, failure and risks with implementation and integration;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with climate change legislation;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the volatility of the trading price of the Company&rsquo;s Common Shares and Debentures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dilution from future equity or convertible debt financings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to future insufficient liquidity resulting from a decline in the price of the Common
Shares or Debentures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to the Company&rsquo;s ability to pay dividends in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the market for the Company&rsquo;s securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the Debentures of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty relating to the enforcement of U.S. judgments against the Company;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as well as those factors referred to in
the &ldquo;Risk Factors&rdquo; section in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements contained in
this prospectus are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all required third party contractual, regulatory and governmental approvals will be obtained for
the exploration, development, construction and production of its properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">there being no significant disruptions affecting operations, whether relating to labour, supply,
power, damage to equipment or other matter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">permitting, construction, development and expansion proceeding on a basis consistent with the Company&rsquo;s
current expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expected trends and specific assumptions regarding metal prices and currency exchange rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining
consistent with current levels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">production forecasts meeting expectations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the accuracy of the Company&rsquo;s current mineral resource and mineral reserve estimates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These
forward-looking statements are made as of the date of this prospectus. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company
does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise
them to reflect the occurrence of future unanticipated events.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="documentincorporated"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by
reference in this prospectus from documents filed with the securities commissions or similar authorities in Canada. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the documents incorporated herein
by reference may be obtained on request without charge from the Corporate Secretary of the Company at Suite 650, 200 Burrard Street,
Vancouver, British Columbia, Canada V6C 3L6, telephone: 604-484-4085 or by accessing the disclosure documents through the Internet
on SEDAR at <FONT STYLE="color: blue"><U>www.sedar.com</U></FONT>. Documents filed with, or furnished to, the SEC are available
through EDGAR at www.sec.gov. Our filings through SEDAR and EDGAR are not incorporated by reference in this prospectus except as
specifically set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents, filed with the
securities commissions or similar regulatory authorities in certain provinces of Canada and filed with, or furnished to, the SEC
are specifically incorporated by reference into, and form an integral part of, this prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s annual information form dated March 26, 2020 for the year ended December 31, 2019</A> (the &ldquo;<B>AIF</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-2.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s audited consolidated financial statements as at and for the years ended December 31, 2019 and 2018</A>, together with the report of the independent registered public accounting firm thereon;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-3.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s management&rsquo;s discussion and analysis for the year ended December 31, 2019</A> (the &ldquo;<B>MD&amp;A</B>&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000127956919001178/tv521101_ex99-2.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s management information circular as at May 14, 2019, prepared in connection with the Company&rsquo;s annual general meeting of shareholders held on June 20, 2019</A>.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any documents of the type described in
Section 11.1 of Form 44-101F1 &ndash; <I>Short Form Prospectus Distributions</I> filed by the Company with a securities commission
or similar authority in any province of Canada subsequent to the date of this prospectus and prior to the expiry of this prospectus,
or the completion of the issuance of securities pursuant hereto, will be deemed to be incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any template version of any &ldquo;marketing
materials&rdquo; (as such term is defined in NI 44-101) filed by the Company after the date of a prospectus supplement and before
the termination of the distribution of the securities offered pursuant to such prospectus supplement (together with this prospectus)
is deemed to be incorporated by reference in such prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, any future document or information
that the Company files with, or furnishes to, the SEC pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, as amended,
after the date of this prospectus and before the termination of the offerings thereunder, will be deemed to be incorporated by
reference in the registration statement of which this prospectus forms a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus supplement containing the
specific terms of any offering of our securities will be delivered to purchasers of our securities together with this prospectus
and will be deemed to be incorporated by reference in this prospectus as of the date of the prospectus supplement and only for
the purposes of the offering of our securities to which that prospectus supplement pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this prospectus
or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained herein, in any prospectus supplement hereto or in any
other subsequently filed document that also is or is deemed to be incorporated by reference herein, modifies or supersedes such
statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include
any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement
is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of material fact or an omission to state a material fact that is required to be stated or is necessary to make
a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not
be deemed, except as so modified or superseded, to constitute a part of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon our filing of a new annual information
form and the related annual consolidated financial statements and management&rsquo;s discussion and analysis with applicable securities
regulatory authorities during the duration of this prospectus, the previous annual information form, the previous annual consolidated
financial statements and management&rsquo;s discussion and analysis and all interim financial statements, supplemental information,
material change reports and information circulars filed prior to the commencement of our financial year in which the new annual
information form is filed will be deemed no longer to be incorporated into this prospectus for purposes of future offers and sales
of our securities under this prospectus. Upon interim consolidated financial statements and the accompanying management&rsquo;s
discussion and analysis and material change report being filed by us with the applicable securities regulatory authorities during
the duration of this prospectus, all condensed consolidated interim statements and the accompanying management&rsquo;s discussion
and analysis filed prior to the new interim condensed consolidated financial statements shall be deemed no longer to be incorporated
into this prospectus for purposes of future offers and sales of securities under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to our website in any documents
that are incorporated by reference into this prospectus do not incorporate by reference the information on such website into this
prospectus, and we disclaim any such incorporation by reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="documentsfiled"></A>DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents have been or will
be filed with the SEC as part of the registration statement of which this prospectus forms a part: (i)&nbsp;the documents listed
under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;; (ii)&nbsp;powers of attorney from our directors and
officers included on the signature pages of the registration statement; (iii)&nbsp;the consent of KPMG LLP; (iv) the consent of
each &ldquo;qualified person&rdquo; for the purposes of NI 43-101 listed on the Exhibit Index of the registration statement; and
(v) the form of debt indenture. A copy of the form of warrant indenture or warrant agency agreement, subscription receipt agreement
or statement of eligibility of trustee on Form T-1, as applicable, will be filed by post-effective amendment or by incorporation
by reference to documents filed or furnished with the SEC under the Exchange Act.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="technical"></A><FONT STYLE="text-transform: none">TECHNICAL
AND THIRD-PARTY INFORMATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0F0F0F">Except where otherwise
stated, the scientific and technical information relating to the Caylloma Mine, the San Jose Mine and the Lindero Project set forth
in this prospectus and in the documents incorporated by reference is based on technical reports prepared in accordance with NI
43-101 titled as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0F0F0F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0F0F0F">in respect of the Caylloma Mine the technical report entitled &ldquo;<I>Fortuna
Silver Mines Inc.: Ca</I></FONT><I>ylloma Mine, Caylloma District, Peru</I>&rdquo;, with an effective date of March 8, 2019, prepared
by Eric Chapman, P.Geo. and Amri Sinuhaji, P.Eng. (the &ldquo;<B>Caylloma Technical Report</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in respect of the San Jose Mine the technical report entitled &ldquo;<I>Fortuna Silver Mines Inc.:
San Jose Mine, Oaxaca, Mexico</I>&rdquo;, with an effective date of February 22, 2019, prepared by Eric Chapman, P.Geo. and Amri
Sinuhaji, P.Eng. (the &ldquo;<B>San Jose Technical Report</B>&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">in respect of the Lindero Project the technical report entitled &ldquo;<I>Fortuna Silver Mines
Inc.: Lindero Property, Salta Province, Argentina</I>&rdquo; with an effective date of October 31, 2017, prepared by Eric Chapman,
P.Geo., Edwin Gutierrez, SME Registered Member, Geoff Allard, PE, and Denys Parra Murrugarra, SME Registered Member, (the &ldquo;<B>Lindero
Technical Report</B>&rdquo;, and together with the Caylloma Technical Report and the San Jose Technical Report, the &ldquo;<B>Technical
Reports</B>&rdquo;), each having been filed with Canadian securities regulatory authorities on SEDAR (available at www.sedar.com).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the authors of the Technical Reports
listed under the heading &ldquo;<I>Interest of Experts</I>&rdquo; in this prospectus is a &ldquo;qualified person&rdquo; for the
purposes of NI 43-101. The information contained in this prospectus and the documents incorporated by reference herein regarding
the Caylloma Mine, the San Jose Mine and the Lindero Project has been derived from the Technical Reports, is subject to certain
assumptions, qualifications and procedures described in the Technical Reports and is qualified in its entirety by the full text
of the Technical Reports. Reference should be made to the full text of the Technical Reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional disclosure with respect to the
Lindero Project in this short form base shelf prospectus of a scientific or technical nature was reviewed and approved by Eric
Chapman, P. Geo., the Company&rsquo;s Vice President of Technical Services who is a &ldquo;qualified person&rdquo; for the purposes
of NI 43-101.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="financial"></A><FONT STYLE="text-transform: none">FINANCIAL
AND EXCHANGE RATE INFORMATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein include certain terms or performance measures that are not defined under IFRS, including, but not limited to,
cash costs per payable ounce of silver equivalent, cash costs per tonne of processed ore, total production cash cost per tonne,
all-in sustaining cash cost, free cash flow, free cash flow from ongoing operations, adjusted net income, adjusted EBITDA, and
all-in sustaining cash cost per payable ounce of silver equivalent production. The Company believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company&rsquo;s performance.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. These non-IFRS measures should be read in conjunction with the Company&rsquo;s
financial statements and management&rsquo;s discussion and analysis incorporated by reference herein. See &ldquo;<I>Non-GAAP Financial
Measures</I>&rdquo; in the Company&rsquo;s management&rsquo;s discussion and analysis for the year ended December 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company
incorporated by reference herein are reported in United States dollars and have been prepared in accordance with IFRS and the audit
of such financial statements may be subject to Canadian auditing and auditor independence standards. They may not be comparable
to financial statements of United States companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth for each
period indicated: (i)&nbsp;the exchange rates in effect at the end of the periods indicated; (ii)&nbsp;the high and low exchange
rates during each period; and (iii)&nbsp;the average exchange rates in effect during each period, in each case, as identified or
calculated from the Bank of Canada rate in effect on each trading day during the relevant period. These rates are expressed as
U.S. dollars per C$1.00.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">High for period&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.7353</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.8138</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.8245</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Low for period&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7699</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7330</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7276</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Average for period&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7537</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7708</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Rate at end of period&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7699</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7330</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.7971</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 28, 2020, the daily average exchange
rate as quoted by the Bank of Canada was C$1.00 = US$0.7154 (US$1.00 = C$1.3978).</P>

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



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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="thecompany"></A>THE COMPANY</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name, Address and Incorporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was incorporated on September
4, 1990 pursuant to the <I>Company Act</I> (British Columbia) under the name Jopec Resources Ltd. and subsequently transitioned
under the <I>Business Corporations Act</I> (British Columbia). On February 3, 1999, the Company changed its name to Fortuna Ventures
Inc. and on June 28, 2005 to Fortuna Silver Mines Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management head office of the Company
is located at Piso 5, Av. Jorge Ch&aacute;vez #154, Miraflores, Lima, Peru. The corporate head and registered and records office
of the Company is located at Suite 650, 200 Burrard Street, Vancouver, British Columbia V6C 3L6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a reporting issuer in British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
The Company&rsquo;s Common Shares are listed on the TSX under the symbol &ldquo;FVI&rdquo;, on the NYSE under the symbol &ldquo;FSM&rdquo;
and on the FSE under the symbol &ldquo;F4S&rdquo;. The Company&rsquo;s Debentures are listed on the TSX under the symbol &ldquo;FVI:DB.U&rdquo;.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business of the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna is engaged in precious and base
metals mining and related activities in Latin America, including exploration, extraction, and processing. Fortuna operates the
Caylloma silver, lead and zinc mine (the &ldquo;<B>Caylloma Mine</B>&rdquo;) in southern Peru; operates the San Jose silver and
gold mine (the &ldquo;<B>San Jose Mine</B>&rdquo;) in southern Mexico; and is constructing an open pit gold heap leach mine at
the Lindero gold project (the &ldquo;<B>Lindero Project</B>&rdquo;) in northern Argentina.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below illustrates the Company&rsquo;s
material inter-corporate relationships as at the date hereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="recentdevelopments"></A>RECENT DEVELOPMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 2, 2020, the Company provided
an update on the status of its operations in response to the COVID-19 pandemic.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 14, 2020, the Company provided
an update on production results for the first quarter of 2020 from its San Jose Mine and Caylloma Mine. Government-mandated constraints
on business to curb the spread of COVID-19 in Peru and Mexico which host the Company&rsquo;s operating mines, have resulted in
reduced production at the Caylloma Mine during the first quarter of 2020, and subsequent to the end of the quarter, have resulted
in the suspension of operations at the San Jose Mine. The Company could be restricted from operating at its mines and projects
for a material period of time, and its ability to transport and sell its concentrates could likewise be restricted. The resumption
of normal operating activities is highly dependent on the spread of COVID-19 and the success of measures taken to prevent transmission,
which will influence when governments will remove various restrictions on business activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 27, 2020, the Company
announced that it had, through rapid serological testing for antibodies completed at its sites, identified six suspicious
cases of COVID-19 at the Caylloma Mine all of whom remained asymptomatic.&nbsp; Each suspicious case has been handled
according to the Company&rsquo;s demanding COVID-19 protocols. All actions taken have been coordinated with the health
authorities who have been informed of in a timely manner. Operations are continuing at the Caylloma Mine in accordance with
the regulatory framework of MINEM and MININTER (as described below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caylloma Mine, Peru</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On Sunday, March 15, 2020, the Government
of Peru introduced a series of measures to contain the rapid spread of COVID-19 which included: the closing of international borders
and a declaration of a fifteen-day period of mandatory national &ldquo;social isolation&rdquo;. The period of social isolation
has been subsequently extended to May 10, 2020.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is working under the regulatory
framework issued by the Ministerio de Energ&iacute;a y Minas (MINEM) and the Ministerio del Interior (MININTER), which allows mines
to operate during this period with essential personnel. The Caylloma Mine initially operated during the period of social isolation
by drawing ore from its coarse ore stockpile. As the stockpile decreased, the Company has re-started the mine using a reduced taskforce.
The transportation of concentrates and essential supplies continues to be permitted, and the operation has sufficient stock of
critical supplies, consumables, and camp provisions to cover the extended isolation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>San Jose Mine, Mexico</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2020, the Government of Mexico
announced extraordinary measures in response to the spread of COVID-19, which includes the suspension of all non-essential activities,
including mining, until April 30, 2020. As a result, the Company initiated the orderly temporary suspension of mining and processing
activities at the San Jose Mine. A reduced task force remains on site to safeguard critical infrastructure and maintain environmental
monitoring through the suspension period. On April 21, 2020 the Mexican Government extended the suspension of all non-essential
activities, including mining from April 30, 2020 to May 30, 2020; however Mexican authorities have announced that these restrictions
may be lifted on May 18, 2020 in municipalities where COVID-19 numbers are low or there are no reported cases of infection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lindero Project, Argentina</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 19, 2020, the Government of Argentina
declared effective at midnight a period of mandatory national &ldquo;social isolation&rdquo; in relation to COVID-19, effective
until March 31, 2020. The period of isolation has been subsequently extended until May 10, 2020. However, on April 3, the Government
of Argentina introduced exceptions to the &ldquo;social isolation&rdquo; restrictions, in which mining operations were declared
as a critical activity, and are permitted to be undertaken with a reduced workforce. In order to initiate mining activities, the
Provincial Government of Salta requires companies to present a Minimum Emergency Operation Program (a &ldquo;<B>MEOP</B>&rdquo;)
together with a COVID-19 protocol to the Province&rsquo;s Emergency Operations Committee (&ldquo;<B>EOC</B>&rdquo;) for approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the beginning of the &ldquo;social
isolation&rdquo; period, all construction activities have been temporarily halted at the Lindero Project and a reduced task force
remains on site to maintain critical activities including security and environmental monitoring over the extended isolation period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is assessing the impact of
the temporary suspension of construction on the project&acute;s timeline and budget, and is preparing a MEOP for the re-commencement
of operations at the Lindero Project with a reduced taskforce, which will include the Company&rsquo;s COVID-19 protocol for approval
by the Province of Salta&rsquo;s EOC. There can be no assurance that the MEOP will be approved once submitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2020 Production and Cost Guidance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the government-mandated
constraints on business in the countries that host our operations and the uncertainties related to these constraints, the Company
is currently unable to determine the impact on its production and cost guidance for 2020. Therefore, the Company has withdrawn
its production and cost guidance for 2020 until further notice.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="riskfactors"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our securities is speculative
and involves a high degree of risk due to the nature of our business and the present stage of its development. The following risk
factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial
condition and could cause them to differ materially from the estimates described in forward-looking statements relating to the
Company, or its business, property or financial results, each of which could cause purchasers of our securities to lose part or
all of their investment. The risks set out below are not the only risks we face; risks and uncertainties not currently known to
us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results
of operations and prospects. Before deciding whether to invest in any securities of the Company, investors should consider carefully
the risks discussed below, the risks incorporated by reference in this prospectus (including subsequently filed documents incorporated
by reference) and those described in a prospectus supplement relating to a specific offering of securities.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks Relating to the Company&rsquo;s Business
Operations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s operations are
subject to operating hazards and risks incidental to mining operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mining operations generally involve a high
degree of risk. Operations in which the Company has a direct or indirect interest, including the Caylloma Mine, the San Jose Mine
and the Lindero Project, will be subject to all of the hazards and risks normally incidental to exploration, development and operational
activities, including fire, explosions, floods, structural collapses, industrial accidents, unusual or unexpected geological conditions,
ground control problems, power outages, pollution, industrial water shortages, inclement weather, cave-ins and mechanical equipment
failure.&nbsp; Any such hazards could result in work stoppages, damage to or destruction of mines and other producing facilities,
damage to life and property, environmental damage and possible legal liability for any or all damages. &nbsp;The Company may become
subject to liability for hazards against which it cannot insure or against which it may elect not to insure. &nbsp;Any compensation
for such liabilities may have a material adverse effect on the Company&rsquo;s financial position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mineral resources, mineral reserves
and precious metal recoveries are estimated.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is a degree of uncertainty attributable
to the estimation of mineral resources, mineral reserves and expected mineral grades. The mineral resource and mineral reserve
estimates included or incorporated by reference in short form base shelf prospectus have been determined and valued based on assumed
future prices, cut-off grades and operating costs. However, until mineral deposits are actually mined and processed, mineral resources
and mineral reserves must be considered as estimates only. Any such estimates are expressions of judgment based on knowledge, mining
experience, analysis of drilling results and industry practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mineral resources and mineral reserves
may require revision based on actual production experience. Market fluctuations in the price of metals, as well as increased production
costs and reduced recovery rates, may render certain mineral reserves uneconomic and may ultimately result in a restatement of
mineral resources and/or mineral reserves. Short-term operating factors relating to the mineral resources and mineral reserves,
such as the need for sequential development of ore bodies, may adversely affect the Company&rsquo;s profitability in any accounting
period. Estimates of operating costs are based on assumptions including those relating to inflation and currency exchange, which
may prove incorrect. Estimates of mineralization can be imprecise and depend upon geometallurgical assumptions, geological interpretation
and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. In addition, the grade
and/or quantity of precious metals ultimately recovered may differ from that indicated by drilling results. There can be no assurance
that precious metals recovered in small scale tests will be duplicated in large scale tests under onsite conditions or in production
scale. Amendments to mine plans and production profiles may be required as the amount of mineral resources changes or upon receipt
of further information during the implementation phase of the project. Extended declines in market prices for gold, silver and
other metals may render portions of the Company&rsquo;s mineralization uneconomic and result in reduced reported mineralization.&nbsp;Any
material reduction in estimates of mineralization, or in the Company&rsquo;s ability to develop its properties and extract and
sell such minerals, could have a material adverse effect on the Company&rsquo;s results of operations or financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s capital and operating
costs, production schedules and economic returns are based on certain assumptions which may prove to be inaccurate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s expected capital and
operating costs, production estimates, anticipated economic returns and other projections, estimates and forecasts for its mineral
properties that are included or incorporated by reference in short form base shelf prospectus or included in any technical reports,
scoping studies, pre-feasibility studies and feasibility studies prepared for or by the Company are based on assumed or estimated
future metals prices, cut-off grades, operating costs, capital costs, metallurgical recoveries, that the actual ore mined is amenable
to mining or treatment, environmental considerations, labour volumes, permitting and other factors, any of which may prove to be
inaccurate. As a result, technical reports, scoping studies, pre-feasibility studies and feasibility studies prepared for or by
the Company may prove to be unreliable. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s capital and operating
costs are affected by the cost of commodities and goods such as steel, cement, explosives, fuel, electrical power and supplies,
including reagents. &nbsp;Significant declines in market prices for gold, silver and other metals could have an adverse effect
on the Company&rsquo;s economic projections. Management assumes that the materials and supplies required for operations will be
available for purchase and that the Company will have access to the required amount of sufficiently skilled labour. &nbsp;As the
Company relies on certain third-party suppliers and contractors, these factors can be outside its control and an increase in the
costs of, or a lack of availability of, commodities, goods and labour may have an adverse impact on the Company&rsquo;s financial
condition. The Company may experience difficulty in obtaining the necessary permits for its exploration, development or operational
activities, if such permits are obtained at all, and may face penalties as a result of violations of permits or other environmental
laws, which may cause delays and increases to projected budgets. Any of these discrepancies from the Company&rsquo;s expected capital
and operating costs, production schedules and economic returns could cause a material adverse effect on the Company&rsquo;s business,
financial condition and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has in the past, and may in
the future, provide estimates and projections of its future production, costs and financial results. Any such information is forward-looking.
Neither the Company&rsquo;s auditors nor any other independent expert or outside party compiles or examines these forward-looking
statements. Accordingly, no such person expresses any opinion or any other form of assurance with respect thereto. Such estimates
are made by the Company&rsquo;s management and technical personnel and are qualified by, and subject to the assumptions, contained
or referred to in the filing, release or presentation in which they are made, including assumptions about the availability, accessibility,
sufficiency and quality of mineralized material, the Company&rsquo;s costs of production, the market prices of silver, gold and
other metals, the Company&rsquo;s ability to sustain and increase production levels, the ability to produce and sell marketable
concentrates, the sufficiency of its infrastructure, the performance of its personnel and equipment, its ability to maintain and
obtain mining interests and permits, the state of the government and community relations, and its compliance with existing and
future laws and regulations. Actual results and experience may differ materially from these assumptions. Failure to achieve estimates
or material increases costs could have a material adverse impact on the Company&rsquo;s future cashflows, profitability, results
of operations and financial condition. Any such production, cost, or financial results estimates speak only as of the date on which
they are made, and the Company disclaims any intent or obligation to update such estimates, whether as a result of new information,
future events or otherwise. Accordingly, these forward-looking statements should be considered in the context in which they are
made and undue reliance should not be placed on them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties and risks related to
the start-up of the Lindero Project</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to inherent uncertainties
and risks related to the construction and commissioning and start-up of the Lindero Project, the principal of which include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">problems with the start-up of the processing plant which causes a delay in the timeline;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">delays associated with contractors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">budget overruns due to changes in costs of fuel, power, labour, materials and supplies; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential opposition from non-governmental organizations, environmental groups or local groups
which may delay or prevent activities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ability to meet construction,
development, commissioning and production schedules and cost estimates for the Lindero Project cannot be assured. The Company has
prepared estimates of capital costs and/or operating costs for the Lindero Project, but no assurance can be given that such estimates
will be achieved. Failure to achieve cost estimates or material increases in costs could have an adverse impact in future cash
flows, profitability, results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is common in new mining operations to
experience such unexpected costs, problems and delays during construction, development and mine start-up. In addition, delays in
the commencement of mineral production often occur. Accordingly, the Company cannot provide assurance that its activities will
result in profitable mining operations at the Lindero Project.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Development projects such as the
Lindero Project are uncertain and it is possible that actual capital and operating costs and economic returns will differ significantly
from those estimated for a project prior to production.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of the mine at the Lindero
Project requires significant expenditures during the development phase before production is possible. The economic feasibility
of development projects is based on many factors such as: estimation of mineral reserves, anticipated metallurgical recoveries,
environmental considerations and permitting, future gold prices, and anticipated capital and operating costs of such projects.
The Lindero Project has no operating history upon which to base estimates of future production and cash operating costs. Particularly
for development projects, estimates of proven and probable mineral reserves and cash operating costs are, to a large extent, based
upon the interpretation of geologic data obtained from drill holes and other sampling techniques, and feasibility studies that
derive estimates of cash operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the configuration
of the ore body, expected recovery rates of gold from the ore, estimated operating costs, anticipated climactic conditions and
other factors. As a result, it is possible that actual capital and operating costs and economic returns will significantly differ
from those currently estimated for the Lindero Project prior to production.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of the following events, among others,
could affect the profitability or economic feasibility of the Lindero Project: unanticipated changes in grades and tonnes or ore
to be mined and processed, unanticipated adverse geologic conditions, unanticipated metallurgical recovery problems, incorrect
data on which engineering assumptions are made, availability of labour, costs of processing and refining facilities, availability
of economic sources of power, adequacy of water supply, adequate access to the site, unanticipated transportation costs, government
regulations (including regulations with respect to the environment, prices, royalties, duties, taxes, permitting, restrictions
on production, quotas on exportation of minerals, environmental), fluctuations in gold prices, and accidents labour actions and
force majeure events.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The development of the Company&rsquo;s
properties requires substantial exploration, expenditure and the development of infrastructure.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development of the Company&rsquo;s non-producing
properties will only follow upon obtaining satisfactory exploration and engineering results that confirm economically recoverable
and saleable volumes of minerals and metal as well as the legality of such development. The business of mineral exploration and
development is speculative in nature and involves a high degree of risk, as few properties which are explored are ultimately developed
into producing mines. There is no assurance that the Company&rsquo;s mineral exploration and development activities will result
in any discoveries of mineral reserves. &nbsp;The long-term profitability of the Company&rsquo;s operations will be in part directly
related to the cost and success of its exploration programs, which may be affected by a number of factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development of the Company&rsquo;s non-producing
projects will require the construction and operation of mines, processing plants and related infrastructure. As a result, the Company
is and will continue to be subject to all of the risks associated with establishing new mining operations, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing and cost, which can be considerable, of the construction of mining and processing facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability and cost of skilled labour, mining equipment and principal supplies needed for
operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability and cost of appropriate smelting and refining arrangements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the need to maintain necessary environmental and other governmental approvals and permits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the availability of funds to finance construction and development activities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential opposition from non-governmental organizations, environmental groups, local groups or
other stakeholders which may delay or prevent development activities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential increases in construction and operating costs due to changes in the cost of labour, fuel,
power, materials and supplies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantial expenditures are required to
establish mineral resources and mineral reserves through drilling and development and for mining and processing facilities and
infrastructure. &nbsp;No assurance can be given that minerals will be discovered in sufficient quantities to justify commercial
operations or that the funds required for development can be obtained on a timely basis. &nbsp;Economic feasibility of a project
is based on several other factors including anticipated metallurgical recoveries, environmental considerations and permitting,
future metal prices, and timely completion of the development plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Completion of the development of the Company&rsquo;s
advanced projects is subject to various requirements, including the availability and timing of acceptable arrangements for power,
water, transportation, access and facilities. The lack of, or delay in, availability of any one or more of these items could prevent
or delay development of the Company&rsquo;s advanced projects. &nbsp;There can be no assurance that adequate infrastructure, including
road access, will be built, that it will be built in a timely manner or that the cost of such infrastructure will be reasonable
or that it will sufficiently satisfy the requirements of the advanced projects. &nbsp;As well, accidents or sabotage could affect
the provision or maintenance of adequate infrastructure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operations require
water, and the San Jose Mine is located in a region where water is scarce. &nbsp;While the Company believes it holds sufficient
water rights to support its current operations, future developments could limit the amount of water available to the Company. &nbsp;New
water development projects, or climatic conditions such as extended drought, could adversely affect the Company. There can be no
guarantee that the Company will be successful in maintaining adequate supplies of water for its operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be unable to replace
its mineral reserves</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company must continually replace its
mineral reserves depleted by production to maintain production levels over the long term. mineral reserves can be replaced by expanding
known ore bodies, locating new deposits or making acquisitions. Exploration is highly speculative in nature and involves many risks
and is frequently unsuccessful. Substantial expenditures are required to complete drilling programs which may take several years
to complete in order to establish mineral reserves. As a result, there is no assurance that current or future exploration programs
will be successful. There is a risk that depletion of the Company&rsquo;s mineral reserves will not be offset by discoveries or
acquisitions. The Company&rsquo;s mineral base may decline if mineral reserves are mined without adequate replacement and the Company
may not be able to sustain production beyond the current mine lives, based on current production rates. If the Company&rsquo;s
mineral reserves are not replaced either by the development of additional mineral reserves and/or additions to mineral reserves,
there may be an adverse impact on the Company&rsquo;s future cash flows, earnings, results of operations and financial condition,
and this may be compounded by requirements to expend funds for reclamation and decommissioning.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s operations are
subject to extensive environmental regulation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All phases of the Company&rsquo;s operations
are subject to environmental regulation in the various jurisdictions in which it operates. These laws address emissions into the
air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities
and endangered species and reclamation of lands disturbed by mining operations.&nbsp;The Company&rsquo;s operations generate chemical
and metals depositions in the form of tailings. The Company&rsquo;s ability to obtain, maintain and renew permits and approvals
and to successfully develop and operate mines may be adversely affected by real or perceived impacts associated with the Company&rsquo;s
activities or of other mining companies that affect the environment, human health and safety. Environmental hazards may exist on
the Company&rsquo;s properties which are unknown to the Company at present and were caused by previous or existing owners or operators
of the properties, for which the Company could be held liable.</P>

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

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

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company operates four tailings storage
facilities, which includes two at the Caylloma Mine, and one tailings facility and one dry stack tailings facility at the San Jose
Mine. In addition, the Company has one closed tailings facility at the Caylloma Mine. All tailings storage facilities operated
by the Company are subject to the Company&rsquo;s tailings and heap leach management standard. As part of the Company&rsquo;s risk
management protocols, the Company continually assesses its tailings dam management systems. Since 2019, the Company has planned
and executed an annual comprehensive review of all of its tailings facilities. Following the review in 2019, the Company: completed
an independent audit plan of all of its tailings storage facilities (&ldquo;<B>TSF</B>&rdquo;) and its heap leach facility (&ldquo;<B>HLF</B>&rdquo;)
currently being constructed at the Lindero Project; assigned an external engineer of record for each TSF and HLF; increased pond
and pumping capacity on selected TSFs as a redundant emergency control measure; reviewed and updated stormwater management plans;
reviewed and updated operation, maintenance and surveillance manuals in accordance with best practices; updated and increased geotechnical
monitoring equipment an control points at selected TSFs and reviewed and tested emergency response plans at each site. While the
Company believes that appropriate steps have been taken to prevent safety incidents, there are inherent risks involved with tailings
facilities, including among other things, seismic activity, particularly in seismically active regions such as Peru, and the ability
of field investigations completed prior to construction to detect weak foundation materials. There can be no assurance that a dam
or other tailings facility safety incident will not occur and such an incident could have a material adverse effect on the Company&rsquo;s
business, operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Environmental legislation is evolving in
a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors
and employees. Compliance with environmental laws and regulations may require significant capital outlays on behalf of the Company
and may cause material changes or delays in the Company&rsquo;s intended activities. Failure to comply with applicable environmental
laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory
or judicial authorities, causing operations to cease or be curtailed. Such enforcement actions may include the imposition of corrective
measures requiring capital expenditure, installation of new equipment or remedial action. There is no assurance that future changes
in environmental regulation, if any, will not adversely affect the Company&rsquo;s operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to, and attempts to,
fully comply with all applicable environmental regulations. While the health and safety of its people and responsible environmental
stewardship are top priorities for the Company, there can be no assurance that the Company has been or will be at all times in
complete compliance with such laws, regulations and permits, or that the costs of complying with current and future environmental
and health and safety laws and permits will not materially and adversely affect the Company&rsquo;s business, results of operations
or financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s business is sensitive
to nature and climate conditions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the mining industry are
facing continued geotechnical challenges, which could adversely impact the Company&rsquo;s production and profitability. Unanticipated
adverse geotechnical and hydrological conditions, such as landslides, floods, seismic activity, droughts and pit wall failures,
may occur in the future and such events may not be detected in advance. Such geotechnical risks could impact the structural integrity
of our mines, stockpiles, leach pads and tailings storage facilities. Geotechnical instabilities and adverse climatic conditions
can be difficult to predict and are often affected by risks and hazards outside of the Company&rsquo;s control, such as severe
weather, droughts and considerable rainfall. The Company&rsquo;s operations require water, and the San Jose Mine is located in
a region where water is scarce. There can be no assurance that extreme weather events such as a prolonged drought will not affect
the operations at this mine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geotechnical failures could result in limited
or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation
costs, loss of ore and other impacts, which could cause one or more of the Company&rsquo;s projects to be less profitable than
currently anticipated and could result in a material adverse effect on the Company&rsquo;s business results of operations and financial
position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The San Jose Mine and the Lindero Project
have in the past experienced abnormally high rainfall which has disrupted operations at these locations. Increased precipitation,
either due to normal variances in weather or due to global climate change, could result in flooding that may adversely impact operations
and could damage the Company&rsquo;s facilities, plant and operating equipment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s operations are
subject to political and other risks in the countries in which it operates. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently conducts, or plans
to conduct, exploration, development and production activity in a number of countries, including Peru, Mexico and Argentina. There
are uncertainties in these regions regarding capital controls and future changes in applicable laws related to exploration, development
and mining operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective December 23, 2019, changes to
Argentina&rsquo;s tax laws proposed by the new Argentine Government were implemented. The changes ratified and extended legislation
which was to expire on December 31, 2019 and also allows the Argentine Central Bank to regulate funds coming into and flowing out
of Argentina in order to maintain stability and support the economic recovery of the country. These capital controls are in effect
until December 31, 2025 and have the effect of: requiring exporters to convert the equivalent value of foreign currency received
from the export into Argentine Pesos; requiring the prior consent of the Argentine Central Bank to the payment of cash dividends
and distributions of currency out of Argentina; requiring Argentine companies to convert foreign currency loans received from abroad
into Argentine Pesos; and restricting the sale of Argentine Pesos for foreign currency.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Argentine Central
Bank regulation, any funds in foreign currency which are advanced by the Company as a loan to its Argentine subsidiary in connection
with the payment of construction costs and expenses at the Lindero Project, are to the extent that the funds are advanced in foreign
currency, required to be converted into Argentine Pesos at a conversion rate negotiated at the Foreign Exchange Market within five
business days from the date of the receipt of the funds in Argentina. When the loan is to be repaid, the Regulation requires proof
that the loan was advanced in foreign currency and converted into local currency in order to repay the loan in foreign currency.
Due to the volatility of the exchange rate for Argentine Pesos, the Company will apply additional measures in cash management to
minimize potential gains or losses arising from the conversion of funds. Accordingly, once production commences at the Lindero
Project, with the capital controls in effect, the Company will be required to convert the equivalent value into Argentine Pesos
of the export of all gold dor&eacute; from the Lindero Project. In addition, the Company would be required to obtain the prior
consent of the Argentine Central Bank to the payment of cash dividends and distributions of profits out of Argentina.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Argentina also changed its export tax rates
as part of the changes to its tax laws. Effective December 23, 2019, exports of products related to the oil and mining industries
are subject to a maximum 8% export tax with no cap.&nbsp; The Argentine Government is yet to determine the exact rates for the
mining industry.&nbsp; Accordingly, exports of bullion, dor&eacute; and unrefined gold are subject to a maximum 8% export tax with
no cap until such time as the Argentine Government determines otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operations at the San
Jose Mine are subject to the payment of government taxes, fees and duties. Under Mexican federal corporate income tax law, titleholders
of mining concessions are required to pay annually a 7.5% duty on their mining related profits and a 0.5% duty on revenues obtained
from the sale of gold, silver and platinum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the State of Oaxaca in Mexico
has a history of social conflicts and political agitation which can lead to public demonstrations and blockades that can from time
to time affect the Company&rsquo;s operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2015, the Mexican Government introduced
a mining fund (the &ldquo;<B>Mining Fund</B>&rdquo;) which was funded from taxes paid by mining companies operating in Mexico.
The Mining Fund distributed monies to local communities where the activities of mining companies take place to promote infrastructure
and social development and to mitigate environmental impacts. Effective January 1, 2020, 85% of the funds of the Mining Fund were
reallocated to the Public Education Ministry, and 5% are to be distributed among the municipalities where the mining activities
take place. The local communities where the Company operates may be affected by the cut-back in these funds. It is not yet known
if this may have an impact on the business and operations of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2020, the Oaxacan Congress approved
a Previous, Free and Informed Consultation Law for the Indigenous and Afromexican Communities in the State of Oaxaca. This law
is not yet in effect, and the current timing for its implementation is not yet known. As a result, the Company is unable to predict
how this new legislation may affect the business and operations of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operations at the Caylloma
Mine are subject to the payment of government taxes, fees and duties. Holders of mineral concessions are obliged to pay to the
Peruvian Government, a mining royalty, as a consideration for the exploitation of metallic and non-metallic natural resources,
which is calculated based on the quarterly sales revenues from metallic and non-metallic mineral resources at a minimum rate of
1% and up to 12%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, an additional tax called the
 &ldquo;Special Mining Tax&rdquo; is payable to the Peruvian Government which imposes a tax on the operating profit of metallic
resources at a tax rate that ranges from between 2% to 8.4%.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some areas of Peru, the development
of infrastructure projects and extractive industries have met with strong rejection from the local population. Such social conflict
may lead to public demonstrations and blockades which could affect the Company&rsquo;s operations. The Company is not able to determine
the impact of other potential political and country risks on its future financial position nor its ability to meet future interest
or principal payments, which include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cancellation or renegotiation of contracts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in foreign laws or regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in tax laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">royalty and tax increases or claims by governmental entities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">retroactive tax or royalty claims;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expropriation or nationalization of property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">inflation of costs that is not compensated by a currency devaluation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">high rates of inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on the ability of local operating companies to sell gold, copper or other minerals
offshore for U.S. dollars, and on the ability of companies to hold U.S. dollars or other foreign currencies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on the purchase of foreign currencies and on the remittance of dividend and interest
payments offshore;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations on the repatriations of earnings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">import and export regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental controls and permitting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">opposition from local community members or non-governmental organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">civil strife, acts of war, guerrilla activities, insurrection and terrorism;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">unenforceability of contractual rights and judgements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other risks arising out of foreign sovereignty over the areas in which the Company&rsquo;s operations
are conducted.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such risks could potentially arise in any
country in which the Company operates. These risks may limit or disrupt operating mines or projects, restrict the movement of funds,
cause the Company to have to expend more funds than previously expected or required, and may materially adversely affect the Company&rsquo;s
financial position or results of operations. The Company may also evaluate business opportunities in other jurisdictions where
such risks may exist. Furthermore, in the event of a dispute arising from such activities, the Company may be subject to the exclusive
jurisdiction of courts outside North America or may not be successful in subjecting persons to the jurisdiction of the courts in
North America, which could adversely affect the outcome of a dispute.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the introduction of new tax
laws, regulations or rules, or changes to, or differing interpretation of, or application of, existing tax laws, regulations or
rules in any of the countries in which the Company operates, could result in an increase in the Company&rsquo;s taxes, or other
governmental charges, duties or impositions. No assurance can be given that new tax laws, rules or regulations will not be enacted
or that existing tax laws will not be changed, interpreted or applied in a manner that could result in the Company&rsquo;s profits
being subject to additional taxation or that could otherwise have an adverse material effect on the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is subject to extensive
government regulations and permit requirements.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operations, development and exploration
on the Company&rsquo;s properties are affected to varying degrees by political stability and government regulations relating to
such matters as environmental protection, health, safety and labour, mining law reform, restrictions on production, price controls,
tax increases, maintenance of claims, tenure, and expropriation of property. &nbsp;Failure to comply with applicable laws and regulations
may result in fines or administrative penalties or enforcement actions, including orders issued by regulatory or judicial authorities
enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions,
any of which could result in the Company incurring significant expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The activities of the Company require licences
and permits from various governmental authorities. &nbsp;The Company currently has been granted the requisite licences and permits
to enable it to carry on its existing business and operations. There can be no assurance that the Company will be able to obtain
all the necessary licences and permits which may be required to carry out exploration, development and mining operations for its
projects in the future. &nbsp;The Company might find itself in situations where the state of compliance with regulation and permits
can be subject to interpretation and challenge from authorities that could carry risk of fines or temporary stoppage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s mining concessions
may be terminated in certain circumstances.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the laws of the jurisdictions where
the Company&rsquo;s operations, exploration and development projects and prospects are located, mineral resources belong to the
state and governmental concessions are required to explore for, and exploit, mineral reserves. The Company holds mining, exploration
and other related concessions in each of the jurisdictions where it is operating and where it is carrying on development projects
and prospects. The concessions held by the Company in respect of its operations, exploration and development projects and prospects
may be terminated under certain circumstances, including where minimum production levels are not achieved by the Company (or a
corresponding penalty is not paid), if certain fees and/or royalties are not paid or if environmental and safety standards are
not met. Termination of any of the Company&rsquo;s concessions could have a material adverse effect on the Company&rsquo;s business,
financial condition or results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Risks related to ILO Convention 169
Compliance</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may, or may in the future,
operate in areas presently or previously inhabited or used by indigenous peoples. As a result, the Company&rsquo;s operations are
subject to national and international laws, codes, resolutions, conventions, guidelines and other similar rules respecting the
rights of indigenous peoples, including the provisions of ILO Convention 169. ILO Convention 169 mandates, among other things,
that governments consult with indigenous peoples who may be impacted by mining projects prior to granting rights, permits or approvals
in respect of such projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ILO Convention 169 has been ratified by
most Latin American countries including Argentina, Peru and Mexico. It is possible however that these governments may not (i) have
implemented procedures to ensure their compliance with ILO Convention 169 or (ii) have complied with the requirements of ILO Convention
169 despite implementing such procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government compliance with ILO Convention
169 can result in delays and significant additional expenses to the Company arising from the consultation process with indigenous
peoples in relation to the Company&rsquo;s exploration, mining or development projects. Moreover, any actual or perceived past
contraventions, or potential future actual or perceived contraventions, of ILO Convention 169 by ratifying governments in the countries
in which the Company operates create a risk that the permits, rights, approvals, and other governmental authorizations that the
Company has relied upon, or may in the future rely upon, to carry out its operations or plans in such countries could be challenged
by or on behalf of indigenous peoples in such countries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such challenges may result in, without
limitation, additional expenses with respect to the Company&rsquo;s operations, the suspension, revocation or amendment of the
Company&rsquo;s rights or mining, environmental or export permits, a delay or stoppage of the Company&rsquo;s development, exploration
or mining operations, the refusal by governmental authorities to grant new permits or approvals required for the Company&rsquo;s
continuing operations until the settlement of such challenges, or the requirement for the responsible government to undertake the
requisite consultation process in accordance with ILO Convention 169.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the inherent uncertainty
in respect of such proceedings, the Company is unable to predict what the results of any such challenges would be; however, any
ILO Convention 169 proceedings relating to the Company&rsquo;s mining and exploration operations in Mexico or Peru, or its development
of the Lindero Project and exploration of other properties in Argentina, may have a material adverse effect on the business, operations,
and financial condition of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company&rsquo;s success depends
on developing and maintaining relationships with local communities and stakeholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ongoing and future
success depends on developing and maintaining productive relationships with the communities surrounding its operations, including
indigenous peoples who may have rights or may assert rights to certain of the Company&rsquo;s properties, and other stakeholders
in its operating locations. The Company believes its operations can provide valuable benefits to surrounding communities, in terms
of direct employment, training and skills development and other benefits associated with ongoing payment of taxes. In addition,
the Company seeks to maintain its partnerships and relationships with local communities, including indigenous peoples, and stakeholders
in a variety of ways, including in-kind contributions, volunteer time, sponsorships and donations. Notwithstanding the Company&rsquo;s
ongoing efforts, local communities and stakeholders can become dissatisfied with its activities or the level of benefits provided,
which may result in civil unrest, protests, direct action or campaigns against it. Any such occurrence could materially and adversely
affect the Company&rsquo;s business, financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As a result of social media and other
web-based applications, companies today are at much greater risk of losing control over how they are perceived. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Damage to the Company&rsquo;s reputation
can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether
true or not. Although the Company places a great emphasis on protecting its image and reputation, it does not ultimately have direct
control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community
relations, decreased investor confidence and act as an impediment to the Company&rsquo;s overall ability to advance its projects,
thereby having a material adverse impact on the Company&rsquo;s business, financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Opposition
of the Company&rsquo;s exploration, development and operational activities may adversely affect the Company&rsquo;s reputation,
its ability to receive mining rights or permits and its current or future activities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Maintaining a
positive relationship with the communities in which the Company operates, including with respect to the Caylloma Mine, the San
Jose Mine and the Lindero Project, is critical to continuing successful exploration and development. Community support for operations
is a key component of a successful exploration or development project. Various international and national laws, codes, resolutions,
conventions, guidelines and other materials relating to corporate social responsibility (including rights with respect to health
and safety and the environment) may also require government consultation with communities on a variety of issues affecting local
stakeholders, including the approval of mining rights or permits.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may come under pressure in
the jurisdictions in which it explores or develops to demonstrate that other stakeholders benefit and will continue to benefit
from its commercial activities. Local stakeholders and other groups may oppose the Company&rsquo;s current and future exploration,
development and operational activities through legal or administrative proceedings, protests, roadblocks or other forms of public
expression against the Company&rsquo;s activities. Opposition by such groups may have a negative impact on the Company&rsquo;s
reputation and its ability to receive necessary mining rights or permits. Opposition may also require the Company to modify its
exploration, development or operational plans or enter into agreements with local stakeholders or governments with respect to its
projects, in some cases causing considerable project delays. Any of these outcomes could have a material adverse effect on the
Company&rsquo;s business, financial condition, results of operations and Common Share price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is faced with uncertainty
of funding for exploration and development. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ability to continue
production, development and exploration activities, if any, will depend on its ability to generate sufficient operating cash flows
from the Caylloma Mine and the San Jose Mine, and from the Lindero Project when in production, and to obtain additional external
financing where necessary. Any unexpected costs, problems or delays at the Caylloma Mine and the San Jose Mine, or delay in commencement
of commercial production at the Lindero Project, could severely impact the Company&rsquo;s ability to generate sufficient cash
flows and require greater reliance on alternative sources of financing, including but not limited to: project or bank financing,
or public or private offerings of equity and debt, joint ventures, or utilize one or a combination of all of these alternatives.
There can be no assurance that the Company will be able to obtain additional financing or that the terms of such financing will
be favorable. &nbsp;Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration
and development of some of its projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is substantially reliant
on the Caylloma Mine and the San Jose Mine</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Company&rsquo;s revenues were
generated by the Caylloma Mine until September 2011, when commercial production commenced at the San Jose Mine. Until commencement
of commercial production at the Lindero Project or until the Company acquires or develops additional properties or projects, the
Company will remain largely dependent upon the operation of the Caylloma Mine and the San Jose Mine for its future revenue and
profits, if any. If for any reason production at either mine was reduced or stopped, the Company&rsquo;s revenues and profits would
decrease significantly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The title to the Company&rsquo;s
properties could be challenged or impugned.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company has or will receive
title opinions for any properties in which it has a material interest, there is no guarantee that title to such properties will
not be challenged or impugned.&nbsp;The Company has not conducted surveys of the claims in which it holds direct or indirect interests
and, therefore the precise area and location of the properties may be in doubt. &nbsp;The Company&rsquo;s properties may be subject
to prior unregistered agreements or transfers or indigenous land claims and title may be affected by unidentified or unknown defects.
Title insurance is generally not available for mineral properties and the Company&rsquo;s ability to ensure that it has obtained
secure claims to individual mineral properties or mining concessions may be constrained. A successful challenge to the Company&rsquo;s
title to a property or to the precise area and location of a property could cause delays or stoppages to the Company&rsquo;s exploration,
development or operating activities without reimbursement to the Company. Any such delays or stoppages could have a material adverse
effect on the Company&rsquo;s business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional businesses and assets
that the Company acquires may not be successfully integrated.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company undertakes evaluations from
time to time of opportunities to acquire additional mining assets and businesses.&nbsp; In particular, the Company completed its
acquisition of Goldrock Mines Corp. in July 2016. Any such acquisitions may be significant in size, may change the scale of the
Company&rsquo;s business, may require additional capital, and/or may expose the Company to new geographic, political, operating,
financial and geological risks. The Company&rsquo;s success in its acquisition activities depends on its ability to identify suitable
acquisition candidates, acquire them on acceptable terms, and integrate their operations successfully. Any acquisitions would be
accompanied by risks such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a significant decline in the relevant metal price after the Company commits to complete an acquisition
on certain terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the quality of the mineral deposit acquired proving to be lower than expected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the difficulty of assimilating the operations and personnel of any acquired companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential disruption of the Company&rsquo;s ongoing business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the inability of management to realize anticipated synergies and maximize the financial and strategic
position of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure to maintain uniform standards, controls, procedures and policies;</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impairment of relationships with employees, customers and contractors as a result of any integration
of new management personnel; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential unknown liabilities associated with acquired assets and businesses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that any assets
or business acquired will prove to be profitable or that the Company will be able to integrate the required businesses successfully,
which could slow the Company&rsquo;s rate of expansion and cause the Company&rsquo;s business, results of operations and financial
condition to suffer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may need additional capital
to finance future acquisitions. There can be no assurance that such financing would be available, on favourable terms or at all.
If the Company obtains further debt financing, it will be exposed to the risk of leverage and its operations could become subject
to restrictive loan and lease covenants and undertakings. If the Company obtains equity financing, existing shareholders may suffer
dilution. There can be no assurance that the Company would be successful in overcoming these risks or any other problems encountered
in connection with such financings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Impairments.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mining and mineral interests are the most
significant assets of the Company and represent capitalized expenditures related to the development of mining properties and related
plant and equipment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews and evaluates its mining
interests for impairment at each reporting period or when events or changes in circumstances indicates that the related carrying
amounts may not be recoverable which evidences greater risk levels. It is possible that material changes could occur that may adversely
affect management&rsquo;s estimate of the carrying value of non-current assets which may have a material adverse effect on the
Company. Impairment estimates are based on management&rsquo;s assumptions, and sensitivity analyses and actual future outcomes
may differ from these estimates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is dependent on key personnel.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is dependent on a number of
key management and employee personnel. &nbsp;The Company&rsquo;s ability to manage its exploration, development, construction and
operating activities, and hence its success, will depend in large part on the ability to retain current personnel and attract and
retain new personnel, including management, technical and unskilled employees. &nbsp;The loss of the services of one or more key
management personnel, as well as a prolonged labour disruption, could have a material adverse effect on the Company&rsquo;s ability
to successfully manage and expand its affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will be required to recruit
additional personnel and to train, motivate and manage its employees. The international mining industry is very active and the
Company is facing increased competition for personnel in all disciplines and areas of operation, including geology and project
management, and there can be no assurance that it will be able to retain current personnel and attract and retain new personnel.
Incentive provisions for the Company&rsquo;s key executives include the granting of stock options and various share units that
vest over time, which are designed to encourage such individuals to stay with the Company. However, a low Common Share price, whether
as a result of disappointing progress in the Company&rsquo;s exploration, development, construction or operating activities or
as a result of market conditions generally, could render such agreements of little value to the Company&rsquo;s key executives.
In such event, the Company&rsquo;s key executives could be susceptible to being hired away by the Company&rsquo;s competitors who
could offer a better compensation package. If the Company is unable to attract and retain key personnel, its business, financial
conditions and results of operations may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company relies on local counsel
and advisors and the experience of its management and Board in foreign jurisdictions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s material mining or
exploration property interests are located in Peru, Mexico and Argentina. The legal and regulatory requirements in certain of these
countries with respect to mineral exploration and mining activities, as well as local business customs and practices, are different
from those in Canada and the United States. The officers and directors of the Company must rely, to a great extent, on the Company&rsquo;s
local legal counsel and local consultants retained by the Company in order to keep abreast of material legal, regulatory and governmental
developments as they pertain to and affect the Company&rsquo;s business operations, and to assist the Company with its governmental
relations. The Company must rely, to some extent, on those members of management and the Board who have previous experience working
and conducting business in these countries in order to enhance its understanding of and appreciation for the local business customs
and practices. The Company also relies on the advice of local experts and professionals in connection with current and new regulations
that develop in respect of banking, financing, labour, litigation and tax matters in these countries. There can be no guarantee
that reliance on such local counsel and advisors and the Company&rsquo;s management and the Board will result in compliance at
all times with such legal and regulatory requirements and business customs and practices. Any such violations could result in a
material adverse effect on the Company&rsquo;s business, financial condition and results of operations.</P>

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

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

<!-- Field: Page; Sequence: 24 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain of the Company&rsquo;s directors
and officers may have conflicts of interest.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the directors and officers of
the Company also serve as directors and/or officers of other companies involved in natural resource exploration and development
and consequently there exists the possibility for such directors and officers to be in a position of conflict. To the extent that
such other companies may participate in ventures that the Company may also participate in, or in ventures that the Company may
seek to participate in, the Company&rsquo;s directors and officers may have a conflict of interest in negotiating and concluding
terms respecting the extent of such participation. As a result of these potential conflicts of interests, the Company may miss
the opportunity to participate in certain transactions. In all cases where the Company&rsquo;s directors and officers have an interest
in other companies, such other companies may also compete with the Company for the acquisition of mineral property investments.
Such conflicts of the Company&rsquo;s directors and officers may result in a material and adverse effect on its business, financial
condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The insurance coverage on the Company&rsquo;s
operations may be inadequate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mining industry is subject to significant
risks that could result in damage to, or destruction of, mineral properties or producing facilities, personal injury or death,
environmental damage, delays in mining, monetary losses and possible legal liability. The Company&rsquo;s policies of insurance
may not provide sufficient coverage for losses related to these or other risks. The Company&rsquo;s insurance does not cover all
risks that may result in loss or damages and may not be adequate to reimburse the Company for all losses sustained. The occurrence
of losses or damage not covered by insurance could have a material and adverse effect on the Company&rsquo;s business, operations
and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insurance against certain environmental
risks, including potential liability for pollution and other hazards as a result of the disposal of waste products occurring from
production, is not generally available to companies within the mining industry.&nbsp; There is no assurance that the Company&rsquo;s
insurance will be adequate to cover all liabilities or that it will continue to be available and at terms that are economically
acceptable. &nbsp;Losses from un-insured or under-insured events may cause the Company to incur significant costs that could have
a material adverse effect on its business and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>The Company must comply with the Sarbanes-Oxley
Act. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sarbanes-Oxley Act (&ldquo;<B>SOX</B>&rdquo;)
requires an annual assessment by management of the effectiveness of the Company&rsquo;s internal control over financial reporting.
Beginning with the Company&rsquo;s 2016 fiscal year, its auditor is also required to attest to the effectiveness of the Company&rsquo;s
internal control over financial reporting. The Company may fail to maintain the adequacy of its internal control over financial
reporting as such standards are modified, supplemented or amended from time to time. If this occurs, the Company may not be able
to conclude, on an ongoing basis, that it has effective internal control over financial reporting in accordance with Section 404
of SOX and the Company&rsquo;s auditor may issue an adverse opinion on the effectiveness of its internal control over financial
reporting. The Company&rsquo;s failure to satisfy the requirements of Section 404 of SOX on an ongoing, timely basis could result
in the loss of investor confidence in the reliability of the Company&rsquo;s financial statements, which in turn could harm its
business and negatively impact the trading price or the market value of its securities. In addition, any failure to implement required
new or improved controls, or difficulties encountered in their implementation, could harm the Company&rsquo;s operating results
or cause it to fail to meet its reporting obligations. Future acquisitions of companies, if any, may provide the Company with challenges
in implementing the required processes, procedures and controls in its acquired operations. No evaluation can provide complete
assurance that the Company&rsquo;s internal control over financial reporting will detect or uncover all failures of persons within
the Company to disclose material information otherwise required to be reported. The effectiveness of the Company&rsquo;s processes,
procedures and controls could also be limited by simple errors or faulty judgments. As the Company continues to expand, the challenges
involved in implementing appropriate internal control over financial reporting will increase and will require that the Company
continue to monitor its internal control over financial reporting. Although the Company intends to expend substantial time and
incur substantial costs, as necessary, to ensure ongoing compliance, it cannot be certain that it will be successful in complying
with Section 404 of SOX.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be responsible for
corruption and anti-bribery law violations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s business is subject
to the Foreign Corrupt Practices Act (the &ldquo;<B>FCPA</B>&rdquo;) and the <I>Corrupt Foreign Public Officials Act</I> (Canada)
(the &ldquo;<B>CFPOA</B>&rdquo;), which generally prohibit companies and company employees from engaging in bribery or other prohibited
payments to foreign officials for the purpose of obtaining or retaining business. &nbsp;The FCPA also requires companies to maintain
accurate books and records and internal controls, including at foreign-controlled subsidiaries. &nbsp;Since all of the Company&rsquo;s
presently held interests are located in Peru, Mexico and Argentina, there is a risk of potential FCPA violations. &nbsp;In addition,
the Company is subject to the anti-bribery laws of Peru, Mexico, and Argentina and of any other countries in which it conducts
business in the future. &nbsp;The Company&rsquo;s employees or other agents may, without its knowledge and despite its efforts,
engage in prohibited conduct under the Company&rsquo;s policies and procedures and the FCPA, the CFPOA or other anti-bribery laws
for which the Company may be held responsible. &nbsp;If the Company&rsquo;s employees or other agents are found to have engaged
in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on
its business, financial condition and results of operations. The Company&rsquo;s Anti-Corruption Policy and other corporate policies
mandate compliance with these anti-bribery laws; however there can be no assurance that the Company&rsquo;s internal control policies
and procedures always will protect it from fraudulent behavior or dishonesty and other inappropriate acts committed by the Company&rsquo;s
employees and agents. As such, the Company&rsquo;s corporate policies and processes may not prevent all potential breaches of law
or other governance practices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be subject to legal
proceedings that arise in the ordinary course of business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the nature of its business, the
Company is at the date of this short form base shelf prospectus subject to litigation and claims in Mexico and Peru and may, from
time to time, be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business.
The Company&rsquo;s operations are subject to the risk of legal claims by employees, unions, contractors, lenders, suppliers, joint
venture partners, shareholders, governmental agencies or others through private actions, class actions, administrative proceedings,
regulatory actions or other litigation. Plaintiffs may seek recovery of very large or indeterminate amounts, and the magnitude
of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. Defense and settlement costs
can be substantial, even with respect to claims that have no merit. The results of these legal proceedings cannot be predicted
with certainty due to the uncertainty inherent in litigation, including the effects of discovery of new evidence or advancement
of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed
on appeal. &nbsp;The litigation process could, as a result, take away from the time and effort of the Company&rsquo;s management
and could force the Company to pay substantial legal fees or penalties. There can be no assurances that the resolutions of any
such matters will not have a material adverse effect on the Company&rsquo;s business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2017 the&nbsp;Mexican Geological Service&nbsp;(&ldquo;<B>SGM</B>&rdquo;)
advised the Company that a previous owner of one of the Company&rsquo;s mineral concessions located at the San Jose Mine in Oaxaca,
Mexico had granted the SGM a royalty of 3% of the billing value of minerals obtained from the concession. The Company, supported
by legal opinions from three independent law firms, has previously advised the Mexican mining authorities that it is of the view
that no royalty is payable, and in 2018 initiated administrative and legal proceedings (the &ldquo;<B>Administrative Proceedings</B>&rdquo;)
in the Mexican Federal Administrative Court (&ldquo;<B>FAC</B>&rdquo;) against the Direccion General de Minas (&ldquo;<B>DGM</B>&rdquo;)
to remove reference to the royalty on the title register.&nbsp;The proceedings are progressing in accordance with the procedures
of the FAC.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2020, the Company received notice
from DGM seeking to cancel the mining concession if the royalty, in the Mexican peso equivalent of US$30 million plus VAT (being
the amount of the claimed royalty from 2011 to 2019), was not paid before March 15, 2020. In February 2020, the Company initiated
legal proceedings (the &ldquo;<B>Amparo Proceedings</B>&rdquo;) against the DGM in the Juzgado S&eacute;ptimo de Distrito en Materia
Administrativa en la Ciudad de M&eacute;xico (&ldquo;<B>District Court</B>&rdquo;) to contest the cancellation procedure and also
to stay the cancellation process. The District Court in Mexico City admitted the Company&rsquo;s legal proceedings on March 2,
2020 and granted a permanent stay of execution, which protects the Company from the cancellation of the concession until a resolution
by the District Court is reached on the legality of the cancellation procedure. The timing of a decision by the court at first
instance in this action against the DGM is uncertain and may take several months. In the event that the Company is unsuccessful
in these proceedings, it may appeal. If ultimately the Company does not prevail, it may be required to pay the disputed royalty
in order to preserve the mining concession.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General economic conditions could
impact the Company&rsquo;s business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Turmoil in global financial markets have
at times caused a loss of confidence in global financial and credit markets. &nbsp;Many industries, including the precious and
base metals mining industry, have been impacted by these market conditions. &nbsp;Some of the key impacts have included contraction
in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign
exchange and precious metal markets, and a lack of market liquidity. &nbsp;The recent economic slowdown in China is an example
of a visible risk to world financial stability. &nbsp;A continued or worsened slowdown in economic conditions, including, but not
limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack
of available credit, the state of the financial markets, interest rates, and tax rates may adversely affect the Company&rsquo;s
growth and profitability. &nbsp;Specifically:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a new global credit/liquidity crisis could impact the cost and availability of financing and the
Company&rsquo;s overall market liquidity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the volatility of metal prices could impact the Company&rsquo;s revenues, profits, losses and cash
flow;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatile energy prices, commodity and consumables prices and currency exchange rates could impact
the Company&rsquo;s production costs or projected economic returns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">until contained, a global pandemic could cause a slowdown in global economic growth and impact
the Company&rsquo;s share price and financial condition; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the devaluation and volatility of global stock markets, which are not related to the Company&rsquo;s
operations or assets, could impact the valuation of the Company&rsquo;s equity and other securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These factors are beyond the control of
the Company and could have a material adverse effect on the Company&rsquo;s financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Until contained a global pandemic,
including COVID-19, could cause a slowdown in global economic growth and impact the Company&rsquo;s business, operations, financial
condition and share price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Epidemics, including the outbreak of COVID-19,
which was declared a global pandemic by the World Health Organization in March 2020, unless contained could cause a slowdown in
global economic growth and have a material adverse effect on the business, operations, financial condition and share price of the
Company. As at the date of this prospectus, COVID-19 has spread from China where the virus was originally reported, to other countries
including Peru, Mexico, Argentina and Canada, the countries in which the Company operates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The international response to the spread
of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility
and a general reduction in consumer activity. Such public health crises can result in operating and supply chain delays and disruptions,
global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour
shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures,
or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit ratings, credit risk and
inflation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at the date of this prospectus,
the Governments of Peru, Argentina and Mexico have implemented measures to curb the spread of the virus, including among
others, the closure of international borders, and the declaration of a mandatory quarantine period, which in Peru and
Argentina are subject to certain limited exceptions. In Peru, the quarantine period, which was initially implemented until
March 31, 2020 has been subsequently extended to May 10, 2020. In Argentina, the quarantine period, which was implemented
until March 31, 2020 has been subsequently extended to May 10, 2020. In Mexico, the suspension of all non-essential
activities, including mining was implemented until April 30, 2020. This period has been extended to May 30, 2020. However
Mexican authorities have announced that these restrictions may be lifted on May 18, 2020 in municipalities where COVID-19
numbers are low or there are no reported cases of infection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that these measures
will not be extended or that more restrictive measures will be put in place in the countries in which the Company operates, which
may result in the suspension of operations at the Company&rsquo;s mines and at the Lindero Project on a short or long-term basis.
On April 27, 2020, the Company announced that it had, through rapid serological testing for antibodies completed at its sites,
identified six suspicious cases of COVID-19 at the Caylloma Mine all of whom remained asymptomatic.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Even though
the Company is implementing business continuity measures to mitigate and reduce any potential impacts of COVID-19 on its business,
operations, supply chain and financial condition, the spread of COVID-19 in the countries in which it operates could have a material
adverse impact on the Company&rsquo;s workforce; the production at the Caylloma Mine and the San Jose Mine; the continued operation
at those mines and the completion of construction and the commencement of production at the Lindero Project and the Company&rsquo;s
financial condition. See AIF</FONT> &ldquo;<FONT STYLE="font-size: 10pt"><I>Preliminary Notes - Note about the information contained
herein and the Novel Coronavirus</I>&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full extent and impact of COVID-19
on the Company&rsquo;s operations cannot currently be ascertained, as it depends upon future developments which cannot be predicted,
and includes among other matters: the duration of the outbreak, the severity of the virus and the ability to treat it, the ability
to collect sufficient data to track the virus and the collective actions taken to curb the spread of the virus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The continued spread of the virus could
have a material adverse effect on the economies of the countries in which the Company operates, including the local communities
close to the Company&rsquo;s operations. In addition, COVID-19 has caused: volatility in commodity prices (including gold, silver,
lead and zinc); volatility in the stock markets on which the Company&rsquo;s Common Shares and Debentures are listed, and in the
price of the Company&rsquo;s securities. The continued adverse effects of the spread of COVID-19 if not contained, could have a
material adverse effect on the business, operations and financial condition of Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company faces intense competition.
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mining industry is intensely competitive
in all of its phases. Much of the Company&rsquo;s competition is from larger mining companies with greater liquidity, greater access
to credit and other financial resources, and that may have newer or more efficient equipment, lower cost structures, more effective
risk management policies and procedures and/or greater ability than the Company to withstand losses. The Company&rsquo;s competitors
may be able to respond more quickly to new laws, regulations or emerging technologies, or devote greater resources to the expansion
of their operations, than the Company can. In addition, current and potential competitors may make strategic acquisitions or establish
cooperative relationships among themselves or with third parties. Competition could adversely affect the Company&rsquo;s ability
to acquire suitable new producing properties or properties for exploration and development in the future. Competition could also
affect the Company&rsquo;s ability to raise financing to fund the exploration and development of its properties or to hire qualified
personnel. The Company may not be able to compete successfully against current and future competitors, and any failure to do so
could have a material adverse effect on the Company&rsquo;s business, financial condition or results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Metal prices and the marketability
of metals acquired or discovered by the Company may be affected by factors beyond the Company&rsquo;s control.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The marketability of metals acquired or
discovered by the Company may be affected by numerous factors which are beyond the Company&rsquo;s control and which cannot be
accurately foreseen or predicted, such as market fluctuations, the global marketing conditions for precious and base metals, the
proximity and capacity of milling facilities, metal markets and processing equipment and government regulations, including regulations
relating to royalties, allowable production, importing and exporting metals and environmental protection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of silver, gold, lead, zinc or
other metals fluctuates widely and is affected by numerous factors beyond the Company&rsquo;s control, such as the sale or purchase
of metals by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuation
in the value of the United States dollar and foreign currencies, global and regional supply and demand, the political and economic
conditions of major metal-producing countries throughout the world, and the cost of substitutes, inventory levels and carrying
charges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of the Common Shares and the
Company&rsquo;s financial results and exploration, development and mining activities may in the future be significantly adversely
affected by declines in the price of silver, gold or other metals. Declining metal prices can impact operations by requiring a
reassessment of the feasibility of a particular project. Such a reassessment may be the result of a management decision or may
be required under financing arrangements related to a particular project. The continued exploration and development of or commercial
production from the Company&rsquo;s properties may no longer be economically viable if serious price declines in the market value
of silver, gold, lead, zinc or other metals occur. Even if exploration, development or production is ultimately determined to be
economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the
reassessment can be completed. Depending on the price of silver, gold, lead, zinc and other metals, cash flow from mining operations
may not be sufficient and the Company&rsquo;s financial condition and results of operations may be adversely affected. The Company
may lose its interest in, or may be forced to sell, some of its properties as a result. If any such circumstances occur, the price
of the Common Shares may be significantly adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may suffer adverse effects
arising from fixed price commodity forward and option contracts for base metals production.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time the Company may enter
into agreements to receive fixed prices on any metal production to offset the risk of revenue losses if commodity prices decline;
however, if commodity prices increase beyond the levels set in such agreements, the Company will not benefit from such increases
and could suffer adverse effects to its business, financial position and results of operations as a result.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be adversely affected
by operating expense exchange rate fluctuations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s activities and operations
in Mexico, Peru and Argentina make it subject to foreign currency fluctuations. Although the Company uses U.S. dollars as the currency
for the presentation of its financial statements, the Company&rsquo;s operating expenses are incurred in Mexican and Argentine
Pesos and Peruvian Sol in proportions that will typically range between 40% and 60% of total expenses, depending on the country.
The fluctuation of these currencies in relation to the U.S. dollar will consequently have an impact upon the profitability of the
Company&rsquo;s mineral properties and therefore its ability to continue to finance its exploration, development and operations.
Such fluctuations may also affect the value of the Company&rsquo;s assets and shareholders&rsquo; equity. Future exploration, development
and operational plans may need to be altered or abandoned if actual exchange rates for these currencies are less than or more than
the rates estimated in any such future plans. To date, the Company has not entered into any agreements or purchased any instruments
to hedge possible currency risks. The Company cannot be sure that any hedging techniques it may implement in the future will be
successful or that its business, financial condition, and results of operations will not be materially adversely affected by exchange
rate fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the volatility of the exchange rate
for the Argentine Peso, the Company is applying additional measures in cash management to minimize potential losses arising from
the conversion of funds. There can be no assurance that the Company will be successful in its cash management measures. With the
capital controls in effect when the Company commences production at the Lindero Project, the Company will be required to convert
the equivalent value into Argentine Peso from the export sale of all gold dor&eacute; from the Lindero Project. In addition, the
Company would be required to obtain the prior consent of the Argentine Central Bank for the payment of cash dividends and distributions
of profits out of Argentina. These capital controls are in effect until 2025. There can be no assurance that these capital controls
will not have an adverse effect on the financial condition of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Audits and Reassessments.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Company
is subject to assessment by taxation authorities in various jurisdictions. Any reassessment by applicable tax authorities of the
Company&rsquo;s tax filings and the continuation or timing of any such process is outside of the Company&rsquo;s control. There
is a risk that applicable tax authorities may audit the Company or its subsidiaries and issue a notice of reassessment for material
amounts. In the event that applicable tax authorities issue one or more additional notices of reassessment for material amounts
of tax, interest and penalties, the Company is prepared to vigorously defend its position. If the Company is unable to resolve
any of these matters favourably, or if applicable tax authorities issue one or more additional notices of reassessment for material
amounts of tax, interest and penalties, this could have a material and adverse effect on the Company&rsquo;s business and its financial
condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is subject to credit
risk through its VAT receivables</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to credit risk through
its VAT receivables in Mexico and Argentina that are collectible from the Mexican and Argentine governments, respectively. The
balances are expected to be recoverable in full; however due to legislative rules and the complex collection processes, a significant
portion of the asset is classified as non-current until government approvals of the respective recoveries are approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The 2018 Credit Facility contains
financial covenants which the Company could fail to meet</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the third amended and
restated credit agreement with the Bank of Nova Scotia dated January 26, 2018 as subsequently amended (the &ldquo;<B>2018 Credit
Facility</B>&rdquo;), the Company is required to satisfy various affirmative and negative covenants and to meet certain financial
ratios and tests. There is no assurance that in the future the Company will continue to satisfy these covenants. Furthermore, a
breach of these covenants, including a failure to meet the financial tests or ratios, would likely result in an event of default
under the 2018 Credit Facility unless the Company is able to obtain a waiver or consent in respect of any such breach. The Company
cannot provide an assurance that a waiver or consent would be granted. A breach of any of these covenants or the inability to comply
with the required financial tests or ratios could result in a default under the 2018 Credit Facility. In the event of any default
under the 2018 Credit Facility, the lenders could elect to declare all outstanding borrowings, together with accrued interest,
fees and other amounts due thereunder, to be immediately due and payable, which may have a material adverse impact on the Company&rsquo;s
business, profitability or financial condition. In addition, an aggregate of US$30 million of the revolving portion of the 2018
Credit Facility is due to be repaid on December 31, 2020. In the event of an unexpectedly prolonged duration of COVID-19, or in
the event that more rigorous capital controls are implemented in Argentina, the Company may be required to restructure the 2018
Credit Facility. There can be no assurance that the lenders will agree to such a request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is subject to fluctuating
concentrate treatment charges and transportation costs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into agreements
to sell its concentrate production from the Caylloma Mine and the San Jose Mine for 2020. Smelting and refining rates for the San
Jose Mine for 2020 are similar to contract rates established for 2019; however smelting and refining rates for lead and zinc at
the Caylloma Mine have increased significantly and lead rates are due for renewal in June 2020. There is no assurance that the
Company will be able to retain similar rates for the San Jose Mine beyond 2020, or that rates for the Caylloma Mine will not increase
further. Increases in smelting and refining rates would have an adverse impact on the Company&rsquo;s results of operations. The
cost of transporting concentrate from the mines to the smelters is dependent on, among other things, the concentrate destination.
 &nbsp;Transportation-related costs have been volatile over the last several years and could continue to be volatile due to a number
of factors, including changes in the price of oil or a shortage in the number of vessels available to ship concentrate to smelters.
 &nbsp;Increases in these rates would have an adverse impact on the Company&rsquo;s results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may not have reserved
sufficient monies to cover the costs associated with reclamation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Land reclamation requirements are generally
imposed on companies with mineral exploration, development and operations activity in order to minimize long-term effects of land
disturbance. Reclamation may include requirements to treat ground and surface water to drinking water standards, control dispersion
of potentially deleterious effluent and reasonably re-establish pre-disturbance land forms and vegetation. <B><I>&nbsp;</I></B>In
order to carry out reclamation obligations imposed on the Company in connection with exploration, development and production activities,
the Company must allocate financial resources that might otherwise be spent on further exploration and development programs. The
actual costs of reclamation and mine closure are uncertain and planned expenditures may differ from the actual expenditures required.
There is a risk that monies allotted for land reclamation may not be sufficient to cover all risks, due to changes in the nature
of the waste rock or tailings and/or revisions to government regulations. &nbsp;Therefore, additional funds, or reclamation bonds
or other forms of financial assurance, may be required over the tenure of any of the Company&rsquo;s projects to cover potential
risks. &nbsp;These additional costs may have material adverse impact on the Company&rsquo;s business, financial condition and results
of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>The Company is dependent upon information
technology systems, which are subject to disruption, damage, failure and risks with implementation and integration.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s information technology
systems used in its operations are subject to disruption, damage or failure from a variety of sources including without limitation,
computer viruses, security breaches, cyberattacks, natural disasters and defects in design. Cybersecurity incidents, in particular,
are evolving and include, but are not limited to, malicious software, attempts to gain unauthorize access to data or machines and
equipment, and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential
or otherwise protected information, the corruption of data or the disabling, misuse or malfunction or machines and equipment. Various
measures have been implemented to manage the Company&rsquo;s risks related to information technology systems and network disruptions.
However, given the unpredictability of the timing, nature and scope of information or operational technology disruptions, the Company
could potentially be subject to production downtimes, operational delays, operating accidents, the compromising of confidential
or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of
our systems and networks or financial losses from remedial actions, any of which would have a material and adverse effect on the
Company&rsquo;s business, financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company could also be adversely affected
by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not
properly integrated into operations. Various measures have been implemented to manage the risks related to the system implementation
and modification, but system modification failures could have a material and adverse effect on the Company&rsquo;s business, financial
condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate Change Legislation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governments are introducing climate change
legislation and treaties at the international, national, and local levels. Regulation relating to emission levels and energy efficiency
is becoming more stringent. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and
technological innovation. If the current regulatory trend continues, this may result in increased costs at some of our operations.
The physical risks of climate change may also adversely impact the Company&rsquo;s operations. These risks may include extreme
weather events, resource shortages, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels
and changing temperatures.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks Related to the Securities of
the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of the Company&rsquo;s
Common Shares and Debentures is volatile.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, the securities markets
in the United States and Canada have experienced a high level of price and volume volatility, and the market prices of securities
of many mining companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance,
underlying asset values or prospects of such companies. In particular, the price of the Common Shares on the TSX and NYSE fluctuated
significantly during the past 12 months. Additionally, the price of the Debentures on the TSX has fluctuated significantly since
being listed for trading in October 2019. There can be no assurance that continual fluctuations in price will not occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are many factors that may influence
such volatility. Macroeconomic conditions in North America, Peru, Mexico or Argentina and changes in the laws and regulations of
these regions may have a negative effect on the development prospects, timelines or relationships for the Company&rsquo;s properties.
Negative changes in the public&rsquo;s perception of the Company&rsquo;s prospects or of mining companies in general could cause
the price of the Company&rsquo;s securities, including the price of the Common Shares and Debentures, to decrease dramatically.
The price of the Common Shares and Debentures is also likely to be affected by short-term changes in precious metal prices or other
mineral prices, currency exchange fluctuations, the Company&rsquo;s financial condition or results of operations and the extent
of research analyst coverage of its securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities class action litigation often
has been brought against companies following periods of volatility in the market price of their securities. The Company may in
the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert
management&rsquo;s attention and&nbsp;resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shareholders may suffer dilution
as a result of future offerings of the Common Shares or securities convertible into Common Shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell equity securities
in future offerings (including through the sale of securities convertible into equity securities) and may issue additional equity
securities to finance operations, exploration, development, acquisitions or other projects. The Company may also issue Common Shares
as a result of exercises of the Company&rsquo;s outstanding stock options, or the vesting of the Company&rsquo;s outstanding share
units or as a result of the conversion of the Company&rsquo;s Debentures. Any such convertible securities are more likely to be
exercised when the market price of the Company&rsquo;s Common Shares exceeds the exercise price of such instruments. The Company
cannot predict the size of future issuances of equity securities or the size and terms of future issuances of debt instruments
or other securities convertible into equity securities. The Board has the authority to authorize certain offers and sales of additional
securities without the vote of, or prior notice to, shareholders. It is likely that the Company will issue additional securities
to provide capital to fund expected expenditures and growth. Any transaction involving the issuance of previously authorized but
unissued Common Shares, or securities convertible into Common Shares, would result in potentially substantial dilution to shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of the Common Shares
and Debentures could decline as a result of future issuances or sales of the Company&rsquo;s securities, which could result in
insufficient liquidity.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the Common Shares and
Debentures could decline as a result of issuances of securities by the Company or sales by its existing shareholders of Common
Shares or Debentures in the market, or the perception that these sales could occur. The issuance of Common Shares upon the exercise
of the Company&rsquo;s outstanding stock options and Common Share purchase warrants or the vesting of the Company&rsquo;s outstanding
share units may also reduce the market price of the Common Shares. Additional Common Shares, Debentures, stock options, Common
Share purchase warrants and share units may be issued in the future. A decrease in the market price of the Common Shares could
adversely affect the liquidity of the Common Shares on the TSX and the NYSE. Additionally, a decrease in the market price of the
Debentures could adversely affect the liquidity of the Common Shares on the TSX. The Company&rsquo;s shareholders may be unable,
as a result, to sell significant quantities of the Common Shares or Debentures into the public trading markets. The Company may
not, as a result, have sufficient liquidity to meet the continued listing requirements of the TSX and the NYSE. Sales of the Common
Shares or Debentures by shareholders might also make it more difficult for the Company to sell equity or debt securities at a time
and price that it deems appropriate, which may have a material adverse effect on the Company&rsquo;s business, financial conditions
and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company has never paid, and does
not currently anticipate paying, dividends.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has paid no dividends on the
Common Shares since incorporation and does not anticipate paying dividends in the immediate future. The payment of future dividends,
if any, will be reviewed periodically by the Board and will depend upon, among other things, conditions then existing including
earnings, financial conditions, cash on hand, financial requirements to fund its commercial activities, development and growth,
and other factors that the Board may consider appropriate in the circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks related to the Debentures of
the Company. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Debentures are governed
by the terms and conditions set out in the Debenture indenture between the Company and Computershare Trust Company of Canada entered
into on October 2, 2019 (the &ldquo;<B>Indenture</B>&rdquo;). The Indenture provides, among other things, for the repurchase,
conversion and redemption of the Debentures in certain circumstances and the Company agrees to certain restrictive and affirmative
covenants which are set out in the Indenture. Under the terms of the Indenture, there is a risk that the Company may choose to
redeem the outstanding Debentures for Common Shares or to repay outstanding principal amounts thereunder at maturity of the Debentures
by issuing additional Common Shares. Additionally, the Debentures are subordinate to all senior indebtedness of the Company. If
the Company becomes bankrupt, liquidates its assets, reorganizes or enters into certain other transactions, the Company will be
able to pay its obligations with respect to the Debentures only after it has paid senior indebtedness and any other secured indebtedness
in full. There may be insufficient assets remaining following such payments to pay amounts due on any or all of the Debentures
then outstanding. The Indenture does not restrict the Company from incurring additional indebtedness for borrowed money or otherwise
from mortgaging, pledging or charging its real or personal property or properties to secure any indebtedness or other financing.
A holder of a Debenture will be subject to such terms and conditions, as further described in the Indenture. A full copy of the
Indenture is available under the Company&rsquo;s issuer profile at <FONT STYLE="color: Blue"><U>www.sedar.com</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. investors may find it difficult
to enforce U.S. judgments against the Company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is incorporated under the laws
of British Columbia, Canada and the majority of the Company&rsquo;s directors and officers are not residents of the United States.
Because all or a substantial portion of the Company&rsquo;s assets and the assets of these persons are located outside of the United
States, it may be difficult for U.S. investors to effect service of process within the United States upon the Company or upon such
persons who are not residents of the United States, or to realize in the United States upon judgments of U.S. courts predicated
upon civil liabilities under U.S. securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may
be enforceable in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined
by the Canadian court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada
against any of such persons or the Company predicated solely upon such civil liabilities.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="useofproceeds"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specific information about the use of proceeds
from the specific issuance will be set forth in the applicable prospectus supplement. In order to raise additional funds to finance
future growth opportunities, we may, from time to time, issue securities. More detailed information regarding the use of proceeds
from the sale of securities, including any determinable milestones at the applicable time, will be described in a prospectus supplement.
We may also, from time to time, issue securities otherwise than pursuant to a prospectus supplement to this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="consolidatedcapitalization"></A>CONSOLIDATED
CAPITALIZATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following represents the Company&rsquo;s
share capital both at the date of the MD&amp;A and the date of this short form base shelf prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As at December 31,&nbsp;2019</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Outstanding on April 29, 2020<BR> (Unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Credit Facilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$109,430,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">US$149,491,000 <SUP>(1)</SUP></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Share Capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$422,145,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$424,183,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common Shares<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center">160,291,553</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center">160,787,257</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Debentures<SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$46,000,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$46,000,000</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Comprised
                                         of US$40,000,000 from a fully-drawn US$40,000,000 non-revolving credit facility and US$110,000,000
                                         from a fully drawn US$110,000,000 revolving credit facility pursuant to a third amended
                                         and restated credit agreement facility among the Company and the Bank of Nova Scotia
                                         and other lenders dated January 26, 2018 as subsequently amended, after deducting unamortized transaction
                                         costs.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Presented
                                         on a non-diluted basis.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Reflects
                                         the face value of the Debentures.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="priorsales"></A>PRIOR SALES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information in respect of our Common Shares
that we issued within the previous 12-month period, including Common Shares that we issued either upon the exercise of options,
or which were granted under our share option plan and performance share unit plan, or any other equity compensation plan, will
be provided as required in a prospectus supplement with respect to the issuance of securities pursuant to such prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="trading"></A>TRADING
PRICE AND VOLUME</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Common Shares are listed
and posted for trading on the TSX under the symbol &ldquo;FVI&rdquo; and NYSE under the symbol &ldquo;FSM&rdquo; and are also traded
on the Frankfurt Open Market, the unofficial market organized by Deutsche B&ouml;rse in Germany, under the symbol &ldquo;F4S&rdquo;.
The Company&rsquo;s Debentures are listed and posted for trading on the TSX under the symbol &ldquo;FVI:DB.U.&rdquo; Trading price
and volume of the Company&rsquo;s securities will be provided as required for all of our Common Shares and Debentures, as applicable,
in each prospectus supplement to this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="descriptionofshare"></A>DESCRIPTION
OF SHARE CAPITAL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s authorized share capital
consists of an unlimited number of Common Shares without par value. As of April 29, 2020, the Company had 160,787,257 Common Shares
issued and outstanding, and there were 1,266,196 Common Shares issuable upon the exercise of outstanding stock options, 1,730,210
Common Shares issuable upon the exercise of equity settled restricted share units (&ldquo;<B>RSUs</B>&rdquo;) and 839,170 Common
Shares issuable upon the exercise of equity settled performance share units (&ldquo;<B>PSUs</B>&rdquo;). An aggregate of 338,087
of these PSUs are subject to a multiplier ranging from 50% to 200% depending upon the achievement level of certain performance
targets. In addition, an aggregate of 9,200,000 Common Shares are issuable upon conversion of the Debentures, subject to adjustment
in certain circumstances. See the AIF &ndash; &ldquo;<I>Description of Capital Structure &ndash; Debentures</I>&rdquo;. All Common
Shares of the Company rank equally as to dividends, voting powers and participation in assets and in all other respects. Certain
of the rights and attributes of the Common Shares are described below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Common Shares are entitled
to receive notice of, attend and vote at any meeting of the shareholders of the Company. Each Common Share carries one vote. The
holders of Common Shares are entitled to receive on a pro-rata basis such dividends as the Board of the Company from time to time
may declare, out of funds legally available therefor. In the event of a liquidation, winding-up or dissolution of the Company,
whether voluntary or involuntary or for the purpose of a reorganization or otherwise or upon any distribution of capital, the holders
of the Common Shares have the right to receive on a pro-rata basis all of the assets of the Company remaining after payment of
all of the Company&rsquo;s liabilities. No pre-emptive, redemption, sinking fund or conversion rights are attached to the Common
Shares, and the Common Shares, when fully paid, will not be liable to further call or assessment. No other class of shares may
be created without the approval of the holders of the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividend Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has neither declared nor paid
dividends on its Common Shares. The Company has no present intention of paying dividends on its Common Shares, as it anticipates
that all available funds will be invested to finance the growth of its business.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofwarrants"></A>DESCRIPTION
OF WARRANTS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section describes the general terms
that will apply to any warrants for the purchase of Common Shares, or equity warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants may be issued independently or
together with other securities, and warrants sold with other securities may be attached to or separate from the other securities.
Warrants will be issued under one or more warrant indentures or warrant agency agreements to be entered into by the Company and
with one or more financial institutions or trust companies acting as warrant agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will deliver an undertaking
to the securities regulatory authority in each of the provinces of Canada that it will not distribute warrants that, according
to the aforementioned terms as described in the applicable prospectus supplement for warrants supplementing this prospectus, are
 &ldquo;novel&rdquo; specified derivatives within the meaning of Canadian securities legislation, separately to any member of the
public in Canada, unless the offering is in connection with and forms part of the consideration for an acquisition or merger transaction
or unless such prospectus supplement containing the specific terms of the warrants to be distributed separately is first approved
by or on behalf of the securities commissions or similar regulatory authorities in each of the provinces of Canada where the warrants
will be distributed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary of some of the provisions
of the warrants is not complete. The statements made in this prospectus relating to any warrant agreement and warrants to be issued
under this prospectus are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject
to, and are qualified in their entirety by reference to, all provisions of the applicable warrant agreement. You should refer
to the warrant indenture or warrant agency agreement relating to the specific warrants being offered for the complete terms of
the warrants. A copy of any warrant indenture or warrant agency agreement relating to an offering or warrants will be filed by
the Company with the securities commissions or similar regulatory authorities in applicable Canadian offering jurisdictions and
the United States, after it has been entered into, and will be available electronically under the Company&rsquo;s issuer profile
at <FONT STYLE="color: blue"><U>www.sedar.com</U></FONT> and on EDGAR at <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement relating
to any warrants that we offer will describe the particular terms of those warrants and include specific terms relating to the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of warrants (if offered
separately) will have a contractual right of rescission against the Company in respect of the exercise of such warrant. The contractual
right of rescission will entitle such original purchasers to receive, upon surrender of the underlying securities acquired upon
exercise of the warrant, the total of the amount paid on original purchase of the warrant and the amount paid upon exercise, in
the event that this prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the exercise takes
place within 180 days of the date of the purchase of the warrant under the applicable prospectus supplement; and (ii) the right
of rescission is exercised within 180 days of the date of purchase of the warrant under the applicable prospectus supplement. This
contractual right of rescission will be consistent with the statutory right of rescission described under section 131 of the <I>Securities
Act</I> (British Columbia), and is in addition to any other right or remedy available to original purchasers under section 131
of the <I>Securities Act</I> (British Columbia) or otherwise at law.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In an offering of warrants, or other convertible
securities, original purchasers are cautioned that the statutory right of action for damages for a misrepresentation contained
in the prospectus is limited, in certain provincial securities legislation, to the price at which the warrants, or other convertible
securities, are offered to the public under the prospectus offering. This means that, under the securities legislation of certain
provinces, if the purchaser pays additional amounts upon conversion, exchange or exercise of such securities, those amounts may
not be recoverable under the statutory right of action for damages that applies in those provinces. The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser&rsquo;s province for the particulars of these rights,
or consult with a legal advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Equity Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of equity
warrants will be described in the applicable prospectus supplement. This description will include, where applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of equity warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the equity warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the equity warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the equity warrants will commence and the date on which
the right will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each equity warrant and the
price at which and currency or currencies in which the Common Shares may be purchased upon exercise of each equity warrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of any provisions allowing or providing for adjustments in (i) the number and/or class
of Common Shares that may be purchased, (ii) the exercise price per Common Share or (iii) the expiry of the equity warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue fractional shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company has applied to list the equity warrants or the underlying shares on a securities
exchange or automated interdealer quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any securities with which the equity warrants will be offered, if
any, and the number of the equity warrants that will be offered with each security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the equity warrants and the related securities will
be transferable separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the equity warrants will be subject to redemption or call and, if so, the terms of such
redemption or call provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the equity warrants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the equity warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the exercise of their warrants,
holders of warrants will not have any of the rights of holders of the securities subject to the warrants.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofunits"></A>DESCRIPTION
OF UNITS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna may issue units, which may consist
of one or more Common Shares, warrants or any combination of securities as is specified in the relevant prospectus supplement.
In addition, the relevant prospectus supplement relating to an offering of units will describe all material terms of any units
offered, including, as applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of units being offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the units will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the securities comprising the units and any agreement governing
the units;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the securities comprising the units will be transferable
separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will apply to list the units on a securities exchange or automated interdealer
quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the units, including how the
purchase price paid for the units will be allocated among the securities comprising the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the units.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofsub"></A>DESCRIPTION
OF SUBSCRIPTION RECEIPTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna may issue subscription receipts
separately or in combination with one or more other securities. The subscription receipts will entitle holders thereof to receive,
upon satisfaction of certain Release Conditions (as defined herein) and for no additional consideration, Common Shares, warrants
or any combination thereof. Subscription receipts will be issued pursuant to one or more subscription receipt agreements (each,
a &ldquo;<B>Subscription Receipt Agreement</B>&rdquo;), each to be entered into between the Company and an escrow agent (the &ldquo;<B>Escrow
Agent</B>&rdquo;) that will be named in the relevant prospectus supplement. Each Escrow Agent will be a financial institution organized
under the laws of Canada or a province thereof and authorized to carry on business as a trustee. If underwriters or agents are
used in the sale of any subscription receipts, one or more of such underwriters or agents may also be a party to the Subscription
Receipt Agreement governing the subscription receipts sold to or through such underwriter or agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain
general terms and provisions of subscription receipts that may be issued hereunder and is not intended to be complete. The statements
made in this prospectus relating to any Subscription Receipt Agreement and subscription receipts to be issued thereunder are summaries
of certain anticipated provisions thereof and are subject to, and are qualified in their entirety by reference to, all provisions
of the applicable Subscription Receipt Agreement. Prospective investors should refer to the Subscription Receipt Agreement relating
to the specific subscription receipts being offered for the complete terms of the subscription receipts. Fortuna will file a copy
of any Subscription Receipt Agreement relating to an offering of subscription receipts with the securities commissions or similar
regulatory authorities in applicable Canadian offering jurisdictions and in the United States, after it has been entered into,
and such Subscription Receipt Agreement will be available electronically on SEDAR under the Company&rsquo;s issuer profile at
www.sedar.com and on EDGAR at <FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement and the Subscription
Receipt Agreement for any subscription receipts that the Company may offer will describe the specific terms of the subscription
receipts offered. This description may include, but may not be limited to, any of the following, if applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of subscription receipts being offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the subscription receipts will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the Common Shares, warrants or a combination thereof to be
received by the holders of subscription receipts upon satisfaction of the Release Conditions (as defined herein), and any procedures
that will result in the adjustment of those numbers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conditions that must be met in order for holders of subscription receipts to receive, for no
additional consideration, the Common Shares, warrants or a combination thereof (the &ldquo;<B>Release Conditions</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures for the issuance and delivery of the Common Shares, warrants or a combination thereof
to holders of subscription receipts upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether any payments will be made to holders of subscription receipts upon delivery of the Common
Shares, warrants or a combination thereof upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the Escrow Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds
from the sale of subscription receipts, together with interest and income earned thereon (collectively, the &ldquo;<B>Escrowed
Funds</B>&rdquo;), pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions pursuant to which the Escrow Agent will hold Common Shares, warrants or
a combination thereof pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed
Funds to the Company upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the subscription receipts are sold to or through underwriters or agents, the terms and conditions
under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a
portion of their fees or commissions in connection with the sale of the subscription receipts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">procedures for the refund by the Escrow Agent to holders of subscription receipts of all or a portion
of the subscription price of their subscription receipts, plus any <I>pro rata</I> entitlement to interest earned or income generated
on such amount, if the Release Conditions are not satisfied;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any contractual right of rescission to be granted to initial purchasers of subscription receipts
in the event that this prospectus, the prospectus supplement under which subscription receipts are issued or any amendment hereto
or thereto contains a misrepresentation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any entitlement of Fortuna to purchase the subscription receipts in the open market by private
agreement or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the subscription receipts as global securities and, if so, the identity
of the depository for the global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the subscription receipts as bearer securities, as registered securities
or both;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of the Subscription Receipt Agreement or
any rights or terms of the subscription receipts, including upon any subdivision, consolidation, reclassification or other material
change of the Common Shares, warrants or other Fortuna securities, any other reorganization, amalgamation, merger or sale of all
or substantially all of the Company&rsquo;s assets or any distribution of property or rights to all or substantially all of the
holders of Common Shares;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will apply to list the subscription receipts on a securities exchange or automated
interdealer quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the subscription receipts;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the subscription receipts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of subscription receipts
will have a contractual right of rescission against the Company in respect of the purchase and conversion of the subscription receipt.
The contractual right of rescission will entitle such original purchasers to receive the amount paid on original purchase of the
subscription receipt and the additional amount paid, upon conversion, if any, upon surrender of the underlying securities gained
thereby, in the event that this prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion
takes place within 180 days of the date of the purchase of the subscription receipt under this prospectus; and (ii) the right of
rescission is exercised within 180 days of the date of purchase of the subscription receipt under this prospectus. This contractual
right of rescission will be consistent with the statutory right of rescission described under section 131 of the <I>Securities
Act</I> (British Columbia), and is in addition to any other right or remedy available to original purchasers under section 131
of the <I>Securities Act</I> (British Columbia) or otherwise at law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Rights of Holders of Subscription Receipts
Prior to Satisfaction of Release Conditions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of subscription receipts will
not be, and will not have the rights of, shareholders of Fortuna. Holders of subscription receipts are entitled only to receive
Common Shares, warrants or a combination thereof on exchange of their subscription receipts, plus any cash payments, all as provided
for under the Subscription Receipt Agreement and only once the Release Conditions have been satisfied. If the Release Conditions
are not satisfied, holders of subscription receipts shall be entitled to a refund of all or a portion of the subscription price
thereof and all or a portion of the <I>pro rata</I> share of interest earned or income generated thereon, as provided in the Subscription
Receipt Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
provide that the Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be released to the Company
(and, if the subscription receipts are sold to or through underwriters or agents, a portion of the Escrowed Funds may be released
to such underwriters or agents in payment of all or a portion of their fees in connection with the sale of the subscription receipts)
at the time and under the terms specified by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders
of subscription receipts will receive a refund of all or a portion of the subscription price for their subscription receipts, plus
their <I>pro rata</I> entitlement to interest earned or income generated on such amount, if provided for in the Subscription Receipt
Agreement, in accordance with the terms of the Subscription Receipt Agreement. Common Shares or warrants may be held in escrow
by the Escrow Agent and will be released to the holders of subscription receipts following satisfaction of the Release Conditions
at the time and under the terms specified in the Subscription Receipt Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
specify the terms upon which modifications and alterations to the subscription receipts issued thereunder may be made by way of
a resolution of holders of subscription receipts at a meeting of such holders or consent in writing from such holders. The number
of holders of subscription receipts required to pass such a resolution or execute such a written consent will be specified in the
Subscription Receipt Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
also specify that the Company may amend any Subscription Receipt Agreement and the subscription receipts, without the consent of
the holders of the subscription receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision,
or in any other manner that will not materially and adversely affect the interests of the holders of outstanding subscription receipts
or as otherwise specified in the Subscription Receipt Agreement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionfofsharepurchase"></A>DESCRIPTION
OF SHARE PURCHASE CONTRACTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue share purchase contracts,
representing contracts obligating holders to purchase from or sell to the Company, and obligating the Company to purchase from
or sell to the holders, a specified number of Common Shares at a future date or dates, and including by way of instalment.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price per Common Share and the number
of Common Shares may be fixed at the time the share purchase contracts are issued or may be determined by reference to a specific
formula or method set forth in the share purchase contracts. The Company may issue share purchase contracts in accordance with
applicable laws and in such amounts and in as many distinct series as it may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The share purchase contracts may be issued
separately or as part of units consisting of a share purchase contract and beneficial interests in debt obligations of third parties,
securing the holders&rsquo; obligations to purchase the Common Shares under the share purchase contracts, which are referred to
in this prospectus as share purchase units. The share purchase contracts may require the Company to make periodic payments to the
holders of the share purchase units or vice versa, and these payments may be unsecured or refunded and may be paid on a current
or on a deferred basis. The share purchase contracts may require holders to secure their obligations under those contracts in a
specified manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of share purchase contracts are
not shareholders of the Company. The particular terms and provisions of share purchase contracts offered by any prospectus supplement,
and the extent to which the general terms and provisions described below may apply to them, will be described in the applicable
prospectus supplement filed in respect of such share purchase contracts. This description will include, where applicable: (i) whether
the share purchase contracts obligate the holder to purchase or sell, or both purchase and sell, Common Shares and the nature and
amount of those securities, or the method of determining those amounts&#894; (ii) whether the share purchase contracts are to be
prepaid or not or paid in instalments&#894; (iii) any conditions upon which the purchase or sale will be contingent and the consequences
if such conditions are not satisfied&#894; (iv) whether the share purchase contracts are to be settled by delivery, or by reference
or linkage to the value or performance of Common Shares&#894; (v) any acceleration, cancellation, termination or other provisions
relating to the settlement of the share purchase contracts&#894; (vi) the date or dates on which the sale or purchase must be made,
if any&#894; (vii) whether the share purchase contracts will be issued in fully registered or global form&#894; (viii) the material
income tax consequences of owning, holding and disposing of the share purchase contracts&#894; and (ix) any other material terms
and conditions of the share purchase contracts including, without limitation, transferability and adjustment terms and whether
the share purchase contracts will be listed on a securities exchange or automated interdealer quotation system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of share purchase contracts
will be granted a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of such
share purchase contract. The contractual right of rescission will entitle such original purchasers to receive the amount paid upon
conversion, exchange or exercise, upon surrender of the underlying securities gained thereby, in the event that this prospectus
(as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion, exchange or exercise takes place
within 180 days of the date of the purchase of the convertible, exchangeable or exercisable security under this prospectus; and
(ii) the right of rescission is exercised within 180 days of the date of the purchase of the convertible, exchangeable or exercisable
security under this prospectus. This contractual right of rescission will be consistent with the statutory right of rescission
described under section 131 of the <I>Securities Act</I> (British Columbia), and is in addition to any other right or remedy available
to original purchasers under section 131 of the <I>Securities Act</I> (British Columbia) or otherwise at law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofdebtsecurities"></A>DESCRIPTION
OF DEBT SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this description of debt securities,
 &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or &ldquo;the Company&rdquo; refers to Fortuna Silver Mines Inc., but not
to its subsidiaries. This section describes the general terms that will apply to any debt securities issued pursuant to this prospectus.
We may issue debt securities in one or more series under an indenture, or the indenture, to be entered into between us and one
or more trustees. The indenture will be subject to and governed by the United States <I>Trust Indenture Act of 1939</I>, as amended
(the &ldquo;<B>Trust Indenture Act</B>&rdquo;) and the British Columbia <I>Business Corporations Act</I> (the &ldquo;<B>BCBCA</B>&rdquo;).
A copy of the form of the indenture is being filed with the SEC as an exhibit to the registration statement of which this prospectus
forms a part. The following description sets forth certain general terms and provisions of the debt securities and is not intended
to be complete. For a more complete description, prospective investors should refer to the indenture and the terms of the debt
securities. If debt securities are issued, we will describe in the applicable prospectus supplement the particular terms and provisions
of any series of the debt securities and a description of how the general terms and provisions described below may apply to that
series of the debt securities. Prospective investors should rely on information in the applicable prospectus supplement and not
on the following information to the extent that the information in such prospectus supplement is different from the following information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities and incur
additional indebtedness other than through the offering of debt securities pursuant to this prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will not limit the aggregate
principal amount of debt securities that we may issue under the indenture and will not limit the amount of other indebtedness that
we may incur. The indenture will provide that we may issue debt securities from time to time in one or more series and may be denominated
and payable in U.S. dollars, Canadian dollars or any foreign currency. Unless otherwise indicated in the applicable prospectus
supplement, the debt securities will be our unsecured obligations. The indenture will also permit us to increase the principal
amount of any series of the debt securities previously issued and to issue that increased principal amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement for
any series of debt securities that we offer will describe the specific terms of the debt securities and may include, but is not
limited to, any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate principal amount of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the percentage of principal amount at which the debt securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether payment on the debt securities will be senior or subordinated to our other liabilities
or obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the payment of the debt securities will be guaranteed by any other person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, or the methods by which such dates will be determined or extended, on which
we may issue the debt securities and the date or dates, or the methods by which such dates will be determined or extended, on which
we will pay the principal and any premium on the debt securities and the portion (if less than the principal amount) of debt securities
to be payable upon a declaration of acceleration of maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will bear interest, the interest rate (whether fixed or variable) or
the method of determining the interest rate, the date from which interest will accrue, the dates on which we will pay interest
and the record dates for interest payments, or the methods by which such dates will be determined or extended;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the place or places we will pay principal, premium, if any, and interest and the place or places
where debt securities can be presented for registration of transfer or exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether and under what circumstances we will be required to pay any additional amounts for withholding
or deduction for Canadian taxes with respect to the debt securities, and whether and on what terms we will have the option to redeem
the debt securities rather than pay the additional amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will be obligated to redeem or repurchase the debt securities pursuant to any sinking
or purchase fund or other provisions, or at the option of a holder and the terms and conditions of such redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we may redeem the debt securities at our option and the terms and conditions of any such
redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the denominations in which we will issue any registered debt securities, if other than denominations
of U.S.$2,000 and any multiple of U.S.$1,000 and, if other than denominations of U.S.$5,000, the denominations in which any unregistered
debt security shall be issuable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will make payments on the debt securities in a currency or currency unit other than
U.S. dollars or by delivery of our Common Shares or other property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether payments on the debt securities will be payable with reference to any index or formula;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will issue the debt securities as global securities and, if so, the identity of the
depositary for the global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will issue the debt securities as unregistered securities (with or without coupons),
registered securities or both;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the periods within which and the terms and conditions, if any, upon which we may redeem the debt
securities prior to maturity and the price or prices of which and the currency or currency units in which the debt securities are
payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any changes or additions to events of default or covenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the applicability of, and any changes or additions to, the provisions for defeasance described
under &ldquo;<I>Defeasance</I>&rdquo; below;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the holders of any series of debt securities have special rights if specified events occur;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any mandatory or optional redemption or sinking fund or analogous provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms, if any, for any conversion or exchange of the debt securities for any other securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">rights, if any, on a change of control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of any rights or terms attaching to the debt
securities;&nbsp;and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms, conditions, rights and preferences (or limitations on such rights and preferences)
including covenants and events of default which apply solely to a particular series of the debt securities being offered which
do not apply generally to other debt securities, or any covenants or events of default generally applicable to the debt securities
which do not apply to a particular series of the debt securities.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless stated otherwise in the applicable
prospectus supplement, no holder of debt securities will have the right to require us to repurchase the debt securities and there
will be no increase in the interest rate if we become involved in a highly leveraged transaction or we have a change of control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities bearing no
interest or interest at a rate below the prevailing market rate at the time of issuance, and offer and sell these securities at
a discount below their stated principal amount. We may also sell any of the debt securities for a foreign currency or currency
unit, and payments on the debt securities may be payable in a foreign currency or currency unit. In any of these cases, we will
describe certain Canadian federal and U.S. federal income tax consequences and other special considerations in the applicable prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities with terms
different from those of debt securities previously issued and, without the consent of the holders thereof, we may reopen a previous
issue of a series of debt securities and issue additional debt securities of such series (unless the reopening was restricted when
such series was created).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt Securities in Global Form</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Depositary and Book-Entry</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement, a series of the debt securities may be issued in whole or in part in global form as a &ldquo;global security&rdquo;
and will be registered in the name of and be deposited with a depositary, or its nominee, each of which will be identified in the
applicable prospectus supplement relating to that series. Unless and until exchanged, in whole or in part, for the debt securities
in definitive registered form, a global security may not be transferred except as a whole by the depositary for such global security
to a nominee of the depositary, by a nominee of the depositary to the depositary or another nominee of the depositary or by the
depositary or any such nominee to a successor of the depositary or a nominee of the successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific terms of the depositary arrangement
with respect to any portion of a particular series of the debt securities to be represented by a global security will be described
in the applicable prospectus supplement relating to such series. We anticipate that the provisions described in this section will
apply to all depositary arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the issuance of a global security,
the depositary therefor or its nominee will credit, on its book entry and registration system, the respective principal amounts
of the debt securities represented by the global security to the accounts of such persons, designated as &ldquo;participants&rdquo;,
having accounts with such depositary or its nominee. Such accounts shall be designated by the underwriters, dealers or agents participating
in the distribution of the debt securities or by us if such debt securities are offered and sold directly by us. Ownership of beneficial
interests in a global security will be limited to participants or persons that may hold beneficial interests through participants.
Ownership of beneficial interests in a global security will be shown on, and the transfer of that ownership will be effected only
through, records maintained by the depositary therefor or its nominee (with respect to interests of participants) or by participants
or persons that hold through participants (with respect to interests of persons other than participants). The laws of some states
in the United&nbsp;States may require that certain purchasers of securities take physical delivery of such securities in definitive
form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as the depositary for a global
security or its nominee is the registered owner of the global security, such depositary or such nominee, as the case may be, will
be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the indenture.
Except as provided below, owners of beneficial interests in a global security will not be entitled to have a series of the debt
securities represented by the global security registered in their names, will not receive or be entitled to receive physical delivery
of such series of the debt securities in definitive form and will not be considered the owners or holders thereof under the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payments of principal, premium, if
any, and interest, if any, on global securities registered in the name of a depositary or its nominee will be made to the depositary
or its nominee, as the case may be, as the registered owner of the global security representing such debt securities. None of us,
the trustee or any paying agent for the debt securities represented by the global securities will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests of the global security
or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that the depositary for a global
security or its nominee, upon receipt of any payment of principal, premium, if any, or interest, if any, will credit participants&rsquo;
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global
security as shown on the records of such depositary or its nominee. We also expect that payments by participants to owners of beneficial
interests in a global security held through such participants will be governed by standing instructions and customary practices,
as is now the case with securities held for the accounts of customers registered in &ldquo;street name&rdquo;, and will be the
responsibility of such participants.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discontinuance of Depositary&rsquo;s
Services</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a depositary for a global security representing
a particular series of the debt securities is at any time unwilling or unable to continue as depositary and a successor depositary
is not appointed by us within 90&nbsp;days, we will issue such series of the debt securities in definitive form in exchange for
a global security representing such series of the debt securities. If an event of default under the indenture has occurred and
is continuing, debt securities in definitive form will be printed and delivered upon written request by the holder to the trustee.
In addition, we may at any time and in our sole discretion determine not to have a series of the debt securities represented by
a global security and, in such event, will issue a series of the debt securities in definitive form in exchange for all of the
global securities representing that series of debt securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt Securities in Definitive Form</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A series of the debt securities may be
issued in definitive form, solely as registered securities, solely as unregistered securities or as both registered securities
and unregistered securities. Registered securities will be issuable in denominations of U.S.$2,000 and integral multiples of U.S.$1,000
and unregistered securities will be issuable in denominations of U.S.$5,000 and integral multiples of U.S.$5,000 or, in each case,
in such other denominations as may be set out in the terms of the debt securities of any particular series. Unless otherwise indicated
in the applicable prospectus supplement, unregistered securities will have interest coupons attached.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable
prospectus supplement, payment of principal, premium, if any, and interest, if any, on the debt securities (other than global securities)
will be made at the office or agency of the trustee, or at our option we can pay principal, interest, if any, and premium, if any,
by check mailed or delivered to the address of the person entitled at the address appearing in the security register of the trustee
or electronic funds wire or other transmission to an account of the person entitled to receive payments. Unless otherwise indicated
in the applicable prospectus supplement, payment of interest, if any, will be made to the persons in whose name the debt securities
are registered at the close of business on the day or days specified by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the option of the holder of debt securities,
registered securities of any series will be exchangeable for other registered securities of the same series, of any authorized
denomination and of a like aggregate principal amount and tenor. If, but only if, provided in an applicable prospectus supplement,
unregistered securities (with all unmatured coupons, except as provided below, and all matured coupons in default) of any series
may be exchanged for registered securities of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor. In such event, unregistered securities surrendered in a permitted exchange for registered securities between
a regular record date or a special record date and the relevant date for payment of interest shall be surrendered without the coupon
relating to such date for payment of interest, and interest will not be payable on such date for payment of interest in respect
of the registered security issued in exchange for such unregistered security, but will be payable only to the holder of such coupon
when due in accordance with the terms of the indenture. Unless otherwise specified in an applicable prospectus supplement, unregistered
securities will not be issued in exchange for registered securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement may
indicate the places to register a transfer of the debt securities in definitive form. Except for certain restrictions set forth
in the indenture, no service charge will be payable by the holder for any registration of transfer or exchange of the debt securities
in definitive form, but we may, in certain instances, require a sum sufficient to cover any tax or other governmental charges payable
in connection with these transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We shall not be required to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of or exchange any series of the debt securities in definitive form
during a period beginning at the opening of business 15 days before any selection of securities of that series of the debt securities
to be redeemed and ending on the relevant redemption date if the debt securities for which such issuance, registration or exchange
is requested may be among those selected for redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">register the transfer of or exchange any registered security in definitive form, or portion thereof,
called for redemption, except the unredeemed portion of any registered security being redeemed in part;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exchange any unregistered security called for redemption except to the extent that such unregistered
security may be exchanged for a registered security of that series and like tenor; provided that such registered security will
be simultaneously surrendered for redemption with written instructions for payment consistent with the provisions of the indenture;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of or exchange any of the debt securities in definitive form which
have been surrendered for repayment at the option of the holder, except the portion, if any, thereof not to be so repaid.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merger, Amalgamation or Consolidation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will provide that we may
not consolidate with or amalgamate or merge with or into any other person, enter into any statutory arrangement with any person
or convey, transfer or lease our properties and assets substantially as an entirety to another person, unless among other items:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are the surviving person, or the resulting, surviving or transferee person, if other than us,
is organized and existing under the laws of the United States, any state thereof or the District of Columbia, Canada, or any province
or territory thereof, or, if the amalgamation, merger, consolidation, statutory arrangement or other transaction would not impair
the rights of holders, any other country;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the successor person (if not us) assumes all of our obligations under the debt securities and the
indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we or such successor person will not be in default under the indenture immediately after the transaction.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When such a person assumes our obligations
in such circumstances, subject to certain exceptions, we shall be discharged from all obligations under the debt securities and
the indenture.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provision of Financial Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will file with the trustee, within 20&nbsp;days
after we file or furnish them with the SEC, copies of our annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which we are required to file
or furnish with the SEC pursuant to Section&nbsp;13 or 15(d) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding that we may not remain
subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly
basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, we will
continue to provide the trustee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">within 20 days after the time periods required for the filing or furnishing of such forms by the
SEC, annual reports on Form 40-F or Form 20-F, as applicable, or any successor form;&nbsp;and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">within 20&nbsp;days after the time periods required for the filing of such forms by the SEC, reports
on Form 6-K (or any successor form), which, regardless of applicable requirements shall, at a minimum, contain such information
required to be provided in quarterly reports under the laws of Canada or any province thereof to security holders of a company
with securities listed on the TSX, whether or not we have any of the debt securities listed on such exchange. Each of such reports,
to the extent permitted by the rules and regulations of the SEC, will be prepared in accordance with Canadian disclosure requirements
and generally accepted accounting principles provided, however, that we shall not be obligated to file or furnish such reports
with the SEC if the SEC does not permit such filings.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement relating to a particular series of debt securities, the following is a summary of events which will, with
respect to any series of the debt securities, constitute an event of default under the indenture with respect to the debt securities
of that series:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay principal of, or any premium on, any debt security of that series when it is due
and payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay interest or any additional amounts payable on any debt security of that series when
it becomes due and payable, and such default continues for 30 days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to make any required sinking fund or analogous payment for that series of debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to observe or perform any of the covenants described in the section above &ldquo;<I>Merger,
Amalgamation or Consolidation</I>&rdquo; for a period of 30 days;</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to comply with any of our other agreements in the indenture that affect or are applicable
to the debt securities for 60 days after written notice by the trustee or to us and the trustee by holders of at least 25% in aggregate
principal amount of the outstanding debt securities of any series affected thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a default (as defined in any indenture or instrument under which we or one of our subsidiaries
has at the time of the indenture relating to this prospectus or will thereafter have outstanding any indebtedness) has occurred
and is continuing, or we or any of our subsidiaries has failed to pay principal amounts with respect to such indebtedness at maturity
and such event of default or failure to pay has resulted in such indebtedness under such indentures or instruments being declared
due, payable or otherwise being accelerated, in either event so that an amount in excess of the greater of U.S.$5,000,000 and 2%
of our shareholders&rsquo; equity will be or become due, payable and accelerated upon such declaration or prior to the date on
which the same would otherwise have become due, payable and accelerated, or the accelerated indebtedness, and such acceleration
will not be rescinded or annulled, or such event of default or failure to pay under such indenture or instrument will not be remedied
or cured, whether by payment or otherwise, or waived by the holders of such accelerated indebtedness, then (i)&nbsp;if the accelerated
indebtedness will be as a result of an event of default which is not related to the failure to pay principal or interest on the
terms, at the times, and on the conditions set out in any such indenture or instrument, it will not be considered an event of default
for the purposes of the indenture governing the debt securities relating to this prospectus until 30&nbsp;days after such indebtedness
has been accelerated, or (ii)&nbsp;if the accelerated indebtedness will occur as a result of such failure to pay principal or interest
or as a result of an event of default which is related to the failure to pay principal or interest on the terms, at the times,
and on the conditions set out in any such indenture or instrument, then (A)&nbsp;if such accelerated indebtedness is, by its terms,
non-recourse to us or our subsidiaries, it will be considered an event of default for purposes of the indenture governing the debt
securities relating to this prospectus; or (B)&nbsp;if such accelerated indebtedness is recourse to us or our subsidiaries, any
requirement in connection with such failure to pay or event of default for the giving of notice or the lapse of time or the happening
of any further condition, event or act under such indenture or instrument in connection with such failure to pay or event of default
will be applicable together with an additional seven days before being considered an event of default for the purposes of the indenture
relating to this prospectus;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain events involving our bankruptcy, insolvency or reorganization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other event of default provided for in that series of debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A default under one series of debt securities
will not necessarily be a default under another series. The trustee may withhold notice to the holders of the debt securities of
any default, except in the payment of principal or premium, if any, or interest, if any, if in good faith it considers it in the
interests of the holders to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an event of default for any series of
debt securities occurs and continues, the trustee or the holders of at least 25% in aggregate principal amount of the debt securities
of that series, subject to any subordination provisions, may require us to repay immediately:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the entire principal and interest and premium, if any, of the debt securities of the series;&nbsp;or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the debt securities are discounted securities, that portion of the principal as is described
in the applicable prospectus supplement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an event of default relates to events
involving our bankruptcy, insolvency or reorganization, the principal of all debt securities will become immediately due and payable
without any action by the trustee or any holder. Subject to certain conditions, the holders of a majority of the aggregate principal
amount of the debt securities of the affected series can rescind this accelerated payment requirement. If debt securities are discounted
securities, the applicable prospectus supplement will contain provisions relating to the acceleration of maturity of a portion
of the principal amount of the discounted securities upon the occurrence or continuance of an event of default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than its duties in case of a default,
the trustee is not obligated to exercise any of the rights or powers that it will have under the indenture at the request, order
or direction of any holders, unless the holders offer the trustee reasonable indemnity. If they provide this reasonable indemnity,
the holders of a majority in aggregate principal amount of any series of debt securities may, subject to certain limitations, direct
the time, method and place of conducting any proceeding or any remedy available to the trustee, or exercising any power conferred
upon the trustee, for any series of debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be required to furnish to the trustee
a statement annually as to our compliance with all conditions and covenants under the indenture and, if we are not in compliance,
we must specify any defaults. We will also be required to notify the trustee as soon as practicable upon becoming aware of any
event of default.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No holder of a debt security of any series
will have any right to institute any proceeding with respect to the indenture, or for the appointment of a receiver or a trustee,
or for any other remedy, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder has previously given to the trustee written notice of a continuing event of default
with respect to the debt securities of the affected series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holders of at least 25% in principal amount of the outstanding debt securities of the series
affected by an event of default have made a written request, and the holders have offered reasonable indemnity, to the trustee
to institute a proceeding as trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the trustee has failed to institute a proceeding, and has not received from the holders of a majority
in aggregate principal amount of the outstanding debt securities of the series affected by an event of default a direction inconsistent
with the request, within 60 days after their notice, request and offer of indemnity.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, such above-mentioned limitations
do not apply to a suit instituted by the holder of a debt security for the enforcement of payment of the principal of or any premium,
if any, or interest on such debt security on or after the applicable due date specified in such debt security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When we use the term &ldquo;defeasance&rdquo;,
we mean discharge from some or all of our obligations under the indenture. Unless otherwise specified in the applicable prospectus
supplement, if we deposit with the trustee sufficient cash or government securities to pay the principal, interest, if any, premium,
if any, and any other sums due to the stated maturity date or a redemption date of the debt securities of a series, then at our
option:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will be discharged from the obligations with respect to the debt securities of that series;&nbsp;or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will no longer be under any obligation to comply with certain restrictive covenants under the
indenture, and certain events of default will no longer apply to us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this happens, the holders of the debt
securities of the affected series will not be entitled to the benefits of the indenture except for registration of transfer and
exchange of debt securities and the replacement of lost, stolen or mutilated debt securities. These holders may look only to the
deposited fund for payment on their debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To exercise our defeasance option, we must
deliver to the trustee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an opinion of counsel in the United States to the effect that the holders of the outstanding debt
securities of the affected series will not recognize a gain or loss for U.S. federal income tax purposes as a result of a defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if the defeasance had not occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an opinion of counsel in Canada or a ruling from the Canada Revenue Agency to the effect that the
holders of the outstanding debt securities of the affected series will not recognize income, or a gain or loss for Canadian federal,
provincial or territorial income or other tax purposes as a result of a defeasance and will be subject to Canadian federal, provincial
or territorial income tax and other tax on the same amounts, in the same manner and at the same times as would have been the case
had the defeasance not occurred; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a certificate of one of our officers and an opinion of counsel, each stating that all conditions
precedent provided for relating to defeasance have been complied with.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are to be discharged from our obligations
with respect to the debt securities, and not just from our covenants, the U.S. opinion must be based upon a ruling from or published
by the United States Internal Revenue Service or a change in law to that effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the delivery of the opinions
described above, the following conditions must be met before we may exercise our defeasance option:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no event of default or event that, with the passing of time or the giving of notice, or both, shall
constitute an event of default shall have occurred and be continuing for the debt securities of the affected series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are not an &ldquo;insolvent person&rdquo; within the meaning of applicable bankruptcy and insolvency
legislation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other customary conditions precedent are satisfied.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modifications and amendments of the indenture
may be made by us and the trustee with the consent of the holders of a majority in aggregate principal amount of the outstanding
debt securities of each series affected by the modification. However, without the consent of each holder affected, no modification
may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the stated maturity of the principal of, premium, if any, or any installment of interest,
if any, on any debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the principal, premium, if any, or rate of interest, if any, or any obligation to pay any
additional amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the amount of principal of a debt security payable upon acceleration of its maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the place or currency of any payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">affect the holder&rsquo;s right to require us to repurchase the debt securities at the holder&rsquo;s
option;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impair the right of the holders to institute a suit to enforce their rights to payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adversely affect any conversion or exchange right related to a series of debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the percentage of debt securities required to modify the indenture or to waive compliance
with certain provisions of the indenture; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the percentage in principal amount of outstanding debt securities necessary to take certain
actions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of a majority in principal
amount of outstanding debt securities of any series may on behalf of the holders of all debt securities of that series waive, insofar
as only that series is concerned, past defaults under the indenture and compliance by us with certain restrictive provisions of
the indenture. However, these holders may not waive a default in any payment on any debt security or compliance with a provision
that cannot be modified without the consent of each holder affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may modify the indenture without the
consent of the holders to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evidence our successor under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add covenants or surrender any right or power for the benefit of holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add events of default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide for unregistered securities to become registered securities under the indenture and make
other such changes to unregistered securities that in each case do not materially and adversely affect the interests of holders
of outstanding securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">establish the forms of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appoint a successor trustee under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add provisions to permit or facilitate the defeasance or discharge of the debt securities as long
as there is no material adverse effect on the holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cure any ambiguity, correct or supplement any defective or inconsistent provision, make any other
provisions in each case that would not materially and adversely affect the interests of holders of outstanding securities and related
coupons, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">comply with any applicable laws of the United States and Canada in order to effect and maintain
the qualification of the indenture under the Trust&nbsp;Indenture Act; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change or eliminate any provisions where such change takes effect when there are no securities
outstanding under the indenture.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture and the debt securities will
be governed by and construed in accordance with the laws of the State of New York.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trustee under the indenture or its
affiliates may provide banking and other services to us in the ordinary course of their business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will contain certain limitations
on the rights of the trustee, as long as it or any of its affiliates remains our creditor, to obtain payment of claims in certain
cases or to realize on certain property received on any claim as security or otherwise. The trustee and its affiliates will be
permitted to engage in other transactions with us. If the trustee or any affiliate acquires any conflicting interest and a default
occurs with respect to the debt securities, the trustee must eliminate the conflict or resign.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trustee may resign or be removed with
respect to one or more series of the debt securities and a successor trustee may be appointed to act with respect to such series.
In the event that two or more persons are acting as trustee with respect to different series of debt securities, each such trustee
shall be a trustee of a trust under the indenture separate and apart from the trust administered by any other such trustee, and
any action described herein to be taken by the &ldquo;trustee&rdquo; may then be taken by each such trustee with respect to, and
only with respect to, the one or more series of debt securities for which it is trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since all or substantially all of our assets,
as well as the assets of some of our directors and officers, are outside the United States, any judgment obtained in the United
States against us or certain of our directors or officers, including judgments with respect to the payment of principal on the
debt securities, may not be collectible within the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised that the laws of the
Province of British Columbia and the federal laws of Canada applicable therein permit an action to be brought against us in a court
of competent jurisdiction in the Province of British Columbia on any final and conclusive judgment in personam of any federal or
state court located in the State of New York, or a New York Court, which is subsisting and unsatisfied for a sum certain with respect
to the enforcement of the indenture and the debt securities that is not impeachable as void or voidable under the internal laws
of the State of New York if: (1)&nbsp;the New York Court rendering such judgment had jurisdiction over the judgment debtor, as
recognized by the courts of the Province of British Columbia (and submission by us in the indenture to the jurisdiction of the
New York Court will be sufficient for that purpose); (2)&nbsp;proper service of process in respect of the proceedings in which
such judgment was obtained was made in accordance with New York law; (3)&nbsp;such judgment was not obtained by fraud or in a manner
contrary to natural justice and the enforcement thereof would not be inconsistent with general principles of equity and public
policy, as such terms are understood under the laws of the Province of British Columbia, the federal laws of Canada or contrary
to any order or judgment made by the Attorney General of Canada and under the <I>Foreign Extraterritorial Measures Act </I>(Canada)
or by the Competition Tribunal under the <I>Competition Act </I>(Canada); (4)&nbsp;the enforcement of such judgment would not be
contrary to the laws of general application limiting the enforcement of creditors&rsquo; rights, including bankruptcy, reorganization,
winding-up, moratorium and similar laws, and does not constitute, directly or indirectly, the enforcement of foreign laws which
a court in the Province of British Columbia would characterize as revenue, expropriatory or penal laws; (5)&nbsp;in an action to
enforce a default judgment, the judgment does not contain a manifest error on its face; (6)&nbsp;the action to enforce such judgment
is commenced within the appropriate limitation period and is commenced and maintained in accordance with the procedural requirements
of the laws of the Province of British Columbia; (7)&nbsp;interest payable on the debt securities is not characterized by a court
in the Province of British Columbia as interest payable at a criminal rate within the meaning of Section&nbsp;347 of the <I>Criminal
Code </I>(Canada); (8) any interest accruing on the judgment is calculated in accordance with the <I>Court Order Interest Act</I>
(British Columbia); and (9)&nbsp;the judgment does not conflict with another final and conclusive judgment in the same cause of
action; except that a court in the Province of British Columbia may stay an action to enforce a foreign judgment if an appeal of
a judgment is pending or time for appeal has not expired; and except that any court in the Province of British Columbia may give
judgment only in Canadian dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised that there is doubt
as to the enforceability in Canada by a court in original actions, or in actions to enforce judgments of U.S.&nbsp;courts, of civil
liabilities predicated solely upon the U.S. federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The foregoing summary of certain of
the principal provisions of the securities is a summary of anticipated terms and conditions only and is qualified in its entirety
by the description in the applicable prospectus supplement under which any securities are being offered.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="certainincometaxconsiderations"></A>CERTAIN
INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement may
describe certain Canadian federal income tax consequences to an investor who is a non-resident of Canada or to an investor who
is a resident of Canada of acquiring, owning and disposing of any of our securities offered thereunder. The applicable prospectus
supplement may also describe certain U.S. federal income tax consequences of the acquisition, ownership and disposition of any
of our securities offered thereunder by an initial investor who is a U.S. person (within the meaning of the U.S. Internal Revenue
Code of 1986). Investors should read the tax discussion in any prospectus supplement with respect to a particular offering and
consult their own tax advisors with respect to their own particular circumstances.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="planofdistribution"></A>PLAN OF
DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell securities offered
by this prospectus for cash or other consideration (i) to or through underwriters, dealers, placement agents or other intermediaries,
(ii) directly to one or more purchasers or (iii) in connection with acquisitions of assets or shares or another entity or company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each prospectus supplement with respect
to our securities being offered will set forth the terms of the offering, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the person offering the securities (the Company(s));</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name or names of any underwriters, dealers or other placement agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number and the purchase price of, and form of consideration for, the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the proceeds to the Company from such sale; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any commissions, fees, discounts and other items constituting underwriters&rsquo;, dealers&rsquo;
or agents&rsquo; compensation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters or dealers may make
sales of our securities in privately negotiated transactions and/or any other method permitted by law and our securities may be
sold, from time to time, in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing
at the time of sale, at prices related to such prevailing market price or at negotiated prices, including sales in transactions
that are deemed to be &ldquo;at the market distributions&rdquo; as defined in National Instrument 44-102 - <I>Shelf Distributions</I>,
including sales made directly on the TSX, NYSE or other existing trading markets for the securities. The prices at which the securities
may be offered may vary as between purchasers and during the period of distribution. If, in connection with the offering of securities
at a fixed price or prices, the underwriters have made a <I>bona fide</I> effort to sell all of the securities at the initial offering
price fixed in the applicable prospectus supplement, the public offering price may be decreased and thereafter further changed,
from time to time, to an amount not greater than the initial offering price fixed in such prospectus supplement, in which case
the compensation realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the
securities is less than the gross proceeds paid by the underwriters to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Company determines
to pursue an &ldquo;at the market&rdquo; offering in Canada, the Company will apply for the required exemptive relief from the
applicable Canadian securities commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only underwriters named in the prospectus
supplement are deemed to be underwriters in connection with our securities offered by that prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may agree to pay the underwriters
or agents a commission for various services relating to the issue and sale of any securities offered hereby. Where the Company
pays such commission, it will be paid out of the general corporate funds of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements which the Company may
enter into, underwriters, dealers and agents who participate in the distribution of our securities may be entitled to indemnification
by us against certain liabilities, including liabilities under the U.S. Securities Act and applicable Canadian securities legislation,
or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof.
The underwriters, dealers and agents with whom we enter into agreements may be customers of, engage in transactions with, or perform
services for, us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriter or dealer involved in an
 &ldquo;at the market distribution&rdquo; as defined under applicable Canadian securities legislation, no affiliate of such underwriter
or dealer and no person acting jointly or in concert with such underwriter or dealer has over-allotted, or will over allot, our
securities in connection with an &ldquo;at the market distribution&rdquo; offering of our securities or effect any other transactions
that are intended to stabilize the market price of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of our
securities, other than an &ldquo;at the market distribution&rdquo;, the underwriters may over-allot or effect transactions which
stabilize or maintain the market price of our securities offered at a level above that which might otherwise prevail in the open
market. Such transactions, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="agentforserviceofprocess"></A>AGENT FOR
SERVICE OF PROCESS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The people named below reside outside of
Canada or, in the case of companies, are incorporated, continued or otherwise organized under the laws of a foreign jurisdiction,
and each has appointed the following agent for service of process:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Person or Company</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name and Address of Agent</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jorge Ganoza Durant, President and Chief
        Executive Officer of the Company and a director of the Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mario Szotlender, a director of the Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alfredo Sillau, a director of the Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Luis Ganoza Durant, the Chief Financial
        Officer of the Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Geoff Allard, an expert providing a consent
        under Part 10 of National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Denys Parra Murrugarra, an expert providing
        a consent under Part 10 of National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Fortuna Silver Mines Inc., <BR>
650 - 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers are advised that it may not
be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued
or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an
agent for service of process.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="legalmatters"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters related to our securities
offered by this prospectus will be passed upon on our behalf by Blake, Cassels &amp; Graydon LLP, with respect to matters of Canadian
law, and Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, with respect to matters of U.S. law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="interestofexperts"></A>INTEREST
OF EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical information relating to the
Caylloma Mine, the San Jose Mine and the Lindero Project included or incorporated by reference in this short form base shelf prospectus
has been included or incorporated by reference in reliance on the reports prepared or certified under NI 43-101. Eric Chapman,
Amri Sinuhaji, Edwin Gutierrez, Geoff Allard and Denys Parra Murrugarra, each a &ldquo;qualified person&rdquo; as defined by NI
43-101, are the authors responsible for the preparation of the Technical Reports, as set out under &ldquo;<I>Technical Information</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at the date hereof, the aforementioned
persons beneficially own, directly or indirectly, in the aggregate, less than one percent of the securities of the Company. Mr.
Chapman is currently an employee and officer of the Company, but is not currently expected to be elected, appointed or employed
as a director of the Company or of an associate or affiliate of the Company. Mr. Sinuhaji is an employee of the Company, but is
not currently expected to be elected, appointed or employed as a director or officer of the Company or of an associate or affiliate
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
Fortuna as at and for the years ended December 31, 2019 and 2018 incorporated by reference in this short form base shelf prospectus
have been audited by KPMG LLP, Chartered Professional Accountants, located at 777 Dunsmuir Street, Vancouver, British Columbia.
KPMG LLP is independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional
bodies in Canada and any applicable legislation or regulations, and also are independent accountants with respect to the Company
under all relevant U.S. professional and regulatory standards.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="transferagentofregistrar"></A>TRANSFER
AGENT AND REGISTRAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for the
Common Shares in Canada is Computershare Investor Services Inc. at its principal offices in Vancouver, British Columbia and Toronto,
Ontario. The co-transfer agent and registrar for the Common Shares in the United States is Computershare Trust Company, N.A. at
its office in Golden, Colorado.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Debenture Trustee for the Debentures
is Computershare Trust Company of Canada, at its principal offices in Vancouver, British Columbia and Toronto, Ontario.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="whereyoucanfindmoreinfo"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to file with the securities
commission or authority in each of the applicable provinces of Canada annual and quarterly reports, material change reports and
other information. In addition, we are subject to the informational requirements of the Exchange Act, and, in accordance with the
Exchange Act, we also file reports with, and furnish other information to, the SEC. Under a multijurisdictional disclosure system
adopted by the United States and Canada, these reports and other information (including financial information) may be prepared
in accordance with the disclosure requirements of Canada, which differ in certain respects from those in the United States. As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, we are not required to publish financial statements as promptly as U.S.
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may read any document we file with
or furnish to the securities commissions and authorities of the provinces of Canada through SEDAR. The reports we file with, and
other information we furnish to the SEC are available through EDGAR at <FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="enforce"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company incorporated under the
BCBCA. Some of our directors and officers, and the experts named in this prospectus, are residents of Canada or otherwise reside
outside the United States, and all or a substantial portion of their assets may be, and a substantial portion of the Company&rsquo;s
assets are, located outside the United States. We have appointed an agent for service of process in the United States (as set forth
below), but it may be difficult for holders of securities who reside in the United States to effect service within the United States
upon those directors, officers and experts who are not residents of the United States. It may also be difficult for holders of
securities who reside in the United States to realize in the United States upon judgments of courts of the United States predicated
upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities
laws. We have been advised that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the United States, would likely be enforceable in Canada
if the United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized
by a Canadian court for the same purposes. We have also been advised, however, that there is substantial doubt whether an action
could be brought in Canada in the first instance on the basis of the liability predicated solely upon U.S. federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC, concurrently
with our registration statement on Form F-10 of which this prospectus is a part, an appointment of agent for service of process
on Form F-X. Under the Form F-X, we appointed Puglisi &amp; Associates., as our agent for service of process in the United States
in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against
or involving us in a U.S. court arising out of or related to or concerning the offering of securities under this prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED TO BE DELIVERED<BR>
TO OFFEREES OR PURCHASERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Registrant is subject to the provisions
of the&nbsp;<I>Business Corporations Act</I>&nbsp;(British Columbia) (the &ldquo;BCBCA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Division 5 of Part 5 of the BCBCA consists
of Sections 159 through 165. Section 160 provides that a company may do one or both of the following: (i) indemnify an individual
who (a) is or was a director or officer of the company, (b) is or was a director or officer of another corporation at the request
of the company at a time when the corporation is or was an affiliate of the company or (c) at the request of the company, is or
was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other
unincorporated entity (collectively, an &ldquo;eligible party&rdquo;) against all judgments, penalties or fines awarded or imposed
in, or an amount paid in settlement of, a proceeding in which an eligible party or any of the heirs and personal or other legal
representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding
or having held a position equivalent to that of a director or officer of, the company or an associated corporation is or may be
joined as a party, or is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding
(an &ldquo;eligible proceeding&rdquo;) to which the eligible party is or may be liable; and/or (ii) pay the expenses actually
and reasonably incurred by an eligible party in respect of an eligible proceeding after the final disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Section 161 of the BCBCA provides that
a British Columbia company must pay the expenses actually and reasonably incurred by an eligible party in respect of an eligible
proceeding if the eligible party has not been reimbursed for those expenses and is wholly successful, on the merits or otherwise,
in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Section 162 of the BCBCA provides that
a British Columbia company may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses
actually and reasonably incurred by an eligible party in respect of that proceeding, provided that a company must not make such
payments unless it first receives from the eligible party a written undertaking that, if it is ultimately determined that the
payment of expenses is prohibited by Section 163 of the BCBCA (see below), the eligible party will repay the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Notwithstanding the foregoing, Section
163(1) of the BCBCA prohibits a British Columbia company from indemnifying or paying the expenses of an eligible party if any
of the following circumstances apply:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">if the indemnity or payment is made under an earlier agreement
    to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the company was prohibited
    from giving the indemnity or paying the expenses by its memorandum or articles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">if the indemnity or payment is made otherwise than under an
    earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited
    from giving the indemnity or paying the expenses by its memorandum or articles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">if, in relation to the subject matter of the eligible proceeding,
    the eligible party did not act honestly and in good faith with a view to the best interests of the company or the associated
    corporation, as the case may be;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in the case of an eligible proceeding other than a civil proceeding,
    if the eligible party did not have reasonable grounds for believing his or her conduct in respect of which the proceeding
    was brought was lawful.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under Section 163(2) of the BCBCA, if
an eligible proceeding is brought against an eligible party by or on behalf of the company or by or on behalf of an associated
corporation, the company must neither indemnify the eligible party in respect of the proceeding, nor pay the expenses of an eligible
party in respect of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Section 164 of the BCBCA provides that,
despite any other provision of Division 5 and regardless of whether the payment of expenses or indemnification has been sought,
authorized or declined under Division 5, on the application of a company or an eligible party, the court may do one or more of
the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">order a company to indemnify an eligible party against any liability
    incurred by the eligible party in respect of an eligible proceeding;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">order a company to pay some or all of the expenses incurred
    by an eligible party in respect of an eligible proceeding;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">order the enforcement of, or any payment under, an agreement
    of indemnification entered into by a company;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">order a company to pay some or all expenses actually and reasonably
    incurred by any person in obtaining a court order under Section 164 of the BCBCA; and/or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">make any other order that the court considers appropriate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The articles of a company may affect its
power or obligation to give an indemnity or pay expenses. As indicated above, this is subject to the overriding power of the court
under Section 164 of the BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The articles of the Registrant (the &ldquo;Articles&rdquo;)
provide that, subject to the BCBCA, the Registrant must indemnify a director, former director or alternate director of the Registrant
(each, an &ldquo;Indemnified Party&rdquo;) and his or her heirs and legal personal representatives against all judgments, penalties
or fines awarded or imposed in, or an amount paid in settlement of, an &ldquo;eligible proceeding&rdquo; to which such person
is or may be liable. For the purpose of the Articles, an &ldquo;eligible proceeding&rdquo; means a legal proceeding or investigative
action, whether current, threatened, pending or completed, in which an Indemnified Party or any of the heirs and legal personal
representatives of the Indemnified Party, by reason of the Indemnified Party being or having been a director or alternate director
of the Registrant: (i) is or may be joined as a party or (ii) is or may be liable for or in respect of a judgment, penalty or
fine in, or expenses related to, the proceeding. The Registrant must, after the final disposition of an eligible proceeding, pay
the expenses actually and reasonably incurred by such Indemnified Party, or any of the heirs and legal personal representatives
of such Indemnified Party, in respect of the eligible proceeding. Pursuant to the Articles, each director and alternate director
is deemed to have contracted with the Registrant on the terms of the foregoing indemnity. The failure of an Indemnified Party
to comply with the provisions of the BCBCA or the Articles does not invalidate any indemnity to which he or she is entitled under
the Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Subject to any restrictions in the BCBCA,
the Registrant may indemnify any person. Pursuant to the Articles, the Registrant may also purchase and maintain insurance for
the benefit of any person (or his or her heirs or legal personal representatives) against any liability incurred by him or her
as a director, alternate director, officer, employee or agent or person who holds or held such equivalent position, who: (i) is
or was a director, alternate director, officer, employee or agent of the Registrant; (ii) is or was a director, alternate director,
officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (iii) at
the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership,
trust, joint venture or other unincorporated entity; or (iv) at the request of the Registrant, holds or held a position equivalent
to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity. The
Registrant maintains a policy of directors&rsquo; and officers&rsquo; liability insurance that insures its directors and officers
for losses as a result of claims against such directors and officers under the indemnity provisions under the Articles and the
BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Insofar as indemnification for liabilities
arising under the&nbsp;Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to
the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against
public policy as expressed in the&nbsp;Securities Act&nbsp;and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">* * *&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERTAKING AND CONSENT TO SERVICE OF
PROCESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Undertaking</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating to the securities registered pursuant to Form F-10 or to transactions
in said securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Consent to Service of Process</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A written Appointment of Agent for Service
of Process and Undertaking on Form F-X for the Registrant and its agent for service of process is being filed concurrently herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any change to the name or address of the
agent for service of process of the Registrant shall be communicated promptly to the Commission by amendment to Form F-X referencing
the file number of this Registration Statement on Form F-10.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 111.3pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 111.3pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 104pt 0pt 111.3pt; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 STYLE="width: 1.5in; padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Annual
    information form dated March 26, 2020 for the fiscal year ended December 31, 2019 (incorporated by reference to Exhibit No.
    99.1 to the Registrant&rsquo;s Form 40-F, filed with the Commission on March 30, 2020 (the &ldquo;Form 40-F&rdquo;)).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Audited
    consolidated financial statements as at and for the years ended December 31, 2019 and 2018, together with the report of the
    independent registered public accounting firm thereon (incorporated by reference to Exhibit No. 99.2 to the Form 40-F).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000110465920040533/tm2013832d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Management&rsquo;s
    discussion and analysis for the year ended December 31, 2019 (incorporated by reference to Exhibit No. 99.3 to the Form 40-F).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000127956919001178/tv521101_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1341335/000127956919001178/tv521101_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Management
    information circular as at May 14, 2019, prepared in connection with the Registrant&rsquo;s annual general meeting of shareholders
    held on June 20, 2019 (incorporated by reference to Exhibit No. 99.2 to the Registrant&rsquo;s Form 6-K, furnished to the
    Commission on May 14, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of KPMG LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Blake, Cassels &amp; Graydon
    LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Amri Sinuhaji.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Denys Parra.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.5</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Edwin Gutierrez.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.6</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Eric Chapman.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.7</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex5-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Geoff Allard.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><A HREF="#POA" STYLE="-sec-extract: exhibit">6.1</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><A HREF="#POA">Powers of Attorney (included
    on the signature page of this Registration Statement).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex7-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt"><A HREF="tm2017874d1_ex7-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form
    of Indenture.</FONT></A></TD></TR>
</TABLE>


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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Lima, Peru, on April 29, 2020.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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="3"><FONT STYLE="font-size: 10pt"><B>FORTUNA SILVER MINES INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%">&nbsp;&nbsp;&nbsp;/s/</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">Luis Ganoza Durant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Luis Ganoza Durant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 317.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 317.5pt">&nbsp;</P>

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="POA"></A>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Jorge Ganoza Durant, Luis Ganoza Durant and Linda Desaulniers, or
any of them, each of whom may act without the joinder of the other, the true and lawful attorneys-in-fact and agent of the undersigned,
with full power of substitution and resubstitution, to execute in the name, place and stead of the undersigned, in any and all
such capacities, to sign any and all amendments, including post-effective amendments, and supplements to this Registration Statement
and any registration statements filed pursuant to Rule 429 under the Securities Act relating to this Registration Statement and
all instruments necessary or in connection therewith, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the United States Securities and Exchange Commission, and hereby grants to each such attorney-in-fact
and agent, each acting alone, full power and authority to do and perform in the name and on behalf of the undersigned each and
every act and thing whatsoever necessary or advisable to be done, as fully and to all intents and purposes as the undersigned
might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Power of Attorney may be executed
in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated and on the
dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Signature</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Capacity</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Jorge Ganoza Durant</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jorge Ganoza Durant</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Director, President and Chief Executive
    Officer<BR>
    (Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Luis Ganoza Durant</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luis Ganoza Durant</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer <BR>
    (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Simon Ridgway</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simon Ridgway</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Director, Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Kylie Dickson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kylie Dickson</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ David Farrell</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Farrell</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ David Laing</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Laing</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Alfredo Sillau</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alfredo Sillau</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">/s/ Mario Szotlender</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mario Szotlender</P></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">April 29, 2020</FONT></TD></TR>
</TABLE>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of Section
6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration Statement, in the capacity of the
duly authorized representative of the Registrant in the United States, on April 29, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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="4"><FONT STYLE="font-size: 10pt"><B>PUGLISI &amp; ASSOCIATES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Donald J. Puglisi</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2017874d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 49px; width: 103px"></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 94.9pt 0pt -2in; text-align: center"><B>KPMG LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>Chartered Professional Accountants </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">PO Box
10426 777 Dunsmuir Street</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Vancouver BC V7Y 1K3</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Canada</P>



</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone &nbsp;(604) 691-3000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;(604) 691-3031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Internet&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.kpmg.ca</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">The Board of Directors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">Fortuna Silver Mines Inc.&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 8.95pt">We, KPMG LLP, consent to the use of our reports,
each dated March 10, 2020, with respect to the consolidated financial statements and the effectiveness of internal control over
financial reporting incorporated by reference into this Registration Statement on Form F-10, and to the reference to our firm under
the heading &ldquo;Interest of Experts&rdquo; in the prospectus. Our report on the consolidated financial statements refers to
changes to the accounting policy for leases in 2019 due to the adoption of IFRS 16, <I>Leases</I>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">/s/ KPMG LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">Chartered Professional Accountants</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">April 29, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.95pt">Vancouver, Canada&nbsp;</P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 134.95pt"><FONT STYLE="font-size: 8pt">KPMG LLP is
a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 134.95pt"><FONT STYLE="font-size: 8pt">affiliated with KPMG
International Cooperative (&ldquo;KPMG International&rdquo;), a Swiss entity. KPMG Canada provides services to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.25pt 0pt 134.95pt"><FONT STYLE="font-size: 8pt">KPMG LLP.</FONT></P>



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

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



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>tm2017874d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">April 29, 2020</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Sirs/Mesdames:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Fortuna Silver Mines Inc.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Reference is made to the short form
base shelf prospectus (the &ldquo;Prospectus&rdquo;) forming part of the Registration Statement on Form&nbsp;F-10&nbsp;filed by
Fortuna Silver Mines Inc. with the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We hereby consent to the references
to our firm name in the Prospectus under the heading &ldquo;Legal Matters.&rdquo; In giving such consent, we do not acknowledge
that we come within the category of persons whose consent is required by the U.S. Securities Act of 1933, as amended, or the rules
and regulations thereunder.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Yours
truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">/s/
Blake, Cassels &amp; Graydon LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Blake,
Cassels&nbsp;&amp; Graydon LLP</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

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

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



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>tm2017874d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 5.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AMRI SINUHAJI</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AUTHOR / EXPERT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Amri Sinuhaji, and reference to my name, the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Caylloma Mine, Caylloma District, Peru&rdquo; dated effective March 8, 2019 (the &ldquo;<B>Caylloma Report</B>&rdquo;), evaluating the Caylloma Mine of Fortuna Silver Mines Inc. (the &ldquo;<B>Company</B>&rdquo;), and the technical report entitled &ldquo;Fortuna Silver Mines Inc.: San Jose Mine, Oaxaca, Mexico&rdquo; dated effective February 22, 2019, evaluating the San Jose Mine of the Company (together with the Caylloma Report, the &ldquo;<B>Reports</B>&rdquo;), and the information contained in the Reports described or incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Amri Sinuhaji, and reference to my name, and the technical information relating to the updated Mineral Reserve and Mineral Resource estimates for the Caylloma Mine, the San Jose Mine and the Lindero Project contained under the heading &ldquo;General Development of the Business &ndash; Three-Year History and Recent Developments&rdquo; in the Annual Information Form of the Company for the year ended December 31, 2019 incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Amri Sinuhaji, and
    reference to my name and the Reports under the headings &ldquo;Interest of Experts&rdquo; and &ldquo;Technical and
    Third-Party Information&rdquo; in the Company&rsquo;s short form base shelf prospectus dated April 29, 2020. &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: April 29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Amri Sinuhaji</U>_________</P>

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

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

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



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>tm2017874d1_ex5-4.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>
EXHIBIT 5.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF DENYS PARRA </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AUTHOR / EXPERT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Denys Parra, and reference to my name and the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina&rdquo; dated effective October 31, 2017, evaluating the Lindero Property of the Company (the &ldquo;<B>Lindero Report</B>&rdquo;), and the information contained in the Lindero Report described or incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Denys Parra, and reference
    to my name and&nbsp;&nbsp;the Lindero Report under the headings &ldquo;Interest of Experts&rdquo; and &ldquo;Technical and
    Third-Party Information&rdquo; in the Company&rsquo;s short form base shelf prospectus dated April 29, 2020. &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: April 29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Denys Parra</U>_________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registered Member of the Society for Mining, Metallurgy and
Exploration, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>6
<FILENAME>tm2017874d1_ex5-5.htm
<DESCRIPTION>EXHIBIT 5.5
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 5.5</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF EDWIN GUTIERREZ</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AUTHOR / EXPERT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Edwin Gutierrez, and reference to my name, the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina&rdquo; dated effective October 31, 2017, evaluating the Lindero Property of the Company (the &ldquo;<B>Lindero Report</B>&rdquo;), and the information contained in the Lindero Report described or incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Edwin Gutierrez, and
    reference to my name and the Lindero Report under the headings &ldquo;Interest of Experts&rdquo; and &ldquo;Technical and
    Third-Party Information&rdquo; in the Company&rsquo;s short form base shelf prospectus dated April 29,
    2020.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: April 29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Edwin Gutierrez</U>___________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registered Member of the Society for Mining, Metallurgy and
Exploration, Inc.</P>

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

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

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



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<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>7
<FILENAME>tm2017874d1_ex5-6.htm
<DESCRIPTION>EXHIBIT 5.6
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 5.6</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF ERIC CHAPMAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AUTHOR / EXPERT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Eric Chapman, and reference to my name, the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Caylloma Mine, Caylloma District, Peru&rdquo; dated effective March 8, 2019 (the &ldquo;<B>Caylloma Report</B>&rdquo;), evaluating the Caylloma Mine of Fortuna Silver Mines Inc. (the &ldquo;<B>Company</B>&rdquo;), the technical report entitled &ldquo;Fortuna Silver Mines Inc.: San Jose Mine, Oaxaca, Mexico&rdquo; dated effective February 22, 2019 (the &ldquo;<B>San Jose Report</B>&rdquo;), evaluating the San Jose Mine of the Company, and the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina&rdquo; dated effective October 31, 2017, evaluating the Lindero Property of the Company (together with the Caylloma Report and the San Jose Report, the &ldquo;<B>Reports</B>&rdquo;), and the information contained in the Reports described or incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Eric Chapman, and reference to my name, and the technical information relating to the updated Mineral Reserve and Mineral Resource estimates for the Caylloma Mine, the San Jose Mine and the Lindero Project contained under the heading &ldquo;General Development of the Business &ndash; Three-Year History and Recent Developments&rdquo; in the Annual Information Form of the Company for the year ended December 31, 2019 incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Eric Chapman, and reference to my name, and the technical information contained in the Annual Information Form of the Company for the year ended December 31, 2019 incorporated by reference in the Company&rsquo;s Registration Statement on Form F-10 filed with the United States Securities and Exchange Commission; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Eric Chapman, and
    reference to my name and the Reports under the headings &ldquo;Interest of Experts&rdquo; and &ldquo;Technical and
    Third-Party Information&rdquo; in the Company&rsquo;s short form base shelf prospectus dated April 29, 2020.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:  April 29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Eric Chapman</U>__________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>8
<FILENAME>tm2017874d1_ex5-7.htm
<DESCRIPTION>EXHIBIT 5.7
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 5.7</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF GEOFF ALLARD</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF AUTHOR / EXPERT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to:&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Geoff Allard, and reference to my name and the technical report entitled &ldquo;Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina&rdquo; dated effective October 31, 2017, evaluating the Lindero Property of the Company (the &ldquo;<B>Lindero Report</B>&rdquo;), and the information contained in the Lindero Report described or incorporated by reference in the Company&rsquo;s Registration Statement on Form&nbsp;F-10 filed with the United States Securities and Exchange Commission; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the use of my name, Geoff Allard, and
    reference to my name and the Lindero Report under the headings &ldquo;Interest of Experts&rdquo; and &ldquo;Technical and
    Third-Party Information&rdquo; in the Company&rsquo;s short form base shelf prospectus dated April 29, 2020. &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: April 29, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Geoff Allard</U><I>________________</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">&nbsp;</P>

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

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



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-7.1
<SEQUENCE>9
<FILENAME>tm2017874d1_ex7-1.htm
<DESCRIPTION>EXHIBIT 7.1
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 7.1</B></P>

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

<P STYLE="margin: 0"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORTUNA SILVER MINES INC.<BR>
as Issuer</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
as Trustee</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>____________________________________<BR>
<BR>
Indenture<BR>
<BR>
Dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
____________________________________</B></P>

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

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

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


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Reconciliation and tie between Trust
Indenture Act<BR>
of 1939 and Indenture, dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Trust
        Indenture<BR>
        Act Section</P></TD>
    <TD STYLE="text-align: left; width: 25%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Indenture
        Section</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;310(a)(1)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">607</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(a)(2)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">607</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">608</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;312(c)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">701</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;314(a)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">703</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(a)(4)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">904</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(c)(1)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">102</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(c)(2)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">102</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(e)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">102</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;315(b)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">601</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;316(a)(last sentence)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">101 (&ldquo;<U>Outstanding</U>&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(a)(1)(A)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">502, 512</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(a)(1)(B)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">513</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">508</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(c)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">104(e)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;317(a)(1)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">503</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(a)(2)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">504</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 28.1pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">903</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&sect;&nbsp;318(a)&#9;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-align: left">111</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top; width: 1.5in">SECTION 101</TD>
    <TD STYLE="vertical-align: top">Definitions</TD>
    <TD STYLE="vertical-align: bottom; width: 0.5in; text-align: right">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 102</TD>
    <TD STYLE="vertical-align: top">Compliance Certificates and Opinions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 103</TD>
    <TD STYLE="vertical-align: top">Form of Documents Delivered to Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 104</TD>
    <TD STYLE="vertical-align: top">Acts of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 105</TD>
    <TD STYLE="vertical-align: top">Notices, etc. to Trustee and Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 106</TD>
    <TD STYLE="vertical-align: top">Notice to Holders; Waiver</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 107</TD>
    <TD STYLE="vertical-align: top">Effect of Headings and Table of Contents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 108</TD>
    <TD STYLE="vertical-align: top">Successors and Assigns</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 109</TD>
    <TD STYLE="vertical-align: top">Separability Clause</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 110</TD>
    <TD STYLE="vertical-align: top">Benefits of Indenture</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 111</TD>
    <TD STYLE="vertical-align: top">Governing Law</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 112</TD>
    <TD STYLE="vertical-align: top">Legal Holidays</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 113</TD>
    <TD STYLE="vertical-align: top">Agent for Service; Submission to Jurisdiction; Waiver of Immunities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 114</TD>
    <TD STYLE="vertical-align: top">Conversion of Currency</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 115</TD>
    <TD STYLE="vertical-align: top">Currency Equivalent</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 116</TD>
    <TD STYLE="vertical-align: top">No Recourse Against Others</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 117</TD>
    <TD STYLE="vertical-align: top">Multiple Originals</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 118</TD>
    <TD STYLE="vertical-align: top">Conflict with Trust Indenture Act</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE TWO SECURITY FORMS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 201</TD>
    <TD STYLE="vertical-align: top">Forms Generally</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 202</TD>
    <TD STYLE="vertical-align: top">Form of Trustee&rsquo;s Certificate of Authentication</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 203</TD>
    <TD STYLE="vertical-align: top">Securities Issuable in Global Form</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE THREE THE SECURITIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 301</TD>
    <TD STYLE="vertical-align: top">Amount Unlimited; Issuable in Series</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 302</TD>
    <TD STYLE="vertical-align: top">Denominations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 303</TD>
    <TD STYLE="vertical-align: top">Execution, Authentication, Delivery and Dating</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 304</TD>
    <TD STYLE="vertical-align: top">Temporary Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 305</TD>
    <TD STYLE="vertical-align: top">Registration, Registration of Transfer and Exchange</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 306</TD>
    <TD STYLE="vertical-align: top">Mutilated, Destroyed, Lost and Stolen Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 307</TD>
    <TD STYLE="vertical-align: top">Payment of Principal and Interest; Interest Rights Preserved; Optional Interest Reset</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 308</TD>
    <TD STYLE="vertical-align: top">Optional Extension of Stated Maturity</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 309</TD>
    <TD STYLE="vertical-align: top">Persons Deemed Owners</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 310</TD>
    <TD STYLE="vertical-align: top">Cancellation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 311</TD>
    <TD STYLE="vertical-align: top">Computation of Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table of contents
shall not, for any purpose, be deemed to be a part of the Indenture.</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top; width: 1.5in">SECTION 312</TD>
    <TD STYLE="vertical-align: top">Currency and Manner of Payments in Respect of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 0.5in">38</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 313</TD>
    <TD STYLE="vertical-align: top">Appointment and Resignation of Successor Exchange Rate Agent</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE FOUR SATISFACTION AND DISCHARGE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 401</TD>
    <TD STYLE="vertical-align: top">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 402</TD>
    <TD STYLE="vertical-align: top">Application of Trust Money</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE FIVE REMEDIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 501</TD>
    <TD STYLE="vertical-align: top">Events of Default</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 502</TD>
    <TD STYLE="vertical-align: top">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 503</TD>
    <TD STYLE="vertical-align: top">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 504</TD>
    <TD STYLE="vertical-align: top">Trustee May File Proofs of Claim</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 505</TD>
    <TD STYLE="vertical-align: top">Trustee May Enforce Claims Without Possession of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 506</TD>
    <TD STYLE="vertical-align: top">Application of Money Collected</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 507</TD>
    <TD STYLE="vertical-align: top">Limitation on Suits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 508</TD>
    <TD STYLE="vertical-align: top">Unconditional Right of Holders to Receive Principal, Premium and Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 509</TD>
    <TD STYLE="vertical-align: top">Restoration of Rights and Remedies</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 510</TD>
    <TD STYLE="vertical-align: top">Rights and Remedies Cumulative</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 511</TD>
    <TD STYLE="vertical-align: top">Delay or Omission Not Waiver</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 512</TD>
    <TD STYLE="vertical-align: top">Control by Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 513</TD>
    <TD STYLE="vertical-align: top">Waiver of Past Defaults</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 514</TD>
    <TD STYLE="vertical-align: top">Waiver of Stay or Extension Laws</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 515</TD>
    <TD STYLE="vertical-align: top">Undertaking for Costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE SIX THE TRUSTEE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 601</TD>
    <TD STYLE="vertical-align: top">Notice of Defaults</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 602</TD>
    <TD STYLE="vertical-align: top">Certain Rights of Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 603</TD>
    <TD STYLE="vertical-align: top">Trustee Not Responsible for Recitals or Issuance of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 604</TD>
    <TD STYLE="vertical-align: top">May Hold Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 605</TD>
    <TD STYLE="vertical-align: top">Money Held in Trust</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 606</TD>
    <TD STYLE="vertical-align: top">Compensation and Reimbursement</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 607</TD>
    <TD STYLE="vertical-align: top">Corporate Trustee Required; Eligibility; Conflicting Interests</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">54</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 608</TD>
    <TD STYLE="vertical-align: top">Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">54</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 609</TD>
    <TD STYLE="vertical-align: top">Acceptance of Appointment by Successor</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 610</TD>
    <TD STYLE="vertical-align: top">Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 611</TD>
    <TD STYLE="vertical-align: top">Appointment of Authenticating Agent</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE SEVEN HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND THE COMPANY</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 701</TD>
    <TD STYLE="vertical-align: top">Disclosure of Names and Addresses of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 702</TD>
    <TD STYLE="vertical-align: top">Reports by Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 703</TD>
    <TD STYLE="vertical-align: top">Reports by the Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 704</TD>
    <TD STYLE="vertical-align: top">The Company to Furnish Trustee Names and Addresses of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE EIGHT SUPPLEMENTAL INDENTURES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 801</TD>
    <TD STYLE="vertical-align: top">Supplemental Indentures Without Consent of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top; width: 1.5in">SECTION 802</TD>
    <TD STYLE="vertical-align: top">Supplemental Indentures with Consent of Holders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 0.5in">62</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 803</TD>
    <TD STYLE="vertical-align: top">Execution of Supplemental Indentures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 804</TD>
    <TD STYLE="vertical-align: top">Effect of Supplemental Indentures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 805</TD>
    <TD STYLE="vertical-align: top">Conformity with Trust Indenture Act</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 806</TD>
    <TD STYLE="vertical-align: top">Reference in Securities to Supplemental Indentures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 807</TD>
    <TD STYLE="vertical-align: top">Notice of Supplemental Indentures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE NINE COVENANTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 901</TD>
    <TD STYLE="vertical-align: top">Payment of Principal, Premium, if any, and Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 902</TD>
    <TD STYLE="vertical-align: top">Maintenance of Office or Agency</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 903</TD>
    <TD STYLE="vertical-align: top">Money for Securities Payments to Be Held in Trust</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">66</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 904</TD>
    <TD STYLE="vertical-align: top">Statement as to Compliance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 905</TD>
    <TD STYLE="vertical-align: top">Payment of Taxes and Other Claims</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 906</TD>
    <TD STYLE="vertical-align: top">Maintenance of Properties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 907</TD>
    <TD STYLE="vertical-align: top">Corporate Existence</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 908</TD>
    <TD STYLE="vertical-align: top">Waiver of Certain Covenants</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE TEN REDEMPTION OF SECURITIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1001</TD>
    <TD STYLE="vertical-align: top">Applicability of Article</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1002</TD>
    <TD STYLE="vertical-align: top">Election to Redeem; Notice to Trustee</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1003</TD>
    <TD STYLE="vertical-align: top">Selection by Trustee of Securities to Be Redeemed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1004</TD>
    <TD STYLE="vertical-align: top">Notice of Redemption</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1005</TD>
    <TD STYLE="vertical-align: top">Deposit of Redemption Price</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1006</TD>
    <TD STYLE="vertical-align: top">Securities Payable on Redemption Date</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1007</TD>
    <TD STYLE="vertical-align: top">Securities Redeemed in Part</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE ELEVEN SINKING FUNDS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1101</TD>
    <TD STYLE="vertical-align: top">Applicability of Article</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1102</TD>
    <TD STYLE="vertical-align: top">Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1103</TD>
    <TD STYLE="vertical-align: top">Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE TWELVE REPAYMENT AT OPTION OF HOLDERS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1201</TD>
    <TD STYLE="vertical-align: top">Applicability of Article</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1202</TD>
    <TD STYLE="vertical-align: top">Repayment of Securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1203</TD>
    <TD STYLE="vertical-align: top">Exercise of Option</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">74</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1204</TD>
    <TD STYLE="vertical-align: top">When Securities Presented for Repayment Become Due and Payable</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">74</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1205</TD>
    <TD STYLE="vertical-align: top">Securities Repaid in Part</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1301</TD>
    <TD STYLE="vertical-align: top">Option to Effect Defeasance or Covenant Defeasance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1302</TD>
    <TD STYLE="vertical-align: top">Defeasance and Discharge</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">76</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1303</TD>
    <TD STYLE="vertical-align: top">Covenant Defeasance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">76</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1304</TD>
    <TD STYLE="vertical-align: top">Conditions to Defeasance or Covenant Defeasance</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">76</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1305</TD>
    <TD STYLE="vertical-align: top">Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1306</TD>
    <TD STYLE="vertical-align: top">Reinstatement</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top">ARTICLE FOURTEEN MEETINGS OF HOLDERS OF SECURITIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top; width: 1.5in">SECTION 1401</TD>
    <TD STYLE="vertical-align: top">Purposes for Which Meetings May Be Called</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 0.5in">80</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1402</TD>
    <TD STYLE="vertical-align: top">Call, Notice and Place of Meetings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1403</TD>
    <TD STYLE="vertical-align: top">Persons Entitled to Vote at Meetings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1404</TD>
    <TD STYLE="vertical-align: top">Quorum; Action</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">81</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1405</TD>
    <TD STYLE="vertical-align: top">Determination of Voting Rights; Conduct and Adjournment of Meetings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">82</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; vertical-align: top">SECTION 1406</TD>
    <TD STYLE="vertical-align: top">Counting Votes and Recording Action of Meetings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">83</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">Exhibit A</TD>
    <TD>Form of Security</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit B</TD>
    <TD>Forms of Certification</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">INDENTURE, dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
between FORTUNA SILVER MINES INC., a corporation duly organized and existing under the laws of British Columbia (herein called
the &ldquo;<U>Company</U>&rdquo;), having its principal office at Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada
V6C 3L6 and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] banking corporation, as trustee (herein called
the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All things necessary to make this Indenture
a valid agreement of the Company in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;One</FONT><BR>
<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;101<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein, and the terms &ldquo;cash transaction&rdquo; and &ldquo;self-liquidating paper,&rdquo; as
used in TIA Section&nbsp;311, shall have the meanings assigned to them in the rules of the Commission adopted under the Trust Indenture
Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 &ldquo;generally accepted accounting principles&rdquo;
with respect to any computation required or permitted hereunder shall mean such accounting principles used in the Company&rsquo;s
annual financial statements contained in the Company&rsquo;s annual report delivered to its shareholders in respect of the fiscal
year immediately prior to the date of such computation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section&nbsp;or other subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Certain terms, used principally in <U>Article&nbsp;Three</U>,
are defined in that Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Act</U>,&rdquo; when used with respect
to any Holder, has the meaning specified in <U>Section&nbsp;104</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo; of any specified
Person means 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, &ldquo;control&rdquo; when used with respect to any specified Person
means 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 &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings
correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Authenticating Agent</U>&rdquo;
means any Person appointed by the Trustee to act on behalf of the Trustee pursuant to <U>Section&nbsp;611</U> to authenticate Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Authorized Newspaper</U>&rdquo;
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place. Where successive publications are required to be
made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Bankruptcy Law</U>&rdquo; has the
meaning specified in <U>Section&nbsp;501</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Bankruptcy Order</U>&rdquo; has
the meaning specified in <U>Section&nbsp;501</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Bearer Security</U>&rdquo; means
any Security except a Registered Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Board of Directors</U>&rdquo; means
the board of directors of the Company or any duly authorized committee of such board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Board Resolution</U>&rdquo; means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Business Day</U>,&rdquo; when used
with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means,
unless otherwise specified with respect to any Securities pursuant to <U>Section&nbsp;301</U>, each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in that Place of Payment or other location are authorized
or obligated by law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>calculation period</U>&rdquo; has
the meaning specified in <U>Section&nbsp;311</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Canadian GAAP</U>&rdquo; means generally
accepted accounting principles that are in effect from time to time in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Clearstream</U>&rdquo; means Clearstream
Banking, soci&eacute;t&eacute; anonyme, or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Commission</U>&rdquo; means the
U.S. Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or,
if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to
it under the Trust Indenture Act, then the body performing such duties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Common Depositary</U>&rdquo; has
the meaning specified in <U>Section&nbsp;304</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Company</U>&rdquo; means the Person
named as the &ldquo;<U>Company</U>&rdquo; in the first paragraph&nbsp;of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;<U>Company</U>&rdquo; shall mean such successor
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Company Request</U>&rdquo; or &ldquo;<U>Company
Order</U>&rdquo; means a written request or order signed in the name of the Company by the Chairman, the President or a Vice President,
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Component Currency</U>&rdquo; has
the meaning specified in <U>Section&nbsp;312</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Conversion Date</U>&rdquo; has the
meaning specified in <U>Section&nbsp;312(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Conversion Event</U>&rdquo; means
the cessation of use of (i)&nbsp;a Foreign Currency (other than the Euro or other currency unit) both by the government of the
country which issued such Currency and by a central bank or other public institution of or within the international banking community
for the settlement of transactions, (ii)&nbsp;the Euro or (iii)&nbsp;any currency unit (or composite currency) other than the Euro
for the purposes for which it was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Corporate Trust Office</U>&rdquo;
means the principal corporate trust office of the Trustee in the Borough of Manhattan, the City of New&nbsp;York, at which at any
particular time its corporate trust business may be administered, which office on the date of execution of this Indenture is located
at [ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>corporation</U>&rdquo; includes
corporations, associations, companies and business trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>covenant defeasance</U>&rdquo; has
the meaning specified in <U>Section&nbsp;1303</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>coupon</U>&rdquo; means any interest
coupon appertaining to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Currency</U>&rdquo; means any currency
or currencies, composite currency or currency unit or currency units, including, without limitation, the Euro, issued by the government
of one or more countries or by any recognized confederation or association of such governments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Custodian</U>&rdquo; has the meaning
specified in <U>Section&nbsp;501</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Default</U>&rdquo; means any event
which is, or after notice or passage of time or both would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Defaulted Interest</U>&rdquo; has
the meaning specified in <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>defeasance</U>&rdquo; has the meaning
specified in <U>Section&nbsp;1302</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Depositary</U>&rdquo; means, with
respect to the Securities of any series, The Depository Trust Company, or any successor thereto, or any other Person designated
pursuant to <U>Section&nbsp;301</U> with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Dollar</U>&rdquo; or &ldquo;<U>$</U>&rdquo;
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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Dollar Equivalent of the Currency
Unit</U>&rdquo; has the meaning specified in <U>Section&nbsp;312(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Dollar Equivalent of the Foreign
Currency</U>&rdquo; has the meaning specified in <U>Section&nbsp;312(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Election Date</U>&rdquo; has the
meaning specified in <U>Section&nbsp;312(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Euro</U>&rdquo; means the single
currency of the participating member states from time to time of the European Union described in legislation of the European Counsel
for the operation of a single unified European currency (whether known as the Euro or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Euroclear</U>&rdquo; means Morgan
Guaranty Trust Company of New&nbsp;York, Brussels Office, or its successor, as operator of the Euroclear System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Event of Default</U>&rdquo; has
the meaning specified in <U>Section&nbsp;501</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Exchange Date</U>&rdquo; has the
meaning specified in <U>Section&nbsp;304</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Exchange Rate Agent</U>&rdquo; means,
with respect to Securities of or within any series, unless otherwise specified with respect to any Securities pursuant to <U>Section&nbsp;301</U>,
a New&nbsp;York Clearing House bank, designated pursuant to <U>Section&nbsp;313</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Exchange Rate Officer&rsquo;s Certificate</U>&rdquo;
means a tested telex or a certificate setting forth (i)&nbsp;the applicable Market Exchange Rate and (ii)&nbsp;the Dollar or Foreign
Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security
having the lowest denomination principal amount determined in accordance with <U>Section&nbsp;302</U> in the relevant Currency),
payable with respect to a Security of any series on the basis of such Market Exchange Rate, sent (in the case of a telex) or signed
(in the case of a certificate) by the Treasurer, any Vice President or any Assistant Treasurer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Extension Notice</U>&rdquo; has
the meaning specified in <U>Section&nbsp;308</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Extension Period</U>&rdquo; has
the meaning specified in <U>Section&nbsp;308</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Federal Bankruptcy Code</U>&rdquo;
means the Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Final Maturity</U>&rdquo; has the
meaning specified in <U>Section&nbsp;308</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>First Currency</U>&rdquo; has the
meaning specified in <U>Section&nbsp;115</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Foreign Currency</U>&rdquo; means
any Currency other than Currency of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Governmental Authority</U>&rdquo;
means any nation or government, any state, province, territory or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Government Obligations</U>&rdquo;
means, unless otherwise specified with respect to any series of Securities pursuant to <U>Section&nbsp;301</U>, securities which
are (a)&nbsp;direct obligations of the government which issued the Currency in which the Securities of a particular series are
payable or (b)&nbsp;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 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 Obligation or the specific payment of
interest or principal of the Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Holder</U>&rdquo; means, in the
case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a
Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo; means obligations
for money borrowed whether or not evidenced by notes, bonds, debentures or other similar evidences of indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Indenture</U>&rdquo; 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 <U>Section&nbsp;301</U>; <I>provided</I>, <I>however</I>, that, if at any
time more than one Person is acting as Trustee under this instrument, &ldquo;<U>Indenture</U>&rdquo; shall mean, with respect
to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or 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 for which such Person is Trustee
established as contemplated by <U>Section&nbsp;301</U>, exclusive, however, of any provisions or terms which relate solely to
other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted,
and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Indexed Security</U>&rdquo; means
a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>interest</U>,&rdquo; when used with
respect to an Original Issue Discount Security, shall be deemed to mean interest payable after Maturity at the rate prescribed
in such Original Issue Discount Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Interest Payment Date</U>,&rdquo;
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Judgment Currency</U>&rdquo; has
the meaning specified in <U>Section&nbsp;114</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo; means any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind created, incurred or assumed in order to secure payment of Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>mandatory sinking fund payment</U>&rdquo;
has the meaning specified in <U>Section&nbsp;1101</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Market Exchange Rate</U>&rdquo;
means, unless otherwise specified with respect to any Securities pursuant to <U>Section&nbsp;301</U>, (i)&nbsp;for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant
currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to <U>Section&nbsp;301</U> for the
Securities of the relevant series, (ii)&nbsp;for any conversion of Dollars into any Foreign Currency, the noon (New&nbsp;York City
time) buying rate for such Foreign Currency for cable transfers quoted in New&nbsp;York City as certified for customs purposes
by the Federal Reserve Bank of New&nbsp;York and (iii)&nbsp;for any conversion of one Foreign Currency into Dollars or another
Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures,
the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion
is being made from major banks located in either New&nbsp;York City, London or any other principal market for Dollars or such purchased
Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities
pursuant to <U>Section&nbsp;301</U>, in the event of the unavailability of any of the exchange rates provided for in the foregoing
clauses (i), (ii)&nbsp;and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part,
such quotation of the Federal Reserve Bank of New&nbsp;York as of the most recent available date, or quotations from one or more
major banks in New&nbsp;York City, London or another principal market for the Currency in question, or such other quotations as
the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one
market for dealing in any Currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of
such Currency shall be that upon which a non-resident issuer of securities designated in such Currency would purchase such Currency
in order to make payments in respect of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Maturity</U>,&rdquo; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Officers&rsquo; Certificate</U>&rdquo;
means a certificate signed by the Chairman, the Chief Executive Officer, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Opinion of Counsel</U>&rdquo; means
a written opinion of counsel, who may be counsel for the Company, including an employee of the Company, and who shall be acceptable
to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Optional Reset Date</U>&rdquo; has
the meaning specified in <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>optional sinking fund payment</U>&rdquo;
has the meaning specified in <U>Section&nbsp;1101</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Original Issue Discount Security</U>&rdquo;
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 <U>Section&nbsp;502</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Original Stated Maturity</U>&rdquo;
has the meaning specified in <U>Section&nbsp;308</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Other Currency</U>&rdquo; has the
meaning specified in <U>Section&nbsp;115</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Outstanding</U>,&rdquo; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in
trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining
thereto; <I>provided</I> 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
except to the extent provided in <U>Sections&nbsp;1302</U> and <U>1303</U>, with respect to which the Company has effected defeasance
and/or covenant defeasance as provided in <U>Article&nbsp;Thirteen</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
which have been paid pursuant to <U>Section&nbsp;306</U> or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>provided</I>, <I>however</I>, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section&nbsp;313, (i)&nbsp;the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that 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 <U>Section&nbsp;502</U>, (ii)&nbsp;the principal amount
of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall
be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally
issued by the Company as set forth in an Exchange Rate Officer&rsquo;s Certificate delivered to the Trustee, of the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount
determined as provided in clause (i)&nbsp;above) of such Security, (iii)&nbsp;the principal amount of any Indexed Security that
may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal
to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security
pursuant to <U>Section&nbsp;301</U>, and (iv)&nbsp;Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company 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 or waiver, only Securities which 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&rsquo;s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or such other obligor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Paying Agent</U>&rdquo; means any
Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal of (or premium, if any) or
interest, if any, on any Securities on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Person</U>&rdquo; means an individual,
partnership, corporation, business trust, trust, unincorporated association, joint venture, Governmental Authority or other entity
of whatever nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Place of Payment</U>&rdquo; means,
when used with respect to the Securities of or within any series, the place or places where the principal of (and premium, if any)
and interest, if any, on such Securities are payable as specified as contemplated by <U>Sections&nbsp;301</U> and <U>902</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>rate(s) of exchange</U>&rdquo; has
the meaning specified in <U>Section&nbsp;114</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Redemption Date</U>,&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Redemption Price</U>,&rdquo; when
used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Registered Security</U>&rdquo; means
any Security registered in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Regular Record Date</U>&rdquo; for
the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Repayment Date</U>&rdquo; means,
when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant to
this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Repayment Price</U>&rdquo; means,
when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Required Currency</U>&rdquo; has
the meaning specified in <U>Section&nbsp;114</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Reset Notice</U>&rdquo; has the
meaning specified in <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Responsible Officer</U>,&rdquo;
when used with respect to the Trustee, means any officer assigned to the Corporate Trust Office of the Trustee 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 his knowledge of and familiarity with the particular subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Securities</U>&rdquo; has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture; <I>provided</I>, <I>however</I>, that if at any time there is more than one Person acting as Trustee under this Indenture,
 &ldquo;<U>Securities</U>&rdquo; with respect to the Indenture as to which such Person is Trustee shall have the meaning stated
in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Security Register</U>&rdquo; and
 &ldquo;<U>Security Registrar</U>&rdquo; have the respective meanings specified in <U>Section&nbsp;305</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Specified Amount</U>&rdquo; has
the meaning specified in <U>Section&nbsp;312</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Special Record Date</U>&rdquo; for
the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee pursuant
to <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Stated Maturity</U>,&rdquo;
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified
in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such
Security or such installment of principal or interest is due and payable, as such date may be extended pursuant to the
provisions of <U>Section&nbsp;308 </U>(if applicable).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Subsequent Interest Period</U>&rdquo;
has the meaning specified in <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Trust Indenture Act</U>&rdquo; or
 &ldquo;<U>TIA</U>&rdquo; means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture
was executed except as provided in <U>Section&nbsp;805</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Trustee</U>&rdquo; means the Person
named as the &ldquo;<U>Trustee</U>&rdquo; in the first paragraph&nbsp;of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;<U>Trustee</U>&rdquo; shall mean or include
each Person who is then a Trustee hereunder; <I>provided</I>, <I>however</I>, that if at any time there is more than one such Person,
 &ldquo;<U>Trustee</U>&rdquo; as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities
of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>United States</U>&rdquo; means,
unless otherwise specified with respect to any Securities pursuant to <U>Section&nbsp;301</U>, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Valuation Date</U>&rdquo; has the
meaning specified in <U>Section&nbsp;312(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Vice President</U>,&rdquo; when
used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title &ldquo;vice president.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Yield to Maturity</U>&rdquo; means
the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;102<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance Certificates and Opinions</U>. Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers&rsquo; Certificate stating
that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes
a condition precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion
of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to
such particular application or request, no additional certificate or opinion need be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Every certificate or opinion with respect
to compliance with a covenant or condition provided for in this Indenture (other than pursuant to <U>Section&nbsp;904</U>) shall
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions
herein relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;103<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form of Documents Delivered to Trustee</U>. 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any certificate or opinion of an officer of
the Company 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 his certificate or opinion is based are erroneous. Any such certificate or 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 Company stating that the information with respect to such factual matters is in the possession of the Company 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any certificate or opinion of an officer of
the Company or of counsel 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 in the employ of the Company, unless such officer or counsel, as the case may be, 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. Any certificate or opinion of any independent firm of
public accountants filed with the Trustee shall contain a statement that such firm is independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;104<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Acts of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given 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 one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed
in writing. If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of 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 <U>Article&nbsp;Fourteen</U>, 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 instruments or record or both are delivered to the
Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;<U>Act</U>&rdquo; 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 conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting
of Holders of Securities shall be proved in the manner provided in <U>Section&nbsp;1406</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner
which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same, shall
be proved by the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The principal amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may be
proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker
or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described;
or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer
Security continues until (1)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Bearer Security
is produced, or (2)&nbsp;such Bearer Security is produced to the Trustee by some other Person, or (3)&nbsp;such Bearer Security
is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount
and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may also be proved in any other manner
that the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date
for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other
Act, but the Company, shall have no obligation to do so. Notwithstanding TIA Section&nbsp;316(c), such record date shall be the
record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to
the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed.
If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to
be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of such record date; <I>provided</I> that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 Company
in reliance thereon, whether or not notation of such action is made upon such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;105<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices, etc. to Trustee and Company</U>. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing or sent by facsimile to the Trustee at its Corporate Trust Office,[ ], Attention: [ ], or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, or sent by overnight courier to the Company, addressed to it at
Suite 650, 200 Burrard Street, Vancouver, British Columbia, Canada V6C 3L6, Attention: Corporate Secretary, or at any other address
previously furnished in writing to the Trustee by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;106<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice to Holders; Waiver</U>. Where this Indenture provides for notice of any event to Holders of Registered
Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears
in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided. 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 mail notice of any event to
Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be directed by the Company shall be deemed to be sufficient giving of such notice for every
purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as otherwise expressly provided herein
or otherwise specified with respect to any Securities pursuant to <U>Section&nbsp;301</U>, where this Indenture provides for notice
to Holders of Bearer Securities of any event, such notice shall be sufficiently given to Holders of Bearer Securities if published
in an Authorized Newspaper in The City of New&nbsp;York and in such other city or cities as may be specified in such Securities
on a Business Day at least twice, the first such publication to be not earlier than the earliest date, and not later than the latest
date, prescribed for the giving of such notice. Any such notice shall be deemed to have been given on the date of the first such
publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case, by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause, it shall be impracticable to publish any
notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given
as directed by the Company shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure
to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders
of Registered Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;107<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effect of Headings and Table of Contents</U>. The Article and Section&nbsp;headings herein and the Table of Contents
are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;108<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Successors and Assigns</U>. All covenants and agreements in this Indenture by the Company shall bind its successors
and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;109<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Separability Clause</U>. In case any provision in this Indenture or in any Security or coupon shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;110<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Benefits of Indenture</U>. Nothing in this Indenture or in the Securities or coupons, 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 of Securities or coupons, any benefit or any legal or equitable right, remedy or claim under
this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;111<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law</U>. This Indenture and the Securities and coupons shall be governed by and construed in accordance
with the law of the State of New&nbsp;York. This Indenture is subject to the provisions of the Trust Indenture Act that are required
to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;112<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Legal Holidays</U>. In any case where any Interest Payment Date, Redemption Date, sinking fund payment date or
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 or coupon 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) or interest, if any,
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 or Redemption Date or sinking fund payment date, or at the
Stated Maturity or Maturity; <I>provided</I> that 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;113<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Agent for Service; Submission to Jurisdiction; Waiver of Immunities</U>. By the execution and delivery of this
Indenture, the Company (i)&nbsp;irrevocably designates and appoints, and acknowledges that it has irrevocably designated and appointed
[ ], as its authorized agent upon which process may be served in any suit, action or proceeding arising out of or relating to the
Securities or this Indenture that may be instituted in any United States federal or New&nbsp;York state court in The City of New&nbsp;York
or brought under federal or state securities laws or brought by the Trustee (whether in its individual capacity or in its capacity
as Trustee hereunder) or, subject to <U>Section&nbsp;507</U>, any Holder of Securities in any United States federal or New&nbsp;York
state court in The City of New&nbsp;York, (ii)&nbsp;submits to the non-exclusive jurisdiction of any such court in any such suit,
action or proceeding, and (iii)&nbsp;agrees that service of process upon and written notice of said service to the Company (mailed
or delivered to its Secretary at its principal office specified in the first paragraph&nbsp;of this Indenture and in the manner
specified in <U>Section&nbsp;105</U> hereof), shall be deemed in every respect effective service of process upon the Company in
any such suit, action or proceeding. The Company further agrees to take any and all action, including the execution and filing
of any and all such documents and instruments, as may be necessary to continue such designation and appointment of in full force
and effect so long as any of the Securities shall be Outstanding or any amounts shall be payable in respect of any Securities or
coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any such
action, suit or proceeding in any such court or any appellate court with respect thereto and irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of any such action, suit or proceeding in any
such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the extent that the Company has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment
prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably
waives such immunity in respect of its obligations under this Indenture and the Securities, to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;114<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conversion of Currency</U>. The Company 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i)&#9;If for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes
necessary to convert into a currency (the &ldquo;<U>Judgment Currency</U>&rdquo;) an amount due or contingently due under the Securities
of any series or this Indenture in any other currency (the &ldquo;<U>Required Currency</U>&rdquo;), then the conversion shall be
made at the rate of exchange prevailing on the Business Day before the day on which the judgment is given or the order of enforcement
is made, as the case may be (unless a court shall otherwise determine).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment 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 Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of the winding-up of the Company 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 unpaid or outstanding, the Company shall indemnify
and hold the Holders and the Trustee harmless against any deficiency arising or resulting from any variation in rates of exchange
between (1)&nbsp;the date as of which the equivalent of the amount in the Required Currency (other than under this Subsection (b))
is calculated for the purposes of such winding-up and (2)&nbsp;the final date for the filing of proofs of claim in such winding-up.
For the purpose of this Subsection (b)&nbsp;the final date for the filing of proofs of claim in the winding-up of the Company 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 Company may be ascertained for such winding-up prior to payment by the liquidator
or otherwise in respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations contained in Subsections (a)(ii)&nbsp;and (b)&nbsp;of this Section&nbsp;shall constitute separate and independent
obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and
independent causes of action against the Company, 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 Company for a liquidated sum in respect of amounts due hereunder (other than under Subsection
(b)&nbsp;above) 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 Company
or the applicable liquidator. In the case of Subsection (b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;<U>rate(s) of exchange</U>&rdquo; shall mean the Bank of Canada noon rate for purchases on the relevant
date of the Required Currency with the Judgment Currency, as reported by Telerate on screen 3194 (or such other means of reporting
the Bank of Canada noon rate as may be agreed upon by each of the parties to this Indenture) and includes any premiums and costs
of exchange payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;115<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Currency Equivalent</U>. 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
 &ldquo;<U>First Currency</U>&rdquo;), as of any date such amount shall also be deemed to represent the amount in the Currency of
any other relevant nation (the &ldquo;<U>Other Currency</U>&rdquo;) which is required to purchase such amount in the First Currency
at the Bank of Canada noon rate as reported by Telerate on screen 3194 (or such other means of reporting the Bank of Canada noon
rate as may be agreed upon by each of the parties to this Indenture) on the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;116<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Recourse Against Others</U>. A director, officer, employee or shareholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or this Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such liability.
Such waiver and release shall be part of the consideration for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;117<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Multiple Originals</U>. The parties may sign any number of copies of this Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;118<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conflict with Trust Indenture Act</U>. If and to the extent that any provision hereof limits, qualifies or conflicts
with another provision that is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required or deemed provision shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Two</FONT><BR>
<BR>
SECURITY FORMS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;201<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Forms Generally</U>. The Registered Securities, if any, of each series and the Bearer Securities, if any, of each
series and related coupons shall be in substantially the forms as shall be established by or pursuant to a Board Resolution of
the Company 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 the rules of any securities exchange or as may,
consistently herewith, be determined by the Company. If the forms of Securities or coupons of any series are established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
<U>Section&nbsp;303</U> for the authentication and delivery of such Securities or coupons. Any portion of the text of any Security
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specified as contemplated
by <U>Section&nbsp;301</U>, Securities in bearer form shall have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee&rsquo;s certificate of authentication
on all Securities shall be in substantially the form set forth in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The definitive Securities and coupons shall
be printed, lithographed or engraved on steel-engraved borders or may be produced in any other manner, all as determined by the
officers executing such Securities, as evidenced by their execution of such Securities or coupons. A Security may be in substantially
the form attached as <U>Exhibit&nbsp;A</U> hereto, or a Security may be in any form established by or pursuant to authority granted
by one or more Board Resolutions and set forth in an Officers&rsquo; Certificate or supplemental indenture pursuant to <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;202<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form of Trustee&rsquo;s Certificate of Authentication</U>. Subject to <U>Section&nbsp;611</U>, the Trustee&rsquo;s
certificate of authentication shall be in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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">_______________________________________,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;203<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities Issuable in Global Form</U>. If Securities of or within a series are issuable in global form, as specified
as contemplated by <U>Section&nbsp;301</U>, then, notwithstanding clause (9) of <U>Section&nbsp;301</U>, any such Security shall
represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent
the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount
of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges.
Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities
represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall
be specified therein or in the Company Order to be delivered to the Trustee pursuant to <U>Section&nbsp;303</U> or <U>Section&nbsp;304</U>.
Subject to the provisions of <U>Section&nbsp;303</U> and, if applicable, <U>Section&nbsp;304</U>, the Trustee shall deliver and
redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein
or in the Company Order. If a Company Order pursuant to <U>Section&nbsp;303</U> or <U>Section&nbsp;304</U> has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form
shall be in writing but need not comply with <U>Section&nbsp;102</U> and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of the last sentence of <U>Section&nbsp;303</U>
shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with
<U>Section&nbsp;102</U> and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby, together with the written statement contemplated by the last sentence of <U>Section&nbsp;303</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the provisions of <U>Section&nbsp;307</U>,
unless otherwise specified as contemplated by <U>Section&nbsp;301</U>, payment of principal of (and premium, if any) and interest,
if any, on any Security in permanent global form shall be made to the Person or Persons specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the provisions of <U>Section&nbsp;309</U>
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat
as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i)&nbsp;in the case
of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii)&nbsp;in
the case of a permanent global Security in bearer form, Euroclear or Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Three</FONT><BR>
<BR>
THE SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;301<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amount Unlimited; Issuable in Series</U>. The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Securities may be issued in one or more
series. Except as otherwise provided herein, and except to the extent prescribed by law, each series of Securities shall be direct,
unconditional and unsecured obligations of the Company and shall rank pari passu and ratably without preference among themselves
and pari passu with all other unsecured and unsubordinated obligations of the Company. There shall be established in one or more
Board Resolutions of the Company or pursuant to authority granted by one or more Board Resolutions of the Company and, subject
to <U>Section&nbsp;303</U>, set forth in, or determined in the manner provided in, an Officers&rsquo; Certificate of the Company,
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 (each of which (except for the matters set forth in clauses (1), (2)&nbsp;and (16) below), if so provided,
may be determined from time to time by the Company with respect to unissued Securities of the series and set forth in such Securities
of the series when issued from time to time):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the title of the Securities of the series (which shall distinguish the Securities of the series from all other series of
Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 <U>Section&nbsp;304</U>, <U>305</U>, <U>306</U>, <U>806</U>, <U>1007</U> or <U>1205</U>)
and, in the event that no limit upon the aggregate principal amount of the Securities of that series is specified, the Company
shall have the right, subject to any terms, conditions or other provisions specified pursuant to this <U>Section&nbsp;301</U> with
respect to the Securities of such series, to re-open such series for the issuance of additional Securities of such series from
time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the
Securities of the series is payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rate or rates 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 and the Regular Record Date, if any, for the
interest payable on any Registered Security on any Interest Payment Date, or the method by which such date or dates shall be determined,
and the basis upon which interest shall be calculated if other than on the basis of a 360-day year of twelve 30-day months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the place or places, if any, other than the Corporate Trust Office, where the principal of (and premium, if any) and interest,
if any, on Securities of the series shall be payable, where any Registered Securities of the series may be surrendered for registration
of transfer, where Securities of the series may be surrendered for exchange, where Securities of the series that are convertible
or exchangeable may be surrendered for conversion or exchange, as applicable, and, if different than the location specified in
<U>Section&nbsp;105</U>, the place or places where notices or demands to or upon the Company in respect of the Securities of the
series and this Indenture may be served; and the extent to which, or the manner in which, any interest payment due on a global
Security of that series on an Interest Payment Date will be paid (if different than for other Securities of such series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the period or periods within which, the price or prices at which, the Currency (if other than Dollars) in which, and other
terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if
the Company is to have that option;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund
or analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which,
the Currency (if other than Dollars) in which, and other terms and conditions upon which Securities of the series shall be redeemed,
repaid or purchased, in whole or in part, pursuant to such obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if other than denominations of $2,000 and any multiple of $1,000 in excess thereof, the denomination or denominations in
which any Registered Securities of the series shall be issuable and, if other than denominations of $5,000, the denomination or
denominations in which any Bearer Securities of the series shall be issuable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(9)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(10)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to <U>Section&nbsp;502</U> or the method by which such
portion shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(11)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if other than Dollars, the Currency in which payment of the principal of (or premium, if any) or interest, if any, on the
Securities of the series shall be payable or in which the Securities of the series shall be denominated and the particular provisions
applicable thereto in accordance with, in addition to or in lieu of any of the provisions of <U>Section&nbsp;312</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(12)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whether the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series
may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation,
on one or more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(13)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whether the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at
the election of the Company or a Holder thereof, in a Currency other than that in which such Securities are denominated or stated
to be payable, the period or periods within which (including the Election Date), and the terms and conditions upon which, such
election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are
denominated or stated to be payable and the Currency in which such Securities are to be so payable, in each case in accordance
with, in addition to or in lieu of any of the provisions of <U>Section&nbsp;312</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(14)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the designation of the initial Exchange Rate Agent, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(15)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the applicability, if any, of <U>Sections&nbsp;1302</U> and/or <U>1303</U> to the Securities of the series and any provisions
in modification of, in addition to or in lieu of any of the provisions of <U>Article&nbsp;Thirteen</U> that shall be applicable
to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(16)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events
as may be specified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(17)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications
of or additions to <U>Section&nbsp;908</U>) of the Company with respect to 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(18)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons)
or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities, whether any Securities of the series
are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent
global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may
exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided in <U>Section&nbsp;305</U>, whether Registered Securities
of the series may be exchanged for Bearer Securities of the series (if permitted by applicable laws and regulations), whether Bearer
Securities of the series may be exchanged for Registered Securities of such series, and the circumstances under which and the place
or places where any such exchanges may be made and if Securities of the series are to be issuable in global form, the identity
of any initial depository therefor if other than The Depository Trust Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(19)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities
of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(20)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable,
if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent
to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid
if other than in the manner provided in <U>Section&nbsp;304</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(21)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the
form and/or terms of such certificates, documents or conditions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(22)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities
to be authenticated and delivered;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(23)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the
Company), the terms and conditions upon which such Securities will be so convertible or exchangeable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(24)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to the series
(which terms shall not be inconsistent with the requirements of the Trust Indenture Act but which need not be consistent with the
provisions of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All Securities of any one series and the coupons
appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities,
as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to <U>Section&nbsp;303</U>)
and set forth in such Officers&rsquo; Certificate or in any such 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 shall be delivered to the Trustee at or prior
to the delivery of the Officers&rsquo; Certificate setting forth the terms of the series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;302<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Denominations</U>. The Securities of each series shall be issuable in such denominations as shall be specified
as contemplated by <U>Section&nbsp;301</U>. With respect to Securities of any series denominated in Dollars, in the absence of
any such provisions, the Registered Securities of such series, other than Registered Securities issued in global form (which may
be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof and the Bearer Securities
of such series, other than the Bearer Securities issued in global form (which may be of any denomination), shall be issuable in
a denomination of $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;303<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Execution, Authentication, Delivery and Dating</U>. The Securities and any coupons appertaining thereto shall
be executed on behalf of the Company by its Chairman, its Chief Executive Officer, its President or a Vice President together with
any one of the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of the Company. The signature of any
of these officers on the Securities or coupons may be the manual or facsimile signatures of the present or any future such authorized
officer and may be imprinted or otherwise reproduced on the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Securities or coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series together with any coupons appertaining
thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities; <I>provided</I>,
<I>however</I>, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any
location in the United States or Canada; and <I>provided further</I> that, unless otherwise specified with respect to any series
of Securities pursuant to <U>Section&nbsp;301</U>, a Bearer Security may be delivered in connection with its original issuance
only if the Person entitled to receive such Bearer Security shall have furnished a certificate in the form set forth in <U>Exhibit&nbsp;B-1</U>
to this Indenture, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and
the date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms of such
temporary Security and this Indenture. If any Security shall be represented by a permanent global Bearer Security, then, for purposes
of this Section&nbsp;and <U>Section&nbsp;304</U>, the notation of a beneficial owner&rsquo;s interest therein upon original issuance
of such Security or upon exchange of a portion of a temporary global Security shall be deemed to be delivery in connection with
its original issuance of such beneficial owner&rsquo;s interest in such permanent global Security. Except as permitted by <U>Section&nbsp;306</U>,
the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have
been detached and cancelled. If not all the Securities of any series are to be issued at one time and if the Board Resolution or
supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining terms of particular Securities of such series such as interest rate,
stated maturity, date of issuance and date from which interest shall accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 TIA Sections&nbsp;315(a) through 315(d)) shall be fully protected in relying upon, an Opinion or Opinions of Counsel
of the Company stating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the form or forms of such Securities and any coupons have been established in conformity with the provisions of this
Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed
and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by
the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute the legal, valid and binding obligations of the Company, enforceable in accordance with
their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating
to or affecting the enforcement of creditors&rsquo; rights, to general equitable principles and to such other qualifications as
such counsel shall conclude do not materially affect the rights of Holders of such Securities and any coupons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that all laws and requirements in respect of the execution and delivery by the Company of such Securities, any coupons,
and of the supplemental indentures, if any, have been complied with and that authentication and delivery of such Securities and
any coupons and the execution and delivery of the supplemental indenture, if any, by the Trustee will not violate the terms of
the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the Company has the corporate power to issue such Securities and any coupons and has duly taken all necessary corporate
action with respect to such issuance; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the issuance of such Securities and any coupons will not contravene the articles of incorporation or by-laws of the
Company, or result in any violation of any of the terms or provisions of any law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the provisions of <U>Section&nbsp;301</U>
and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time, it shall not be necessary
to deliver the Officers&rsquo; Certificate otherwise required pursuant to <U>Section&nbsp;301</U> or the Company Order and Opinion
of Counsel otherwise required pursuant to the preceding two paragraphs prior to or at the time of issuance of each Security, but
such documents shall be delivered prior to or at the time of issuance of the first Security of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall not be required to authenticate
and deliver any such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&rsquo;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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each Registered Security shall be dated the
date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No Security or coupon endorsed thereon 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 duly executed by the Trustee by manual signature
of an authorized officer, 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 authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in <U>Section&nbsp;310</U> together with
a written statement (which need not comply with <U>Section&nbsp;102</U> and need not be accompanied by an Opinion of Counsel) stating
that such Security has never been issued and sold by the Company, 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;304<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Temporary Securities</U>. Pending the preparation of definitive Securities of any series, the Company may execute,
and upon receipt of a Company 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, in registered form or, if authorized, in bearer form with one or more coupons or without coupons
and in all cases with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company,
executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities
may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except in the case of temporary Securities
in global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities
of any series are issued, the Company will cause 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 Company
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 (accompanied by any unmatured coupons appertaining thereto), the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized
denominations and of like tenor and evidencing the same indebtedness; <I>provided</I>, <I>however</I>, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security; and <I>provided further</I> that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in <U>Section&nbsp;303</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If temporary Securities of any series are
issued in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered to the London,
England office of a depositary or common depositary (the &ldquo;<U>Common Depositary</U>&rdquo;), for the benefit of Euroclear
and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as
they may direct).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Without unnecessary delay, but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the &ldquo;<U>Exchange
Date</U>&rdquo;), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security and evidencing the same indebtedness, executed by the Company. On or after the Exchange
Date, such temporary global Security shall be surrendered by the Common Depositary to the Trustee, as the Company&rsquo;s agent
for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge, and the Trustee
shall authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal amount
of definitive Securities of the same series of authorized denominations and of like tenor and evidencing the same indebtedness
as the portion of such temporary global Security to be exchanged. The definitive Securities to be delivered in exchange for any
such temporary global Security shall be in bearer form, registered form, permanent global bearer form or permanent global registered
form, or any combination thereof, as specified as contemplated by <U>Section&nbsp;301</U>, and, if any combination thereof is so
specified, as requested by the beneficial owner thereof; <I>provided</I>, <I>however</I>, that, unless otherwise specified in such
temporary global Security, upon such presentation by the Common Depositary, such temporary global Security is accompanied by a
certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary global Security
held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream
as to the portion of such temporary global Security held for its account then to be exchanged, each in the form set forth in <U>Exhibit&nbsp;B-2</U>
to this Indenture (or in such other form as may be established pursuant to <U>Section&nbsp;301</U>); and <I>provided further</I>
that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary global Security only in compliance
with the requirements of <U>Section&nbsp;303</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specified in such
temporary global Security, the interest of a beneficial owner of Securities of a series in a temporary global Security shall
be exchanged for definitive Securities of the same series and of like tenor and evidencing the same indebtedness following
the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on
his behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in <U>Exhibit&nbsp;B-1</U>
to this Indenture (or in such other form as may be established pursuant to <U>Section&nbsp;301</U>), dated no earlier than 15
days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and
Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless
otherwise specified in such temporary global Security, any such exchange shall be made free of charge to the beneficial
owners of such temporary global Security, except that a Person receiving definitive Securities must bear the cost of
insurance, postage, transportation and the like in the event that such Person does not take delivery of such definitive
Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in
exchange for any portion of a temporary global Security shall be delivered only outside the United States and Canada.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor and evidencing the same indebtedness authenticated and delivered hereunder, except
that, unless otherwise specified as contemplated by <U>Section&nbsp;301</U>, interest payable on a temporary global Security on
an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear
and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates
in the form set forth in <U>Exhibit&nbsp;B-2</U> to this Indenture (or in such other form as may be established pursuant to <U>Section&nbsp;301</U>),
for credit without further interest thereon on or after such Interest Payment Date to the respective accounts of the Persons who
are the beneficial owners of such temporary global Security on such Interest Payment Date and who have each delivered to Euroclear
or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior
to such Exchange Date in the form set forth in <U>Exhibit&nbsp;B-1</U> to this Indenture (or in such other form as may be established
pursuant to <U>Section&nbsp;301</U>). Notwithstanding anything to the contrary herein contained, the certifications made pursuant
to this paragraph&nbsp;shall satisfy the certification requirements of the preceding two paragraphs of this Section&nbsp;and of
the third paragraph&nbsp;of <U>Section&nbsp;303</U> of this Indenture and the interests of the Persons who are the beneficial owners
of the temporary global Security with respect to which such certification was made will be exchanged for definitive Securities
of the same series and of like tenor and evidencing the same indebtedness on the Exchange Date or the date of certification if
such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in
this paragraph, no payments of principal (or premium, if any) or interest, if any, owing with respect to a beneficial interest
in a temporary global Security will be made unless and until such interest in such temporary global Security shall have been exchanged
for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided
shall be returned to the Trustee no later than one month prior to the expiration of two years after such Interest Payment Date
in order to be repaid to the Company in accordance with <U>Section&nbsp;1003</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;305<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Registration, Registration of Transfer and Exchange</U>. The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register for each series of Securities issued by the Company (the registers maintained in the Corporate
Trust Office of the Trustee and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively
referred to as the &ldquo;<U>Security Register</U>&rdquo;) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security
Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At all
reasonable times, the Security Register shall be open to inspection by the Trustee. The Trustee is hereby initially appointed as
security registrar (the &ldquo;<U>Security Registrar</U>&rdquo;) for the purpose of registering Registered Securities and transfers
of Registered Securities as herein provided. The Company shall have the right to remove and replace from time to time the Security
Registrar for any series of Securities; <I>provided</I>, <I>however</I>, that no such removal or replacement shall be effective
until a successor Security Registrar with respect to such series of Registered Securities shall have been appointed by the Company
and shall have accepted such appointment by the Company. In the event that the Trustee shall not be or shall cease to be the Security
Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all
reasonable times. There shall be only one Security Register for each series of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon surrender for registration of transfer
of any Registered Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more replacement Registered Securities
of the same series, of any authorized denominations and of a like aggregate principal amount and tenor and evidencing the same
indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At the option of the Holder, Registered Securities
of any series may be exchanged for other replacement Registered Securities of the same series, of any authorized denomination and
of a like aggregate principal amount and tenor and evidencing the same indebtedness, upon surrender of the Registered Securities
to be exchanged at such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Registered Securities, which the Holder making the exchange is entitled
to receive. Unless otherwise specified with respect to any series of Securities as contemplated by <U>Section&nbsp;301</U>, Bearer
Securities may not be issued in exchange for Registered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If (but only if) expressly permitted in or
pursuant to the applicable Board Resolution and (subject to <U>Section&nbsp;303</U>) set forth in the applicable Officers&rsquo;
Certificate, or in any indenture supplemental hereto, delivered as contemplated by <U>Section&nbsp;301</U>, at the option of the
Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denomination
and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office
or agency, with all unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security
is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange
may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the
face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company
and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying
Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect
of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; <I>provided</I>,
<I>however</I>, that, except as otherwise provided in <U>Section&nbsp;902</U>, interest represented by coupons shall be payable
only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding
the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for
a Registered Security of the same series and like tenor after the close of business at such office or agency on (i)&nbsp;any Regular
Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date
for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment
Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver the Securities which the Holder making
the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, except as otherwise
specified as contemplated by <U>Section&nbsp;301</U>, any permanent global Security shall be exchangeable only as provided in this
paragraph&nbsp;and the two following paragraphs. If any beneficial owner of an interest in a permanent global Security is entitled
to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination,
as specified as contemplated by <U>Section&nbsp;301</U> and provided that any applicable notice provided in the permanent global
Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such
interest may be so exchanged, the Company shall deliver to the Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner&rsquo;s interest in such permanent global Security, executed by the Company. On
or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered by
the Depositary for such permanent global Security to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged,
in whole or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver,
in exchange for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor and evidencing the same indebtedness as the portion of such permanent
global Security to be exchanged which, unless the Securities of the series are not issuable both as Bearer Securities and as Registered
Securities, as specified as contemplated by <U>Section&nbsp;301</U>, shall be in the form of Bearer Securities or Registered Securities,
or any combination thereof, as shall be specified by the beneficial owner thereof; <I>provided</I>, <I>however</I>, that no Bearer
Security delivered in exchange for a portion of a permanent global Security shall be mailed or otherwise delivered to any location
in the United States or Canada. If a Registered Security is issued in exchange for any portion of a permanent global Security after
the close of business at the office or agency where such exchange occurs on (i)&nbsp;any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, then (in the case
of clause (i)) interest or (in the case of clause (ii)) Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to the Person who was the Holder of such permanent
global Security at the close of business on the relevant Regular Record Date or Special Record Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If at any time the Depositary for Securities
of a series notifies the Company that it is unwilling or unable to continue as Depositary for Securities of such series or if at
any time the Depositary for global Securities for such series shall no longer be a clearing agency registered as such under the
Securities Exchange Act of 1934, as amended, the Company shall appoint a successor depositary with respect to the Securities for
such series. If a successor to the Depositary for Securities is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such condition, as the case may be, the Company&rsquo;s election pursuant to <U>Section&nbsp;301</U>
shall no longer be effective with respect to the Securities for such series and the Company will execute, and the Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver
replacement Securities of such series in definitive registered form, in authorized denominations and in an aggregate principal
amount equal to the principal amount of the global Security or Securities representing such series and evidencing the same indebtedness
in exchange for such global Security or Securities. The provisions of the last sentence of the immediately preceding paragraph&nbsp;shall
be applicable to any exchange pursuant to this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may at any time and in its sole
discretion determine that the Securities of any series issued in the form of one or more global Securities shall no longer be represented
by such global Security or Securities. In such event, the Company will execute, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of definitive Securities of such series, will authenticate and deliver replacement Securities
of such series in definitive registered form, in authorized denominations and in an aggregate principal amount equal to the principal
amount of the global Security or Securities representing such series and evidencing the same indebtedness in exchange for such
global Security or Securities. The provisions of the last sentence of the second preceding paragraph&nbsp;shall be applicable to
any exchange pursuant to this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the exchange of a global Security for
Securities in definitive registered form, such global Security shall be cancelled by the Trustee. Securities issued in exchange
for a global Security pursuant to this Section&nbsp;shall be registered in such names and in such authorized denominations as the
Depositary for such global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee in writing. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar) be duly endorsed,
or be accompanied by a written instrument of transfer, in form satisfactory to the Company and the Security Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to <U>Section&nbsp;304</U>, <U>806</U>, <U>1007</U> or <U>1205</U> not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall not be required (i)&nbsp;to
issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of that series under <U>Section&nbsp;1003</U> or <U>1103</U> and ending
at the close of business on (A)&nbsp;if Securities of the series are issuable only as Registered Securities, the day of the mailing
of the relevant notice of redemption and (B)&nbsp;if Securities of the series are issuable as Bearer Securities, the day of the
first publication of the relevant notice of redemption or, if Securities of the series are also issuable as Registered Securities
and there is no publication, the mailing of the relevant notice of redemption; (ii)&nbsp;to register the transfer of or exchange
any Registered Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part; (iii)&nbsp;to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged
for a Registered Security of that series and like tenor; <I>provided</I> that such Registered Security shall be simultaneously
surrendered for redemption; or (iv)&nbsp;to issue, register the transfer of or exchange any Security which has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;306<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>. If any mutilated Security or a Security with a mutilated
coupon appertaining to it is surrendered to the Trustee, the Company 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,
with coupons corresponding to the coupons, if any, appertaining to the surrendered Security; <I>provided</I>, <I>however</I>, that
any Bearer Security or any coupon shall be delivered only outside the United States and Canada; and <I>provided</I>, <I>further</I>,
that all Bearer Securities shall be delivered and received in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If there shall be delivered to the Company
and the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security or coupon and (ii)&nbsp;such
security or indemnity as may 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 Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon Company Order the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security for which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a replacement Security of the same series and of like tenor and principal amount and evidencing the same indebtedness
and, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains; <I>provided</I>, <I>however</I>, that any Bearer Security or any coupon
shall be delivered only outside the United States and Canada; and <I>provided</I>, <I>further</I>, that all Bearer Securities shall
be delivered and received in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a replacement Security, with coupons corresponding to the coupons,
if any, appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated, destroyed,
lost or stolen coupon appertains, pay such Security or coupon; <I>provided</I>, <I>however</I>, that payment of principal of (and
premium, if any) and interest, if any, on Bearer Securities shall, except as otherwise provided in <U>Section&nbsp;902</U>, be
payable only at an office or agency located outside the United States and Canada and, unless otherwise specified as contemplated
by <U>Section&nbsp;301</U>, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons
appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the issuance of any replacement Security
under this Section, the Company 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Every replacement Security of any series with
its coupons, if any, issued pursuant to this Section&nbsp;in lieu of any mutilated, destroyed, lost or stolen Security or in exchange
for a Security to which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute a contractual obligation of
the Company, whether or not the mutilated, destroyed, lost or stolen Security and its coupons, if any, or the mutilated, destroyed,
lost or stolen coupon 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 and their coupons, if any, duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of this Section, as amended
or supplemented pursuant to <U>Section&nbsp;301</U> of this Indenture with respect to particular securities 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 or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;307<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Principal and Interest; Interest Rights Preserved; Optional Interest Reset</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise provided as contemplated by <U>Section&nbsp;301</U> with respect to any series of Securities, interest,
if any, on any Registered 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 Company maintained for such purpose pursuant to <U>Section&nbsp;902</U>;
<I>provided</I>, <I>however</I>, that each installment of interest, if any, on any Registered Security may at the Company&rsquo;s
option be paid by (i)&nbsp;mailing a check for such interest, payable to or upon the written order of the Person entitled thereto
pursuant to <U>Section&nbsp;309</U>, to the address of such Person as it appears on the Security Register or (ii)&nbsp;wire transfer
to an account located in the United States maintained by the Person entitled to such payment as specified in the Security Register.
Principal paid in relation to any Security at Maturity shall be paid to the Holder of such Security only upon presentation and
surrender of such Security to any office or agency referred to in this <U>Section&nbsp;307(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise provided as
contemplated by <U>Section&nbsp;301</U> with respect to the Securities of any series, payment of interest, if any, may be
made, in the case of a Bearer Security, by transfer to an account located outside the United States and Canada maintained by
the payee, upon presentation and surrender of the coupons appertaining thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If so provided pursuant to <U>Section&nbsp;301</U>
with respect to the Securities of any series, every permanent global Security of such series will provide that interest, if any,
payable on any Interest Payment Date will be paid to each of Euroclear and Clearstream with respect to that portion of such permanent
global Security held for its account by the Common Depositary, for the purpose of permitting each of Euroclear and Clearstream
to credit the interest, if any, received by it in respect of such permanent global Security to the accounts of the beneficial owners
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any interest on any Registered Security of
any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date 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
and, if applicable, interest on such defaulted interest (to the extent lawful) at the rate specified in the Securities of such
series (such defaulted interest and, if applicable, interest thereon herein collectively called &ldquo;<U>Defaulted Interest</U>&rdquo;)
shall be paid by the Company, at its election in each case, as provided in clause (1)&nbsp;or (2)&nbsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered 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. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities
of such series are payable (except as otherwise specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series
and except, if applicable, as provided in <U>Sections&nbsp;312(b)</U>, <U>312(d)</U> and <U>312(e)</U>) 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 as in this clause provided. 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. The Trustee shall promptly notify
the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner provided in <U>Section&nbsp;106</U>,
not less than 10 days prior to such Special Record Date. 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 name the Registered 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 the following clause (2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice
as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this
clause, such manner of payment shall be deemed practicable by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of this <U>Section&nbsp;307(b)</U> may be made applicable to any series of Securities pursuant to <U>Section&nbsp;301</U>
(with such modifications, additions or substitutions as may be specified pursuant to such <U>Section&nbsp;301</U>). The interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may
be reset by the Company on the date or dates specified on the face of such Security (each an &ldquo;<U>Optional Reset Date</U>&rdquo;).
The Company may exercise such option with respect to such Security by notifying the Trustee of such exercise at least 50 but not
more than 60 days prior to an Optional Reset Date for such Security, which notice shall specify the information to be included
in the Reset Notice (as defined). Not later than 40 days prior to each Optional Reset Date, the Trustee shall transmit, in the
manner provided for in <U>Section&nbsp;106</U>, to the Holder of any such Security a notice (the &ldquo;<U>Reset Notice</U>&rdquo;)
indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i)&nbsp;such new interest rate (or such new spread or spread multiplier, if applicable)
and (ii)&nbsp;the provisions, if any, for redemption during the period from such Optional Reset Date to the next Optional Reset
Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period a &ldquo;<U>Subsequent
Interest Period</U>&rdquo;), including the date or dates on which or the period or periods during which and the price or prices
at which such redemption may occur during the Subsequent Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, not later than
20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread multiplier
used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish an interest rate (or a spread
or spread multiplier used to calculate such interest rate, if applicable) that is higher than the interest rate (or the spread
or spread multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing the Trustee
to transmit, in the manner provided for in <U>Section&nbsp;106</U>, notice of such higher interest rate (or such higher spread
or spread multiplier, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect
to which the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on
an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment
(or have validly revoked any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such
higher spread or spread multiplier, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Holder of any such Security will have
the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to
the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in <U>Article&nbsp;Twelve</U> for repayment at the option of Holders except
that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional
Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may,
by written notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional
Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the foregoing provisions of this Section&nbsp;and <U>Section&nbsp;305</U>, 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;308<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Optional Extension of Stated Maturity</U>. The provisions of this <U>Section&nbsp;308</U> may be made applicable
to any series of Securities pursuant to <U>Section&nbsp;301</U> (with such modifications, additions or substitutions as may be
specified pursuant to such <U>Section&nbsp;301</U>). The Stated Maturity of any Security of such series may be extended at the
option of the Company for the period or periods specified on the face of such Security (each an &ldquo;<U>Extension Period</U>&rdquo;)
up to but not beyond the date (the &ldquo;<U>Final Maturity</U>&rdquo;) set forth on the face of such Security. The Company may
exercise such option with respect to any Security by notifying the Trustee of such exercise at least 50 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the &ldquo;<U>Original Stated Maturity</U>&rdquo;).
If the Company exercises such option, the Trustee shall transmit, in the manner provided for in <U>Section&nbsp;106</U>, to the
Holder of such Security not later than 40 days prior to the Original Stated Maturity a notice (the &ldquo;<U>Extension Notice</U>&rdquo;)
indicating (i)&nbsp;the election of the Company to extend the Stated Maturity, (ii)&nbsp;the new Stated Maturity, (iii)&nbsp;the
interest rate, if any, applicable to the Extension Period and (iv)&nbsp;the provisions, if any, for redemption during such Extension
Period. Upon the Trustee&rsquo;s transmittal of the Extension Notice, the Stated Maturity of such Security shall be extended automatically
and, except as modified by the Extension Notice and as described in the next paragraph, such Security will have the same terms
as prior to the transmittal of such Extension Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, not later than
20 days before the Original Stated Maturity of such Security, the Company may, at its option, revoke the interest rate provided
for in the Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustee to transmit, in
the manner provided for in <U>Section&nbsp;106</U>, notice of such higher interest rate to the Holder of such Security. Such notice
shall be irrevocable. All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Company extends the Maturity of any
Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity at
a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder must follow the procedures set forth in <U>Article&nbsp;Twelve</U>
for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25
but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment
pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close
of business on the tenth day before the Original Stated Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;309<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Persons Deemed Owners</U>. Prior to due presentment of a Registered Security for registration of transfer, the
Company, the Trustee and any agent of any of the foregoing may treat the Person in whose name such Registered Security is registered
as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject
to <U>Sections&nbsp;305</U> and <U>307</U>) interest, if any, on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and none of the Company, the Trustee or any agent of any of the foregoing shall be affected by notice
to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of any of the foregoing may treat the bearer
of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupons be overdue,
and the Company, the Trustee or any agent of any of the foregoing shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">None of the Company, the Trustee, any Paying
Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, with respect
to any global Security, nothing herein shall prevent the Company, the Trustee, or any agent of any of the foregoing from giving
effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with respect to such
global Security or impair, as between such depositary and owners of beneficial interests in such global Security, the operation
of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder of such global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;310<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cancellation</U>. All Securities and coupons surrendered for payment, redemption, repayment at the option of the
Holder, registration of transfer or exchange or for credit against any current or future sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee. All Securities and coupons so delivered to the Trustee shall
be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company 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 Company
has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire
any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated
in lieu of or in exchange for any Securities cancelled as provided in this Section, 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 procedures and
certification of their disposal delivered to the Company unless by Company Order the Company shall direct that cancelled Securities
be returned to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;311<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Computation of Interest</U>. Except as otherwise specified as contemplated by <U>Section&nbsp;301</U> with respect
to any Securities, interest, if any, on the Securities of each series shall be computed on the basis of a 360-day year of twelve
30-day months. For the purposes of disclosure under the <I>Interest Act </I>(Canada), the yearly rate of interest to which interest
calculated under a Security for any period in any calendar year (the &ldquo;<U>calculation period</U>&rdquo;) is equivalent, is
the rate payable under a Security in respect of the calculation period multiplied by a fraction the numerator of which is the actual
number of days in such calendar year and the denominator of which is the actual number of days in the calculation period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;312<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Currency and Manner of Payments in Respect of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to Registered Securities of any series not permitting the election provided for in paragraph&nbsp;(b)&nbsp;below
or the Holders of which have not made the election provided for in paragraph&nbsp;(b)&nbsp;below, and with respect to Bearer Securities
of any series, except as provided in paragraph&nbsp;(d)&nbsp;below, payment of the principal of (and premium, if any) and interest,
if any, on any Registered or Bearer Security of such series will be made in the Currency in which such Registered Security or Bearer
Security, as the case may be, is denominated or stated to be payable. The provisions of this <U>Section&nbsp;312</U> may be modified
or superseded with respect to any Securities pursuant to <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It may be provided pursuant to <U>Section&nbsp;301</U> with respect to Registered Securities of any series that Holders
shall have the option, subject to paragraphs (d)&nbsp;and (e)&nbsp;below, to receive payments of principal of (or premium, if any)
or interest, if any, on such Registered Securities in any of the Currencies which may be designated for such election by delivering
to the Trustee a written election with signature guarantees and in the applicable form established pursuant to <U>Section&nbsp;301</U>,
not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects
to receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder
until changed by such Holder or such transferee by written notice to the Trustee (but any such change must be made not later than
the close of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made
on such payment date and no such change of election may be made with respect to payments to be made on any Registered Security
of such series with respect to which an Event of Default has occurred or with respect to which the Company has deposited funds
pursuant to <U>Article&nbsp;Four</U> or <U>Thirteen</U> or with respect to which a notice of redemption has been given by the Company
or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered Security
who shall not have delivered any such election to the Trustee not later than the close of business on the applicable Election Date
will be paid the amount due on the applicable payment date in the relevant Currency as provided in <U>Section&nbsp;312(a)</U>.
The Trustee shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount
of Registered Securities for which Holders have made such written election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified pursuant to <U>Section&nbsp;301</U>, if the election referred to in paragraph&nbsp;(b)&nbsp;above
has been provided for pursuant to <U>Section&nbsp;301</U>, then, unless otherwise specified pursuant to <U>Section&nbsp;301</U>,
not later than the fourth Business Day after the Election Date for each payment date for Registered Securities of any series, the
Exchange Rate Agent will deliver to the Company a written notice specifying, in the Currency in which Registered Securities of
such series are payable, the respective aggregate amounts of principal of (and premium, if any) and interest, if any, on the Registered
Securities to be paid on such payment date, specifying the amounts in such Currency so payable in respect of the Registered Securities
as to which the Holders of Registered Securities of such series shall have elected to be paid in another Currency as provided in
paragraph&nbsp;(b)&nbsp;above. If the election referred to in paragraph&nbsp;(b)&nbsp;above has been provided for pursuant to <U>Section&nbsp;301</U>
and if at least one Holder has made such election, then, unless otherwise specified pursuant to <U>Section&nbsp;301</U>, on the
second Business Day preceding such payment date the Company will deliver to the Trustee for such series of Registered Securities
an Exchange Rate Officer&rsquo;s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date.
Unless otherwise specified pursuant to <U>Section&nbsp;301</U>, the Dollar or Foreign Currency amount receivable by Holders of
Registered Securities who have elected payment in a Currency as provided in paragraph&nbsp;(b)&nbsp;above shall be determined by
the Company on the basis of the applicable Market Exchange Rate in effect on the third Business Day (the &ldquo;<U>Valuation Date</U>&rdquo;)
immediately preceding each payment date, and such determination shall be conclusive and binding for all purposes, absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable
other than pursuant to an election provided for pursuant to paragraph&nbsp;(b)&nbsp;above, then with respect to each date for the
payment of principal of (and premium, if any) and interest, if any, on the applicable Securities denominated or payable in such
Foreign Currency occurring after the last date on which such Foreign Currency was used (the &ldquo;<U>Conversion Date</U>&rdquo;),
the Dollar shall be the Currency of payment for use on each such payment date. Unless otherwise specified pursuant to <U>Section&nbsp;301</U>,
the Dollar amount to be paid by the Company to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities
with respect to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent
of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined
by the Exchange Rate Agent in the manner provided in paragraph&nbsp;(f)&nbsp;or (g)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified pursuant to <U>Section&nbsp;301</U>, if the Holder of a Registered Security denominated in any
Currency shall have elected to be paid in another Currency as provided in paragraph&nbsp;(b)&nbsp;above, and a Conversion Event
occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in which payment would have been
made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have
been made in the absence of such election, such Holder shall receive payment in Dollars as provided in paragraph&nbsp;(d)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The &ldquo;<U>Dollar Equivalent of the Foreign Currency</U>&rdquo; shall be determined by the Exchange Rate Agent and shall
be obtained for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate
on the Conversion Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The &ldquo;<U>Dollar Equivalent of the Currency Unit</U>&rdquo; shall be determined by the Exchange Rate Agent and subject
to the provisions of paragraph&nbsp;(h)&nbsp;below shall be the sum of each amount obtained by converting the Specified Amount
of each Component Currency into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect
to each payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this <U>Section&nbsp;312</U> the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A &ldquo;<U>Component Currency</U>&rdquo;
shall mean any Currency which, on the Conversion Date, was a component currency of the relevant currency unit, including, but not
limited to, the Euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A &ldquo;<U>Specified Amount</U>&rdquo; of
a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the
relevant currency unit, including, but not limited to, the Euro, on the Conversion Date. If after the Conversion Date the official
unit of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency
shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated
into a single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single
Currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single
Currency, and such amount shall thereafter be a Specified Amount and such single Currency shall thereafter be a Component Currency.
If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such
Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at
the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent value of the Specified Amount of such former
Component Currency at the Market Exchange Rate immediately before such division and such amounts shall thereafter be Specified
Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit,
including, but not limited to, the Euro, a Conversion Event (other than any event referred to above in this definition of &ldquo;Specified
Amount&rdquo;) occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation
Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency
Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such Component Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Election Date</U>&rdquo; shall mean
the date for any series of Registered Securities as specified pursuant to clause (14) of <U>Section&nbsp;301</U> by which the written
election referred to in paragraph&nbsp;(b)&nbsp;above may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange
Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of such Securities
denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and
the Trustee of any such decision or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the event that the Company determines in
good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written notice
thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly thereafter give notice in the manner provided
for in <U>Section&nbsp;106</U> to the affected Holders) specifying the Conversion Date. In the event the Company so determines
that a Conversion Event has occurred with respect to the Euro or any other currency unit in which Securities are denominated or
payable, the Company will immediately give written notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee
will promptly thereafter give notice in the manner provided for in <U>Section&nbsp;106</U> to the affected Holders) specifying
the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company determines
in good faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount above has
occurred, the Company will similarly give written notice to the Trustee and the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall be fully justified and protected
in relying and acting upon information received by it from the Company and the Exchange Rate Agent pursuant to this <U>Section&nbsp;312</U>
and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the
Company or the Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;313<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Appointment and Resignation of Successor Exchange Rate Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified pursuant to <U>Section&nbsp;301</U>, if and so long as the Securities of any series (i)&nbsp;are
denominated in a Currency other than Dollars or (ii)&nbsp;may be payable in a Currency other than Dollars, or so long as it is
required under any other provision of this Indenture, then the Company will maintain with respect to each such series of Securities,
or as so required, at least one Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign
exchange determinations at the time and in the manner specified pursuant to <U>Section&nbsp;301</U> for the purpose of determining
the applicable rate of exchange and, if applicable, for the purpose of converting the issued Currency into the applicable payment
Currency for the payment of principal (and premium, if any) and interest, if any, pursuant to <U>Section&nbsp;312</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have the right to remove and replace from time to time the Exchange Rate Agent for any series of Securities.
No resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section&nbsp;shall
become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument
delivered to the Company and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Exchange Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a
Board Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities
of that or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant to <U>Section&nbsp;301</U>, at any time there
shall only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the
Company on the same date and that are initially denominated and/or payable in the same Currency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Four</FONT><BR>
<BR>
SATISFACTION AND DISCHARGE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;401<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Satisfaction and Discharge of Indenture</U>. This Indenture shall upon Company Request cease to be of further
effect with respect to any series of Securities issued by the Company specified in such Company Request (except as to any surviving
rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant hereto, and
the rights of Holders of Outstanding Securities and any related coupons to receive, solely from the trust fund described in subclause
(B)&nbsp;of clause (1)&nbsp;of this Section, payments in respect of the principal of (and premium, if any) and interest, if any,
on such Securities and any related coupons when such payments are due and except as provided in the last paragraph&nbsp;of this
<U>Section&nbsp;401</U>) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture as to such series when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other
than (i)&nbsp;coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such
exchange, whose surrender is not required or has been waived as provided in <U>Section&nbsp;305</U>, (ii)&nbsp;Securities and coupons
of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in <U>Section&nbsp;306</U>,
(iii)&nbsp;coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender
has been waived as provided in <U>Section&nbsp;1006</U>, and (iv)&nbsp;Securities and coupons of such series for whose payment
money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company
and thereafter repaid to the Company, as provided in <U>Section&nbsp;903</U>) have been delivered to the Trustee for cancellation;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Securities of such series and, in the case of (i)&nbsp;or (ii)&nbsp;below, any coupons appertaining thereto not theretofore
delivered to the Trustee for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have become due and payable, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will become due and payable at their Stated Maturity within one year, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if redeemable at the option of the Company, 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 Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">and the Company, in the case of (i), (ii)&nbsp;or
(iii)&nbsp;above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose
an amount in the Currency in which the Securities of such series are payable, sufficient 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,
if any, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has paid or caused to be paid all other sums payable hereunder by the Company, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has delivered to the Trustee an Officers&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the satisfaction and discharge
of this Indenture, the provisions of <U>Section&nbsp;905</U>, the obligations of the Company to the Trustee under <U>Section&nbsp;606</U>,
the obligations of the Trustee to any Authenticating Agent under <U>Section&nbsp;611</U> and, if money shall have been deposited
with the Trustee pursuant to subclause (B)&nbsp;of clause (1)&nbsp;of this Section, the provisions of <U>Sections&nbsp;113</U>,
<U>114</U>, <U>304</U>, <U>305</U>, <U>306</U>, <U>902</U> and <U>903</U> (and any applicable provisions of <U>Article&nbsp;Ten</U>)
and the obligations of the Trustee under <U>Section&nbsp;402</U> shall survive such satisfaction and discharge and remain in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;402<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Application of Trust Money</U>. Subject to the provisions of the last paragraph&nbsp;of <U>Section&nbsp;903</U>,
all money deposited with the Trustee pursuant to <U>Section&nbsp;401</U> shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest, if any, 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 law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Five</FONT><BR>
<BR>
REMEDIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;501<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Events of Default</U>. &ldquo;<U>Event of Default</U>,&rdquo; 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 or modified in or pursuant
to a supplemental indenture, Board Resolution or Officers&rsquo; Certificate establishing the terms of such series pursuant to
<U>Section&nbsp;301</U> of this Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the payment of any interest on any Security of that series, or any related coupon, when such interest or coupon
becomes due and payable, and continuance of such default for a period of 30 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the deposit of any sinking fund payment, when the same becomes due by the terms of the Securities of that series;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the performance, or breach, of any covenant or agreement of the Company in this Indenture in respect of the Securities
of that series (other than a default in the performance or breach of a covenant or agreement which is specifically dealt with elsewhere
in this Section), and continuance of such default or breach for a period of 90 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount
of all Outstanding Securities affected thereby, a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a &ldquo;<U>Notice of Default</U>&rdquo; hereunder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company pursuant to or under or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>commences a proceeding or makes an application seeking a Bankruptcy Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the making of a Bankruptcy Order or the commencement of any proceeding or application seeking the making of
a Bankruptcy Order against it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the appointment of a Custodian of it or for any substantial part of its property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>makes a general assignment for the benefit of its creditors or files a proposal or notice of intention to make a proposal
or other scheme of arrangement involving the rescheduling, reorganizing or compromise of its indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files an assignment in bankruptcy; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the filing of an assignment in bankruptcy or the appointment of or taking possession by a Custodian;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a court of competent jurisdiction in any involuntary case or proceeding makes a Bankruptcy Order against the Company, and
such Bankruptcy Order remains unstayed and in effect for 90 consecutive days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a Custodian shall be appointed out of court with respect to the Company, or with respect to all or any substantial part
of the property of the Company and such appointment shall not have been vacated, discharged, or stayed or bonded pending appeal
within 90 days, or any encumbrancer shall take possession of all or any substantial part of the property of the Company and such
possession shall not have reverted to the Company, as applicable, within 90 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other Event of Default provided with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Bankruptcy Law</U>&rdquo; means
the Federal Bankruptcy Code, Bankruptcy and Insolvency Act (Canada), Companies&rsquo; Creditors Arrangement Act (Canada), Winding-Up
 &amp; Restructuring Act (Canada), or any other Canadian federal or provincial law or the law of any other jurisdiction relating
to bankruptcy, insolvency, winding-up, liquidation, dissolution, reorganization or relief of debtors or any similar law now or
hereafter in effect for the relief from, or otherwise affecting, creditors. &ldquo;<U>Custodian</U>&rdquo; means any receiver,
interim receiver, receiver and manager, trustee, assignee, liquidator, sequestrator, monitor, custodian or similar official or
agent or any other Person with like powers. &ldquo;<U>Bankruptcy Order</U>&rdquo; means any court order made in a proceeding pursuant
to or within the meaning of any Bankruptcy Law, containing an adjudication of bankruptcy or insolvency, or providing for liquidation,
winding-up, dissolution or reorganization, or appointing a Custodian of a debtor or of all or any substantial part of a debtor&rsquo;s
property, or providing for the staying, arrangement, adjustment or compromise of indebtedness or other relief of a debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;502<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Acceleration of Maturity; Rescission and Annulment</U>. If an Event of Default described in clause (1), (2)&nbsp;or
(3)&nbsp;of <U>Section&nbsp;501</U> 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
series may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount as may be specified in the terms of such series) of all of the Outstanding Securities
of that series and any accrued but unpaid interest thereon to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified portion thereof) and
any accrued but unpaid interest thereon shall become immediately due and payable. If an Event of Default described in clause (4)
or (8) of <U>Section&nbsp;501</U> occurs and is continuing with respect to the Securities of one or more series, then in every
such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of all series affected
thereby (as one class) may declare the principal amount (or, if any such Securities are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount as may be specified in the terms of such affected series) of all of the Outstanding
Securities of such affected series and any accrued but unpaid interest thereon to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by the Holders) and upon any such declaration such principal amount (or specified
portion thereof) and any accrued but unpaid interest thereon shall become immediately due and payable. If an Event of Default described
in clause (5), (6) or (7) of <U>Section&nbsp;501</U> occurs and is continuing, then in every such case the Trustee or the Holders
of not less than 25% in principal amount of all the Securities then Outstanding (as a class) may declare the principal amount (or,
if any such Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal amount as may
be specified in the terms of that series) of all of the Outstanding Securities and any accrued but unpaid interest thereon to be
due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal amount (or specified portion thereof) and any accrued but unpaid interest thereon shall become immediately
due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series and except,
if applicable, as provided in <U>Sections&nbsp;312(b)</U>, <U>312(d)</U> and <U>312(e)</U>),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all overdue interest, if any, on all Outstanding Securities of that series (or of all series, as the case may be) and any
related coupons,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all unpaid principal of (and premium, if any, on) all 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 interest on such unpaid principal at the rate
or rates prescribed therefor in such Securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(C)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the extent lawful, interest on overdue interest, if any, at the rate or rates prescribed therefor in such Securities,
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(D)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Events of Default with respect to Securities of that series (or of all series, as the case may be), other than the non-payment
of amounts of principal of or interest on Securities of that series (or of all series, as the case may be) which have become due
solely by such declaration of acceleration, have been cured or waived as provided in <U>Section&nbsp;513</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such rescission shall affect any subsequent default or impair
any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;503<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>. The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the payment of any installment of interest on any Security issued by the Company and any related coupon
when such interest becomes due and payable and such default continues for a period of 30 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>default
is made in the payment of the principal of (or premium, if any, on) any Security issued by the Company at the Maturity
thereof, then the Company will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such
Securities and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium, if
any) and interest, if any, and interest on any overdue principal (and premium, if any) and to the extent lawful 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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Company 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 and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law
out of the property of the Company or any other obligor upon such Securities, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 its rights 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;504<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Trustee May&nbsp;File Proofs of Claim</U>. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company 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 Company for the payment of overdue principal, premium, if
any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to file and prove a claim for the whole amount of principal (and premium, if any), or such portion of the principal amount
of any series of Original Issue Discount Securities or Indexed Securities as may be specified in the terms of such series, and
interest, if any, owing and unpaid in respect of the 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 agents and counsel) and of the Holders allowed in such judicial proceeding, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under <U>Section&nbsp;606</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;505<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Trustee May&nbsp;Enforce Claims Without Possession of Securities</U>. All rights of action and claims under this
Indenture, the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or coupons 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 and coupons in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;506<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Application of Money Collected</U>. Any money collected by the Trustee pursuant to this Article 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 Securities or coupons, or both, as the case may be,
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>First</U>: To the payment of all amounts
due the Trustee under <U>Section&nbsp;606</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Second</U>: To the payment of the amounts
then due and unpaid for principal of (and premium, if any) and interest, if any, on the Securities and coupons 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 and coupons for principal (and premium, if any) and interest, if any, respectively;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>Third</U>: The balance, if any, to the
Person or Persons entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;507<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Limitation on Suits</U>. No Holder of any Security of any series or any related coupons shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Holders of not less than 25% in principal amount of the Outstanding Securities of all series affected by such Event
of Default (determined as provided in <U>Section&nbsp;502</U> and, if more than one series of Securities, as one class), shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee
hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority or more in principal amount of the Outstanding Securities of all series affected by such Event of Default (determined
as provided in <U>Section&nbsp;502</U> and, if more than one series of Securities, as one class);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 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 such affected series. For purposes
of clarity, it is hereby understood and agreed that an Event of Default described in clause (1), (2)&nbsp;or (3)&nbsp;of <U>Section&nbsp;501</U>
with respect to the Securities of any series shall, for purposes of this <U>Section&nbsp;507</U>, be deemed to affect only such
series of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;508<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Unconditional Right of Holders to Receive Principal, Premium and Interest</U>. Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment, as
provided herein (including, if applicable, <U>Article&nbsp;Thirteen</U>) and in such Security of the principal of (and premium,
if any) and (subject to <U>Section&nbsp;307</U>) interest, if any, on, such Security or payment of such coupon on the respective
Stated Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date or, in the case of
repayment at the option of the Holder as contemplated by <U>Article&nbsp;Twelve</U> hereof, on the Repayment 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;509<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Restoration of Rights and Remedies</U>. 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 Company,
the Trustee and the Holders of Securities and coupons 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;510<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Rights and Remedies Cumulative</U>. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph&nbsp;of <U>Section&nbsp;306</U>, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or
employment of any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;511<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Delay or Omission Not Waiver</U>. No delay or omission of the Trustee or of any Holder of any Security or coupon
to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;512<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Control by Holders</U>. The Holders of not less than a majority in principal amount of the Outstanding Securities
of all series affected by an Event of Default (determined as provided in <U>Section&nbsp;502</U> and, if more than one series of
Securities, as one class) 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 affected series, <I>provided</I> in each case</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such direction shall not be in conflict with any rule of law or with this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee need not take any action which might expose the Trustee to personal liability or be unduly prejudicial to the
Holders of Outstanding Securities of such affected series not joining therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of clarity, it is hereby understood and agreed
that an Event of Default described in clause (1), (2)&nbsp;or (3)&nbsp;of <U>Section&nbsp;501</U> with respect to the Securities
of any series shall, for purposes of this <U>Section&nbsp;512</U>, be deemed to affect only such series of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;513<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Past Defaults</U>. Subject to <U>Section&nbsp;502</U>, the Holders of not less than a majority in principal
amount of the Outstanding Securities of all series with respect to which a Default shall have occurred and be continuing (as one
class if more than one series) may on behalf of the Holders of all the Outstanding Securities of such affected series waive any
such past Default, and its consequences, except a Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of the payment of the principal of (or premium, if any) or interest, if any, on any Security or any related coupon,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in respect of a covenant or provision which under <U>Article&nbsp;Nine</U> cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such affected series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon any such waiver, any 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;
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 clause <U>(1)</U>, <U>(2)</U>
or <U>(3)</U> of <U>Section&nbsp;501</U> with respect to the Securities of any series shall, for purposes of this <U>Section&nbsp;513</U>,
be deemed to affect only such series of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;514<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Stay or Extension Laws</U>. The Company 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 Company (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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;515<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Undertaking for Costs</U>. All parties to this Indenture agree, and each Holder of any Security by its acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, 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 or omitted by it as Trustee, the filing
by any party litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys&rsquo; fees, against any party litigant in such suit having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section&nbsp;shall
not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities, or to any suit instituted by any Holder for the enforcement of
the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturities expressed
in such Security (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of
Holders as contemplated by <U>Article&nbsp;Twelve</U> hereof, on or after the applicable Repayment Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Six</FONT><BR>
<BR>
THE TRUSTEE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;601<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice of Defaults</U>. Within 90 days after the occurrence of any Default hereunder with respect to the Securities
of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section&nbsp;313(c), notice of such default
hereunder known to the Trustee, unless such Default shall have been cured or waived; <I>provided</I>, <I>however</I>, that, except
in the case of a Default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series
or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders
of Securities of such series and any related coupons; and <I>provided further</I> that in the case of any Default of the character
specified in <U>Section&nbsp;501(4)</U> with respect to Securities of such series, no such notice to Holders shall be given until
at least 30 days after the occurrence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;602<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Rights of Trustee</U>. Subject to the provisions of TIA Sections&nbsp;315(a) through 315(d):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may rely and shall be protected in acting or refraining from acting upon any 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 Officers&rsquo; Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except during a default, 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 or any related coupons pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 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
to examine the books, records and premises of the Company, personally or by agent or attorney;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;603<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Trustee Not Responsible for Recitals or Issuance of Securities</U>. The recitals contained herein and in the Securities,
except for the Trustee&rsquo;s certificates of authentication, and in any coupons shall be taken as the statements of the Company,
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 or coupons, except that the Trustee represents that it
is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in any Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application
by the Company of Securities or the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;604<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>May&nbsp;Hold Securities</U>. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar
or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of
Securities and coupons and, subject to TIA Sections&nbsp;310(b) and 311, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;605<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Money Held in Trust</U>. Money held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;606<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compensation and Reimbursement</U>. The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to pay to the Trustee from time to time such reasonable compensation as the Company and the Trustee shall from time to time
agree in writing, for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence
or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The obligations of the Company under this
Section&nbsp;to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify
and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge
of this Indenture. As security for the performance of such obligations of the Company, the Trustee shall have a claim prior to
the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment
of principal of (or premium, if any) or interest, if any, on particular Securities or any coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in <U>Section&nbsp;501(5)</U>, <U>(6)</U>or <U>(7)</U>, the expenses
(including reasonable charges and expense of its counsel) of and the compensation for such services are intended to constitute
expenses of administration under any applicable bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of this Section&nbsp;shall
survive the termination of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;607<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Corporate Trustee Required; Eligibility; Conflicting Interests</U>. The Trustee shall comply with the terms of
Section&nbsp;310(b) of the TIA. There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under
TIA Section&nbsp;310(a)(1) and shall have a combined capital and surplus (together with that of its parent, if applicable) of at
least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of Federal, State, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;608<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation and Removal; Appointment of Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of <U>Section&nbsp;609</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof
to the Company. If the instrument of acceptance by a successor Trustee required by <U>Section&nbsp;609</U> shall not have been
delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of not less than
a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall fail to comply with the provisions of TIA Section&nbsp;310(b) after written request therefor by either
the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall cease to be eligible under <U>Section&nbsp;607</U> and shall fail to resign after written request therefor
by either the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 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 Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, in any such case, (i)&nbsp;either the Company, by a Board
Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (ii)&nbsp;subject to TIA
Section&nbsp;315(e), any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself
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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee
for any cause, with respect to the Securities of one or more series, the Company, 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). If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and
the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.
If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders
and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security of such series
for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall give notice of each resignation and each removal of the 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 the Holders of Securities of
such series in the manner provided for in <U>Section&nbsp;106</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;609<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Acceptance of Appointment by Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 the Company 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 Company 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, 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 (1)&nbsp;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, 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, (2)&nbsp;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, 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 (3)&nbsp;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 more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
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, 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 Company
or any successor Trustee, such retiring Trustee shall 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. Whenever there is a successor Trustee with respect to one or more (but less than all) series
of securities issued pursuant to this Indenture, the terms &ldquo;<U>Indenture</U>&rdquo; and &ldquo;<U>Securities</U>&rdquo; shall
have the meanings specified in the provisos to the respective definitions of those terms in <U>Section&nbsp;101</U> which contemplate
such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph&nbsp;(a)&nbsp;or (b)&nbsp;of
this Section, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;610<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Merger, Conversion, Consolidation or Succession to Business</U>. Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, 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, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities. In case any of the Securities shall not
have been authenticated by such predecessor Trustee, any successor Trustee may authenticate such Securities either in the name
of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force
and effect which this Indenture provides for the certificate of authentication of the Trustee; <I>provided</I>, <I>however</I>,
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;611<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Appointment of Authenticating Agent</U>. At any time when any of the Securities remain Outstanding, the Trustee
may appoint an Authenticating Agent or 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, in the manner provided for
in <U>Section&nbsp;106</U>. 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 Company.
Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee&rsquo;s
certificate 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 Company and shall at all times be a corporation organized and doing business under
the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal
or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. 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 Company. 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, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give written notice of such appointment to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve, in the manner provided for in <U>Section&nbsp;106</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed
for such payments, subject to the provisions of <U>Section&nbsp;606</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee&rsquo;s
certificate of authentication, an alternate certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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">______________________________, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>as Authenticating Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in"></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Seven</FONT><BR>
<BR>
HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND THE COMPANY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;701<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Disclosure of Names and Addresses of Holders</U>. Every Holder of Securities or coupons, by receiving and holding
the same, agrees with the Company and the Trustee that none of the Company or the Trustee or any agent of any of them shall be
held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance
with TIA Section&nbsp;312, regardless of the source from which such information was derived, and that the Trustee shall not be
held accountable by reason of mailing any material pursuant to a request made under TIA Section&nbsp;312(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;702<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reports by Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within 60 days after May&nbsp;15 of each year commencing with the first May&nbsp;15 after the first issuance of Securities
pursuant to this Indenture, the Trustee shall transmit a brief report by mail to the Holders of Securities, in accordance with
and to the extent required by Section&nbsp;313 of the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A copy of each such report at the time of its mailing to Holders shall be filed with the Commission and each stock exchange
on which Debt Securities of any series are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;703<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reports by the Company</U>. The Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file with the Trustee, within 15 days after the Company files the same with the Commission (but in no event later than 50
days after the Company is required to make such filing with the Commission), (i)&nbsp;copies of the annual reports containing audited
financial statements and copies of quarterly reports containing unaudited financial statements and (ii)&nbsp;copies of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Securities Exchange Act of 1934;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file with the Trustee, within 15 days after the Company files the same with the Commission (but in no event later than 50
days after the Company is required to make such filing with the Commission), in accordance with rules and regulations prescribed
from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company
with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the event that the Company is not required to remain subject to the reporting requirements of Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934, or otherwise report on an annual and quarterly basis on forms provided for such annual
and quarterly reporting pursuant to rules and regulations promulgated by the Commission, continue to file with the Commission and
provide the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within 140 days after the end of each fiscal year, annual reports on Form 20-F, 40-F or Form 10-K, as applicable (or any
successor form), containing audited financial statements and the other information required to be contained therein (or required
in such successor form); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>within 60 days after the end of each of the first three fiscal quarters of each fiscal year, reports on Form 6-K or Form
10-Q (or any successor form), containing unaudited financial statements and the other information which, regardless of applicable
requirements shall, at a minimum, contain such information required to be provided in quarterly reports under the laws of Canada
or any province thereof to security holders of a corporation with securities listed on the Toronto Stock Exchange, whether or not
the Company has any of its securities so listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each of such reports will be prepared in accordance
with Canadian or United States disclosure requirements, as required by the appropriate form or report, and Canadian GAAP and/or
accounting principles generally accepted in the United States, <I>provided</I>, <I>however</I>, that the Company shall not be so
obligated to file such reports with the Commission if the Commission does not permit such filings; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transmit to all Holders, in the manner and to the extent provided in and required by TIA Section&nbsp;313(c), within 30
days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by
the Company pursuant to paragraphs (1)&nbsp;and (2)&nbsp;of this Section&nbsp;as may be required by rules and regulations prescribed
from time to time by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;704<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>The Company to Furnish Trustee Names and Addresses of Holders</U>. The Company will furnish or cause to be furnished
to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>semi-annually, not later than 15 days after the Regular Record Date for interest for each series of Securities, a list,
in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such
series as of such Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semi-annually,
upon such dates as are set forth in the Board Resolution, Officers&rsquo; Certificate or indenture supplemental hereto authorizing
such series, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>provided</I>, <I>however</I>, that so long as the Trustee
is the Security Registrar, no such list shall be required to be furnished.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Eight</FONT><BR>
<BR>
SUPPLEMENTAL INDENTURES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;801<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Supplemental Indentures Without Consent of Holders</U>. Without the consent of any Holders, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities and any related
coupons (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are
being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add any additional Events of Default (and if such Events of Default are to be for the benefit of less than all series
of Securities, stating that such Events of Default are being included solely for the benefit of such series); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form,
in each case to the extent then permitted under the U.S. Internal Revenue Code of 1986, as amended, and the U.S. Treasury Regulations
thereunder; <I>provided</I> that any such action shall not adversely affect the interests of the Holders of Securities of any series
or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to change or eliminate any of the provisions of this Indenture; <I>provided</I> that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to secure the Securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to establish the form or terms of Securities of any series as permitted by <U>Sections&nbsp;201</U> and <U>301</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 <U>Section&nbsp;609(b)</U>;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A)&nbsp;to close this Indenture with respect to the authentication and delivery of additional series of Securities or (B)&nbsp;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; <I>provided</I> such
action under clause (B)&nbsp;shall not adversely affect the interests of the Holders of Securities of any series and any related
coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(9)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 <U>Sections&nbsp;401</U>, <U>1302</U> or <U>1303</U>; <I>provided</I> that
any such action shall not adversely affect the interests of the Holders of Securities of such series and any related coupons or
any other series of Securities in any material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;802<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Supplemental Indentures with Consent of Holders</U>. With the consent of the Holders of not less than a majority
in principal amount of all Outstanding Securities of all series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture 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</I>, <I>however</I>, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security of such series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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, or the Redemption
Price thereof or any amount payable upon repayment thereof at the option of the Holder, reduce the amount of the principal of an
Original Issue Discount Security of such series that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to <U>Section&nbsp;502</U> or the amount thereof provable in bankruptcy pursuant to <U>Section&nbsp;504</U>, or
adversely affect any right of repayment at the option of any Holder of any Security of such series, or 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 <U>Section&nbsp;301</U> herein, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the percentage in principal amount of the Outstanding Securities of such series required for any such supplemental
indenture, for 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 <U>Section&nbsp;513</U> or <U>908</U> of this Indenture,
or reduce the requirements of <U>Section&nbsp;1404</U> for quorum or voting with respect to Securities of such series, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify any of the provisions of this Section, <U>Section&nbsp;513</U> or <U>Section&nbsp;908</U>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 such series, shall not affect the rights under this Indenture of the Holders of Securities
of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It shall not be necessary for any Act of Holders
under this Section&nbsp;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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;803<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Execution of Supplemental Indentures</U>. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be
entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel 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&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;804<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effect of Supplemental Indentures</U>. Upon the execution of any supplemental indenture under this Article, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;805<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conformity with Trust Indenture Act</U>. Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;806<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reference in Securities to Supplemental Indentures</U>. Securities of any series authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article 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. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;807<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice of Supplemental Indentures</U>. Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of <U>Section&nbsp;802</U>, the Company shall give notice thereof to the Holders of each Outstanding
Security affected, in the manner provided for in <U>Section&nbsp;106</U>, setting forth in general terms the substance of such
supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Nine</FONT><BR>
<BR>
COVENANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;901<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Principal, Premium, if any, and Interest</U>. The Company covenants and agrees for the benefit of the
Holders of each series of Securities issued by the Company and any related coupons that it will duly and punctually pay the principal
of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of the Securities,
any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated by <U>Section&nbsp;301</U> with
respect to any series of Securities, any interest installments due on Bearer Securities on or before Maturity shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally
mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;902<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Maintenance of Office or Agency</U>. If the Securities of a series are issuable only as Registered Securities,
the Company will maintain 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 Company in respect of the Securities of that series and this Indenture
may be served.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If Securities of a series are issuable as
Bearer Securities, the Company will maintain (A)&nbsp;in The City of New&nbsp;York, an office or agency where any Registered Securities
of that series may be presented or surrendered for payment, where any Registered Securities of that series may be surrendered for
registration of transfer, where Securities of that series may be surrendered for exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series
and related coupons may be presented or surrendered for payment in the circumstances described in the second succeeding paragraph&nbsp;(and
not otherwise), (B)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is
located outside the United States and Canada, an office or agency where Securities of that series and related coupons may be presented
and surrendered for payment; <I>provided</I>, <I>however</I>, that, if the Securities of that series are listed on any stock exchange
located outside the United States and Canada and such stock exchange shall so require, the Company will maintain a Paying Agent
for the Securities of that series in any required city located outside the United States and Canada so long as the Securities of
that series are listed on such exchange, and (C)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment
for that series located outside the United States and Canada an office or agency where any Registered Securities of that series
may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange, where Securities
of that series that are convertible and exchangeable may be surrendered for conversion or exchange, as applicable and where notices
and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company 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 Company 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, except that Bearer Securities
of any series and the related coupons may be presented and surrendered for payment at the offices specified in the Security, and
the Company hereby appoints the same as its agents to receive such respective presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specified with respect to
any Securities pursuant to <U>Section&nbsp;301</U>, no payment of principal, premium or interest on Bearer Securities shall be
made at any office or agency of the Company in the United States or Canada or by check mailed to any address in the United States
or Canada or by transfer to an account maintained with a bank located in the United States or Canada; <I>provided</I>, <I>however</I>,
that, if the Securities of a series are payable in Dollars, payment of principal of (and premium, if any) and interest, if any,
on any Bearer Security shall be made at the office of the Company&rsquo;s Paying Agent in The City of New&nbsp;York, if (but only
if) payment in Dollars of the full amount of such principal, premium or interest, as the case may be, at all offices or agencies
outside the United States maintained for such purpose by the Company in accordance with this Indenture is illegal or effectively
precluded by exchange controls or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company 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</I>, <I>however</I>, that no such designation
or rescission shall in any manner relieve the Company 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 Company 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. Unless otherwise
specified with respect to any Securities as contemplated by <U>Section&nbsp;301</U> with respect to a series of Securities, the
Company hereby designates as a Place of Payment for each series of Securities the office or agency of the Trustee in, and initially
appoints the Trustee at its Corporate Trust Office as Paying Agent and as its agent to receive all such presentations, surrenders,
notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specified with respect to
any Securities pursuant to <U>Section&nbsp;301</U>, if and so long as the Securities of any series (i)&nbsp;are denominated in
a Currency other than Dollars or (ii)&nbsp;may be payable in a Currency other than Dollars, or so long as it is required under
any other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required,
at least one Exchange Rate Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;903<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Money for Securities Payments to Be Held in Trust</U>. If the Company shall at any time act as its own Paying
Agent with respect to any series of Securities and any related coupons, 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 in the Currency in which the Securities of such series are payable (except as may otherwise
be specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series and except, if applicable, as provided in <U>Sections&nbsp;312(b)</U>,
<U>312(d)</U> and <U>312(e)</U>) sufficient to pay the principal of (or premium, if any) or 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Whenever the Company shall have one or more
Paying Agents for any series of Securities and any related coupons, it will, prior to or on 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 (in the Currency described
in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent
is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will cause the bank through which
payment of funds to the Paying Agent will be made to deliver to the Paying Agent by 10:00 a.m. (New&nbsp;York Time) two Business
Days prior to the due date of such payment an irrevocable confirmation (by tested telex or authenticated Swift MT 100 Message)
of its intention to make such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company 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, that such Paying Agent will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making
of any payment of principal of (or premium, if any) or interest, if any, on the Securities of such series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which sums were held by the Company 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as provided in the Securities of any
series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (or premium, if any) or interest, if any, on any Security of any series, or any coupon appertaining thereto, and remaining
unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company, or (if
then held by the Company) shall be discharged from such trust; and the Holder of such Security or coupon shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company, as trustee thereof, shall thereupon cease; <I>provided</I>,
<I>however</I>, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the written direction
and at the expense of the Company cause to be published once, in an Authorized Newspaper, or cause to be mailed to such Holder
or both, 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 or mailing, any unclaimed balance of such money then remaining will be repaid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;904<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Statement as to Compliance</U>. The Company will deliver to the Trustee, within 120 days after the end of each
fiscal year (which as of the date hereof ends on the 31st day of December), a brief certificate from the principal executive officer,
principal financial officer or principal accounting officer as to his or her knowledge of the Company&rsquo;s compliance with all
conditions and covenants under this Indenture and as to any default in such performance. For purposes of this <U>Section&nbsp;904</U>,
such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;905<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Taxes and Other Claims</U>. The Company will pay or discharge or cause to be paid or discharged, before
the same shall become delinquent, (1)&nbsp;all material taxes, assessments and governmental charges levied or imposed upon the
Company or upon the income, profits or property of the Company and (2)&nbsp;all material lawful claims for labor, materials and
supplies which, if unpaid, might by law become a Lien upon any property of the Company; <I>provided</I>, <I>however</I>, that the
Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;906<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Maintenance of Properties</U>. The Company 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 Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times except to the extent that the failure to do so would
not materially impair the operations of the Company and its Subsidiaries taken as a whole; <I>provided</I>, <I>however</I>, that
nothing in this Section&nbsp;shall prevent or restrict the sale, abandonment or other disposition of any of such properties if
such action is, in the judgment of the Company desirable in the conduct of the business of the Company and not disadvantageous
in any material respect to the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;907<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Corporate Existence</U>. The Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its existence (corporate or other) and the rights (charter and statutory) and franchises of the Company;
<I>provided</I>, <I>however</I>, that the Company shall not be required to preserve any such right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
as a whole, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;908<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Certain Covenants</U>. The Company may, with respect to any series of Securities, omit in any particular
instance to comply with any term, provision or condition which affects such series set forth in <U>Sections&nbsp;905</U> to <U>907</U>,
inclusive, or, as specified pursuant to <U>Section&nbsp;301(18)</U> for Securities of such series, in any covenants added to <U>Article&nbsp;Nine</U>
pursuant to <U>Section&nbsp;301(18)</U> in connection with Securities of such series, if before the time for such compliance the
Holders of at least a majority in principal amount of all Outstanding Securities of such series, by Act of such Holders, 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 Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Ten</FONT><BR>
<BR>
REDEMPTION OF SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1001<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicability of Article</U>. 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 <U>Section&nbsp;301</U>
for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1002<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Election to Redeem; Notice to Trustee</U>. The election of the Company to redeem any Securities shall be evidenced
by or pursuant to a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at least 60
days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed and shall deliver to the
Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to <U>Section&nbsp;1003</U>.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers&rsquo; Certificate evidencing
compliance with such restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1003<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Selection by Trustee of Securities to Be Redeemed</U>. If less than all the Securities of any series are to be
redeemed, the particular Securities 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, by lot or in such manner as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal of Securities
of such series; <I>provided</I>, <I>however</I>, that no such partial redemption shall reduce the portion of the principal amount
of a Security not redeemed to less than the minimum authorized denomination for Securities of such series established pursuant
to <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1004<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notice of Redemption</U>. Except as otherwise specified as contemplated by <U>Section&nbsp;301</U>, notice of
redemption shall be given in the manner provided for in <U>Section&nbsp;106</U> not less than 30 nor more than 60 days prior to
the Redemption Date, to each Holder of Securities to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in <U>Section&nbsp;1006</U>,
if any,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after
the Redemption Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided
in <U>Section&nbsp;1006</U> will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining
thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest,
if any,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the redemption is for a sinking fund, if such is the case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must
be accompanied by all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will
be deducted from the Redemption Price unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent
is furnished, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(9)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed,
and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on such Redemption Date pursuant
to <U>Section&nbsp;305</U> or otherwise, the last date, as determined by the Company, on which such exchanges may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustee in the name and
at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1005<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposit of Redemption Price</U>. Prior to any Redemption Date, the Company shall deposit or cause to be deposited
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in <U>Section&nbsp;903</U>) an amount of money in the Currency in which the Securities of such series are payable (except, if applicable,
as otherwise specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series and except, if applicable, as provided
in <U>Sections&nbsp;312(b)</U>, <U>312(d)</U> and <U>312(e)</U>) sufficient to pay the Redemption Price of, and accrued interest,
if any, on, all the Securities which are to be redeemed on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will cause the bank through which
payment of funds to the Trustee or the Paying Agent will be made to deliver to the Trustee or the Paying Agent, as the case may
be, by 10:00 a.m. (New&nbsp;York Time) two Business Days prior to the due date of such payment an irrevocable confirmation (by
tested telex or authenticated Swift MT 100 Message) of its intention to make such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1006<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities Payable on Redemption Date</U>. Notice of redemption having been given as aforesaid, the Securities
so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the Currency
in which the Securities of such series are payable (except, if applicable, as otherwise specified pursuant to <U>Section&nbsp;301</U>
for the Securities of such series and except, if applicable, as provided in <U>Sections&nbsp;312(b)</U>, <U>312(d)</U> and <U>312(e)</U>)
(together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest, if any) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together
with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at
the Redemption Price, together with accrued interest, if any, to the Redemption Date; <I>provided</I>, <I>however</I>, that installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office
or agency located outside the United States and Canada (except as otherwise provided in <U>Section&nbsp;902</U>) and, unless otherwise
specified as contemplated by <U>Section&nbsp;301</U>, only upon presentation and surrender of coupons for such interest; and <I>provided
further</I> that installments of interest on Registered Securities 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 record dates according to their terms and the provisions of <U>Section&nbsp;307</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; <I>provided</I>, <I>however</I>, that interest represented by coupons shall
be payable only at an office or agency located outside the United States and Canada (except as otherwise provided in <U>Section&nbsp;902</U>)
and, unless otherwise specified as contemplated by <U>Section&nbsp;301</U>, only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any Security 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 Redemption Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1007<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities Redeemed in Part</U>. Any Security which is to be redeemed only in part (pursuant to the provisions
of this Article or of <U>Article&nbsp;Eleven</U>) shall be surrendered at a Place of Payment therefor (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing), and the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities
of the same series, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Eleven</FONT><BR>
<BR>
SINKING FUNDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1101<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicability of Article</U>. Retirements of Securities of any series pursuant to any sinking fund shall be made
in accordance with the terms of such Securities and (except as otherwise specified as contemplated by <U>Section&nbsp;301</U> for
Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a &ldquo;<U>mandatory sinking fund payment</U>,&rdquo;
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an &ldquo;<U>optional sinking fund payment</U>.&rdquo; If provided for by the terms of Securities of any series, the cash amount
of any mandatory sinking fund payment may be subject to reduction as provided in <U>Section&nbsp;1102</U>. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1102<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Satisfaction of Sinking Fund Payments with Securities</U>. Subject to <U>Section&nbsp;1103</U>, in lieu of making
all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its
option (1)&nbsp;deliver to the Trustee Outstanding Securities of such series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company together in the case of any Bearer Securities of such series with all
unmatured coupons appertaining thereto, and/or (2)&nbsp;receive credit for the principal amount of Securities of such series which
have been previously redeemed either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any mandatory sinking fund payment with respect to the Securities of the same series required to be made pursuant to the
terms of such Securities as provided for by the terms of such series; <I>provided</I>, <I>however</I>, that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking
fund payment shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1103<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Redemption of Securities for Sinking Fund</U>. Not less than 60 days prior to each sinking fund payment date for
any series of Securities, the Company will deliver to the Trustee an Officers&rsquo; Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash in the Currency in which the Securities of such series are payable (except, if applicable, as otherwise
specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series and except, if applicable, as provided in <U>Sections&nbsp;312(b)</U>,
<U>312(d)</U> and <U>312(e)</U>) and the portion thereof, if any, which is to be satisfied by delivering or crediting Securities
of that series pursuant to <U>Section&nbsp;1102</U> (which Securities will, if not previously delivered, accompany such certificate)
and whether the Company intends to exercise its right to make a permitted optional sinking fund payment with respect to such series.
Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments
therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the failure of the Company
to deliver such certificate, the sinking fund payment due on the next succeeding sinking fund payment date for that series shall
be paid entirely in cash and shall be sufficient to redeem the principal amount of such Securities subject to a mandatory sinking
fund payment without the option to deliver or credit Securities as provided in <U>Section&nbsp;1102</U> and without the right to
make any optional sinking fund payment, if any, with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Not more than 60 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in <U>Section&nbsp;1003</U> and cause notice of the redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in <U>Section&nbsp;1004</U>. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in <U>Sections&nbsp;1006</U> and <U>1007</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Prior to any sinking fund payment date, the
Company shall pay to the Trustee or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in <U>Section&nbsp;903</U>) in cash a sum equal to any interest that will accrue to the date fixed for redemption
of Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this <U>Section&nbsp;1103</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will cause the bank through which
payment of funds to the Trustee or the Paying Agent will be made to deliver to the Trustee or the Paying Agent, as the case may
be, by 10:00 a.m. (New&nbsp;York Time) two Business Days prior to the due date of such payment an irrevocable confirmation (by
tested telex or authenticated Swift MT 100 Message) of its intention to make such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, with respect
to a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking fund on the next
succeeding sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments for such
series, does not exceed in the aggregate $100,000, the Trustee, unless requested by the Company, shall not give the next succeeding
notice of the redemption of Securities of such series through the operation of the sinking fund. Any such unused balance of moneys
deposited in such sinking fund shall be added to the sinking fund payment for such series to be made in cash on the next succeeding
sinking fund payment date or, at the request of the Company, shall be applied at any time or from time to time to the purchase
of Securities of such series, by public or private purchase, in the open market or otherwise, at a purchase price for such Securities
(excluding accrued interest and brokerage commissions, for which the Trustee or any Paying Agent will be reimbursed by the Company)
not in excess of the principal amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Twelve</FONT><BR>
<BR>
REPAYMENT AT OPTION OF HOLDERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1201<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicability of Article</U>. Repayment of Securities of any series before their Stated Maturity at the option
of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated
by <U>Section&nbsp;301</U> for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1202<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Repayment of Securities</U>. Securities of any series subject to repayment in whole or in part at the option of
the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal
amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of
such Securities. The Company covenants that, with respect to Securities issued by the Company, on or before the Repayment Date
it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in <U>Section&nbsp;903</U>) an amount of money in the Currency in which the Securities of such series are
payable (except, if applicable, as otherwise specified pursuant to <U>Section&nbsp;301</U> for the Securities of such series and
except, if applicable, as provided in <U>Sections&nbsp;312(b)</U>, <U>312(d)</U> and <U>312(e)</U>) sufficient to pay the principal
(or, if so provided by the terms of the Securities of any series, a percentage of the principal) of and (except if the Repayment
Date shall be an Interest Payment Date) accrued interest, if any, on, all the Securities or portions thereof, as the case may be,
to be repaid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1203<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise of Option</U>. Securities of any series subject to repayment at the option of the Holders thereof will
contain an &ldquo;Option to Elect Repayment&rdquo; form on the reverse of such Securities. To be repaid at the option of the Holder,
any Security so providing for such repayment, with the &ldquo;Option to Elect Repayment&rdquo; form on the reverse of such Security
duly completed by the Holder (or by the Holder&rsquo;s attorney duly authorized in writing), must be received by the Company at
the Place of Payment therefor specified in the terms of such Security (or at such other place or places or which the Company shall
from time to time notify the Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment
Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security,
the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and
the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount
of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment
at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such
Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid
is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1204<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>When Securities Presented for Repayment Become Due and Payable</U>. If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of such Securities on such Repayment Date together with, if applicable, accrued interest,
if any, thereon to the Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the
coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be
void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any,
appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by
the Company, together with accrued interest, if any, to the Repayment Date; <I>provided</I>, <I>however</I>, that coupons whose
Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States
and Canada (except as otherwise provided in <U>Section&nbsp;902</U>) and, unless otherwise specified pursuant to <U>Section&nbsp;301</U>,
only upon presentation and surrender of such coupons; and <I>provided further</I> that, in the case of Registered Securities, installments
of interest, if any, whose Stated Maturity is on or prior to the Repayment 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 Record Dates according to their
terms and the provisions of <U>Section&nbsp;307</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any Bearer Security surrendered for repayment
shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in <U>Section&nbsp;1202</U> an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished
to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder
of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; <I>provided</I>,
<I>however</I>, that interest represented by coupons shall be payable only at an office or agency located outside the United States
and Canada (except as otherwise provided in <U>Section&nbsp;902</U>) and, unless otherwise specified as contemplated by <U>Section&nbsp;301</U>,
only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) set forth in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1205<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities Repaid in Part</U>. Upon surrender of any Registered Security which is to be repaid in part only, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and
at the expense of the Company, a new Registered Security or Securities of the same series each, of any authorized denomination
specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security
so surrendered which is not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Thirteen</FONT><BR>
<BR>
DEFEASANCE AND COVENANT DEFEASANCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1301<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Option to Effect Defeasance or Covenant Defeasance</U>. Except as otherwise specified as contemplated by <U>Section&nbsp;301</U>
for Securities of any series, the provisions of this <U>Article&nbsp;Thirteen</U> shall apply to each series of Securities, and
the Company may, at its option, effect defeasance of the Securities of a series under <U>Section&nbsp;1302</U>, or covenant defeasance
of a series under <U>Section&nbsp;1303</U> in accordance with the terms of such Securities and in accordance with this Article;
<I>provided</I>, <I>however</I>, that, unless otherwise specified pursuant to <U>Section&nbsp;301</U> with respect to the Securities
of any series, the Company may effect defeasance or covenant defeasance only with respect to all of the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1302<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Defeasance and Discharge</U>. Upon the exercise by the Company of the above option applicable to this Section&nbsp;with
respect to any Securities of a series, the Company shall be deemed to have been discharged from its obligations with respect to
such Outstanding Securities and any related coupons on the date the conditions set forth in <U>Section&nbsp;1304</U> are satisfied
(hereinafter, &ldquo;<U>defeasance</U>&rdquo;). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Outstanding Securities and any related coupons, respectively, which
shall thereafter be deemed to be &ldquo;<U>Outstanding</U>&rdquo; only for the purposes of <U>Section&nbsp;1305</U> and the other
provisions of this Indenture referred to in (A), (B), (C) and (D) below, and to have satisfied all their other obligations under
such Securities and any related coupons, respectively, and this Indenture insofar as such Securities and any related coupons are
concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding
Securities and any related coupons to receive, solely from the trust fund described in <U>Section&nbsp;1304</U> and as more fully
set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities
and any related coupons when such payments are due, (B)&nbsp;the Company&rsquo;s and the Trustee&rsquo;s obligations with respect
to such Securities under <U>Sections&nbsp;113</U>, <U>114</U>, <U>304</U>, <U>305</U>, <U>306</U>, <U>902</U> and <U>903</U> (and
any applicable provisions of <U>Article&nbsp;Ten</U>), (C)&nbsp;the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (D)&nbsp;this <U>Article&nbsp;Thirteen</U>. Subject to compliance with this <U>Article&nbsp;Thirteen</U>, the Company
may exercise its option under this <U>Section&nbsp;1302</U> notwithstanding the prior exercise of the option under <U>Section&nbsp;1303</U>
with respect to such Securities and any related coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1303<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Covenant Defeasance</U>. Upon the exercise by the Company of the above option applicable to this Section with
respect to any Securities of a series, the Company shall be released from its obligations under <U>Sections&nbsp;905</U> through
<U>907</U>, and, if specified pursuant to <U>Section&nbsp;301</U>, their obligations under any other covenant, in each case with
respect to such Outstanding Securities and any related coupons, respectively, on and after the date the conditions set forth in
<U>Section&nbsp;1304</U> are satisfied (hereinafter, &ldquo;<U>covenant defeasance</U>&rdquo;), and such Securities and any related
coupons shall thereafter be deemed not to be &ldquo;Outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed &ldquo;Outstanding&rdquo;
for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities
and any related coupons, the Company 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 a Default or an Event of Default under <U>Section&nbsp;501(3)</U> or <U>Section&nbsp;501(6)</U> or otherwise,
as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any related coupons
shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1304<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions to Defeasance or Covenant Defeasance</U>. The following shall be the conditions to application of either
<U>Section&nbsp;1302</U> or <U>Section&nbsp;1303</U> to any Outstanding Securities of or within a series and any related coupons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
<U>Section&nbsp;607</U> who shall agree to comply with the provisions of this <U>Article&nbsp;Thirteen</U> applicable to it) 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 and any related coupons, (A)&nbsp;an amount (in such Currency in which such Securities
and any related coupons are then specified as payable at Stated Maturity), or (B)&nbsp;Government Obligations applicable to such
Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity)
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment of principal of or premium, if any, or interest, if any, or any other sums
due under such Securities and any related coupons, money in an amount, or (C)&nbsp;a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge,
(i)&nbsp;the principal of (and premium, if any) and interest, if any, and any other sums due under such Outstanding Securities
and any related coupons on the Stated Maturity (or Redemption Date, if applicable) of such principal (and premium, if any) or installment
of interest, if any, or any other sums and (ii)&nbsp;any mandatory sinking fund payments or analogous payments applicable to such
Outstanding Securities and any related coupons on the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities and any related coupons; <I>provided </I>that the Trustee shall have been irrevocably
instructed to apply such money or the proceeds of such Government Obligations to said payments with respect to such Securities
and any related coupons. Before such a deposit, the Company may give to the Trustee, in accordance with <U>Section&nbsp;1002</U>
hereof, a notice of its election to redeem all or any portion of such Outstanding Securities at a future date in accordance with
the terms of the Securities of such series and <U>Article&nbsp;Ten</U> hereof, which notice shall be irrevocable. Such irrevocable
redemption notice, if given, shall be given effect in applying the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of an election under <U>Section&nbsp;1302</U>, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States stating that (x)&nbsp;the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (y)&nbsp;since the date of execution of this Indenture, there has been a change in the applicable
U.S. federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders
of such Outstanding Securities and any related coupons will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such defeasance and will be subject to U.S. federal 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of an election under <U>Section&nbsp;1303</U>, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States to the effect that the Holders of such Outstanding Securities and any related coupons will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(4)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has delivered to the Trustee an Opinion of Counsel in Canada or a ruling from Canada Customs and Revenue Agency
to the effect that the Holders of such Outstanding Securities and any related coupons will not recognize income, gain or loss for
Canadian federal or provincial income tax or other tax purposes as a result of such defeasance or covenant defeasance and will
be subject to Canadian federal and provincial income tax and other tax on the same amounts, in the same manner and at the same
times as would have been the case had such defeasance or covenant defeasance not occurred (and for the purposes of such opinion,
such Canadian counsel shall assume that Holders of such Outstanding Securities include Holders who are not resident in Canada).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(5)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not an &ldquo;insolvent person&rdquo; within the meaning of the Bankruptcy and Insolvency Act (Canada) on
the date of such deposit or at any time during the period ending on the 91st day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until the expiration of such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(6)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Event of Default or event that, with the passing of time or the giving of notice, or both, shall constitute an Event
of Default with respect to such Securities or any related coupons shall have occurred and be continuing on the date of such deposit
or, insofar as paragraphs <U>(5)</U>, <U>(6)</U> and <U>(7)</U>of <U>Section&nbsp;501</U> are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(7)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has delivered to the Trustee an Opinion of Counsel to the effect that such deposit shall not cause the Trustee
or the trust so created to be subject to the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(8)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this
Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(9)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance
with any additional or substitute terms, conditions or limitations in connection therewith pursuant to <U>Section&nbsp;301</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(10)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to either the defeasance under <U>Section&nbsp;1302</U> or the covenant defeasance
under <U>Section&nbsp;1303</U> (as the case may be) have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1305<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to
the provisions of the last paragraph&nbsp;of <U>Section&nbsp;903</U>, all money and Government Obligations (or other property as
may be provided pursuant to <U>Section&nbsp;301</U>) (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this <U>Section&nbsp;1305</U>, the &ldquo;<U>Trustee</U>&rdquo;) pursuant to <U>Section&nbsp;1304</U>
in respect of such Outstanding Securities and any related coupons shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and any related coupons and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine (other than, with respect only to defeasance pursuant to <U>Section&nbsp;1302</U>, the
Company or any of its Affiliates), to the Holders of such Securities and any related coupons of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds
except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specified with respect to
any Security pursuant to <U>Section&nbsp;301</U>, if, after a deposit referred to in <U>Section&nbsp;1304(1)</U> has been made,
(a)&nbsp;the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to <U>Section&nbsp;312(b)</U>
or the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to <U>Section&nbsp;1304(1)</U>
has been made in respect of such Security, or (b)&nbsp;a Conversion Event occurs as contemplated in <U>Section&nbsp;312(d)</U>
or <U>312(e)</U> or by the terms of any Security in respect of which the deposit pursuant to <U>Section&nbsp;1304(1)</U> has been
made, the indebtedness represented by such Security and any related coupons shall be deemed to have been, and will be, fully discharged
and satisfied through the payment of the principal of (and premium, if any) and interest, if any, on such Security as they become
due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount
or other property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of
such election or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the third Business
Day prior to each payment date, except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible)
at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to <U>Section&nbsp;1304</U>
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any related coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Anything in this <U>Article&nbsp;Thirteen</U>
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request of the Company
any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in <U>Section&nbsp;1304</U>
which, in the opinion of a nationally recognized firm of independent public 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 an equivalent
defeasance or covenant defeasance, as applicable, in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1306<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reinstatement</U>. If the Trustee or any Paying Agent is unable to apply any money in accordance with <U>Section&nbsp;1305</U>
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 Company under this Indenture and such Securities and any related coupons shall be revived
and reinstated as though no deposit had occurred pursuant to <U>Section&nbsp;1302</U> or <U>1303</U>, as the case may be, until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with <U>Section&nbsp;1305</U>; <I>provided</I>,
<I>however</I>, that if the Company makes any payment of principal of (or premium, if any) or interest, if any, on any such Security
or any related coupon following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Securities and any related coupons to receive such payment from the money held by the Trustee or Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article&nbsp;Fourteen</FONT><BR>
<BR>
MEETINGS OF HOLDERS OF SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1401<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purposes for Which Meetings May Be Called</U>. If Securities of a series are issuable, in whole or in part, as
Bearer Securities, a meeting of Holders of Securities of such series may be called at any time and from time to time pursuant to
this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be made, given or taken by Holders of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1402<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Call, Notice and Place of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in <U>Section&nbsp;1401</U>,
to be held at such time and at such place in the City of New&nbsp;York or in London or in Toronto, Ontario, Canada as the Trustee
shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in <U>Section&nbsp;106</U>,
not less than 21 nor more than 180 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case at any time the Company, pursuant to a Board Resolution or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series
for any purpose specified in <U>Section&nbsp;1401</U>, by written request setting forth in reasonable detail the action proposed
to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days
after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company
or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place
in the City of New&nbsp;York, London or in Toronto, Ontario, Canada for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in paragraph&nbsp;(a)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1403<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Persons Entitled to Vote at Meetings</U>. To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (1)&nbsp;a Holder of one or more Outstanding Securities of such series, or (2)&nbsp;a Person appointed
by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder
of Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series
shall be the Person entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and
any representatives of the Company and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1404<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Quorum; Action</U>. The Persons entitled to vote a majority in principal amount of the Outstanding Securities
of a series shall constitute a quorum for a meeting of Holders of Securities of such series; <I>provided</I>, <I>however</I>, that,
if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be
given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the
Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute
a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened
at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in <U>Section&nbsp;1402(a)</U>, except that such notice need be given only once not
less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned
meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the foregoing, at the reconvening
of any meeting adjourned for lack of a quorum the Persons entitled to vote 25% in principal amount of the Outstanding Securities
at the time shall constitute a quorum for the taking of any action set forth in the notice of the original meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as limited by the proviso to <U>Section&nbsp;802</U>,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Holders of not less than a majority in principal amount of the Outstanding Securities of such series;
<I>provided</I>, <I>however</I>, that, except as limited by the proviso to <U>Section&nbsp;802</U>, any resolution with respect
to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is
present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage in principal amount of the
Outstanding Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any resolution passed or decision taken at
any meeting of Holders of Securities of any series duly held in accordance with this Section&nbsp;shall be binding on all the Holders
of Securities of such series and the related coupons, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing provisions of
this <U>Section&nbsp;1404</U>, if any action is to be taken at a meeting of Holders of Securities of any series with respect to
any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>there shall be no minimum quorum requirement for such meeting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization,
direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization,
direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1405<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Determination of Voting Rights; Conduct and Adjournment of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the
appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as its shall
deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved
in the manner specified in <U>Section&nbsp;104</U> and the appointment of any proxy shall be proved in the manner specified in
<U>Section&nbsp;104</U> or by having the signature of the person executing the proxy witnessed or guaranteed by any trust company,
bank or banker authorized by <U>Section&nbsp;104</U> to certify to the holding of Bearer Securities. Such regulations may provide
that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified
in <U>Section&nbsp;104</U> or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Holders of Securities as provided in <U>Section&nbsp;1402(b)</U>, in which case the Company or
the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority
in principal amount of the Outstanding Securities of such series represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal
amount of Outstanding Securities of such series held or represented by him (determined as specified in the definition of &ldquo;Outstanding&rdquo;
in <U>Section&nbsp;101</U>); <I>provided</I>, <I>however</I>, that no vote shall be cast or counted at any meeting in respect of
any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the
meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any meeting of Holders of Securities of any series duly called pursuant to <U>Section&nbsp;1402</U> at which a quorum is
present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting; and the meeting may be held as so adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="text-transform: uppercase">Section&nbsp;1406<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counting Votes and Recording Action of Meetings</U>. The vote upon any resolution submitted to any meeting of
Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities
of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities
of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the Secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given
as provided in <U>Section&nbsp;1402</U> and, if applicable, <U>Section&nbsp;1404</U>. Each copy shall be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and
another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any
record so signed and verified shall be conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</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">FORTUNA SILVER MINES INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">____________________,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>[Unless this Security is presented by an authorized representative of The Depository Trust Company, a New&nbsp;York corporation
(&ldquo;<U>DTC</U>&rdquo;), to the Company (as defined below) or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede &amp; Co. or such other name as is requested by an authorized representative
of DTC (and any payment is made to Cede &amp; Co. or to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede &amp; Co., has an interest herein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>[This Security is a global Security within the meaning of the Indenture hereinafter referred to and is registered in the name
of DTC or a nominee of DTC. This Security is exchangeable for Securities registered in the name of a Person other than DTC or its
nominee only in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of
this Security as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such
nominee to a successor Depositary or nominee of such successor Depositary) may be registered except in limited circumstances.]</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORTUNA SILVER MINES INC.<BR>
 &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">% [Debenture] [Note] [due] [Due]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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 STYLE="width: 50%; padding-bottom: 12pt; text-indent: 0in">No. $__________</TD>
    <TD STYLE="width: 50%; padding-bottom: 12pt; text-align: right; text-indent: 0in">CUSIP: __________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Fortuna Silver Mines Inc., a corporation incorporated
under the laws of British Columbia (herein called the &ldquo;<U>Company</U>,&rdquo; which term includes any successor Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede &amp; Co.]*,
or registered assigns, the principal sum of $ (DOLLARS) on [date and year], at the office or agency of the Company referred to
below, and to pay interest thereon on [date and year], and semi-annually thereafter on [date] and [date] in each year, from and
including [date and year],** or from and
including the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of % per annum,
until the principal hereof is paid or duly provided for, and (to the extent lawful) to pay on demand interest on any overdue principal,
[premium, if any,] or interest at the rate borne by this Security from and including the date on which such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 2in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Include if Securities are to issued in global form. At the time of this writing, DTC will not accept global securities with
an aggregate principal amount in excess of $500,000,000. If the aggregate principal amount of the offering exceeds this amount,
use more than one global security.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Insert date from which interest is to accrue or, if the
Securities are to be sold &ldquo;flat,&rdquo; the closing date of the offering.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">overdue principal,
[premium, if any,] or interest becomes payable to but excluding the date payment of such principal, [premium, if any,] or interest
has been made or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest, which shall be the [date] or [date] (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest,
and (to the extent lawful) interest on such Defaulted Interest at the rate borne by the Securities of this series, may be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless the certificate of authentication hereon
has been duly executed by the Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</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>Dated:</TD>
    <TD COLSPAN="2">FORTUNA SILVER MINES INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</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">____________________,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Officer</TD></TR>
</TABLE>

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

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

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

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Reverse]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Security is one of a duly authorized
issue of securities of the Company designated as its % [Debentures] [Notes] [due] [Due] (herein called the &ldquo;<U>Securities</U>&rdquo;),
limited (except as otherwise provided in the Indenture referred to below [and except as provided in the second succeeding paragraph])
in aggregate principal amount to $[ ,000,000], which may be issued under an indenture (herein called the &ldquo;<U>Indenture</U>&rdquo;)
dated as of &nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], between
Fortuna Silver Mines Inc. and , as trustee (herein called the &ldquo;<U>Trustee</U>,&rdquo; which term includes any successor trustee
under the Indenture), 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 Company, the Trustee and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. [This Security is
a global Security representing $[&nbsp; , &nbsp;&nbsp;,000] aggregate principal amount [at maturity]**
of the Securities of this series.] ***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Payment of the principal of (and premium,
if any,) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in , in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; <I>provided</I>, <I>however</I>, that payment of interest may be made at the option of the Company (i)&nbsp;by check mailed
to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii)&nbsp;by wire transfer
to an account maintained in the United States by the Person entitled to such payment as specified in the Security Register. [Notwithstanding
the foregoing, payments of principal, premium, if any, and interest on a global Security registered in the name of a Depositary
or its nominee will be made by wire transfer of immediately available funds.] Principal paid in relation to any Security of this
series at Maturity shall be paid to the Holder of such Security only upon presentation and surrender of such Security to such office
or agency referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[As provided for in the Indenture, the Company
may from time to time without notice to, or the consent of, the Holders of the Securities, create and issue additional Securities
of this series under the Indenture, equal in rank to the Outstanding Securities of this series in all respects (or in all respects
except for the payment of interest accruing prior to the issue date of the new Securities of this series or except for the first
payment of interest following the issue date of the new Securities of this series) so that the new Securities of this series shall
be consolidated and form a single series with the Outstanding Securities of this series and have the same terms as to status, redemption
or otherwise as the Outstanding Securities of this series.]****</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD>Include if a discount security.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">***</TD><TD>Include in a global Security.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">****</TD><TD STYLE="text-align: left">Include if this series of Securities may be reopened
pursuant to Section&nbsp;301 of the Indenture.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[The Securities of this series are subject
to redemption upon not less than 30 nor more than 60 days&rsquo; notice, at any time after [date and year], as a whole or in part,
at the election of the Company [, at a Redemption Price equal to the percentage of the principal amount set forth below if redeemed
during the 12-month period beginning [date], of the years indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Redemption
        Price</P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Redemption
        Price</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.15in; text-indent: -0.15in">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.15in; text-indent: -0.15in">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.15in; text-indent: -0.15in">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and thereafter] at 100% of the principal amount, together in
the case of any such redemption with accrued interest, if any, to the Redemption Date, all as provided in the Indenture.]*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[The Securities of this series are also subject
to redemption on [date] in each year commencing in [year] through the operation of a sinking fund, at a Redemption Price equal
to 100% of the principal amount, together with accrued interest to the Redemption Date, all as provided in the Indenture. The sinking
fund provides for the [mandatory] redemption on [date] in each year beginning with the year [year] of $ aggregate principal amount
of Securities of this series. [In addition, the Company may, at its option, elect to redeem up to an additional $__________ aggregate
principal amount of Securities of this series on any such date.] Securities of this series acquired or redeemed by the Company
(other than through operation of the sinking fund) may be credited against subsequent [mandatory] sinking fund payments.]**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[The Securities of this series are subject
to repayment at the option of the Holders thereof on [Repayment Date(s)] at a Repayment Price equal to % of the principal amount,
together with accrued interest to the Repayment Date, all as provided in the Indenture. To be repaid at the option of the Holder,
this Security, with the &ldquo;Option to Elect Repayment&rdquo; form duly completed by the Holder hereof (or the Holder&rsquo;s
attorney duly authorized in writing), must be received by the Company at its office or agency maintained for that purpose in not
earlier than 45 days nor later than 30 days prior to the Repayment Date. Exercise of such option by the Holder of this Security
shall be irrevocable unless waived by the Company.]***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the case of any redemption [repayment]
of Securities of this series, interest installments whose Stated Maturity is on or prior to the Redemption Date [Repayment Date]
will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on
the relevant record dates according to their terms and the provisions of <U>Section&nbsp;307</U> of the Indenture. Securities of
this series (or portions thereof) for whose redemption [repayment] payment is made or duly provided for in accordance with the
Indenture shall cease to bear interest from and after the Redemption Date [Repayment Date].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Include if the Securities are subject to redemption or replace with any other redemption provisions applicable to the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD>Include if the Securities are subject to a sinking fund.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">***</TD><TD STYLE="text-align: left">Include if the Securities are subject to repayment at
the option of the Holders.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the event of redemption [repayment] of
this Security in part only, a new Security or Securities of this series for the unredeemed [unpaid] portion hereof shall be issued
in the name of the Holder hereof upon the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an Event of Default shall occur and be
continuing, the principal of [and accrued but unpaid interest on] all the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Indenture contains provisions for defeasance
at any time of (a)&nbsp;the entire indebtedness of the Company on this Security and (b)&nbsp;certain restrictive covenants and
the related Defaults and Events of Default applicable to the Securities of this series, upon compliance by the Company, with certain
conditions set forth therein, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Securities at the time Outstanding of all series affected by such amendment or modification. The Indenture
also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of this
series at the time Outstanding, on behalf of the Holders of all the Securities of this series, to waive compliance by the Company
with certain provisions of the Indenture and also contains provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of all series with respect to which a Default shall have occurred and shall be continuing,
on behalf of the Holders of all Outstanding Securities of such affected series, to waive certain past defaults under the Indenture
and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium, if any, on) and interest on this Security at the times, place, and rate, and in the coin
or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registerable on the Security Register of the Company, upon
surrender of this Security for registration of transfer at the office or agency of the Company maintained for such purpose in duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Securities of this series are issuable
only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture
and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No service charge shall be made for any registration
of transfer or exchange of Securities of this series, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Prior to the time of due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither
the Company, the Trustee nor any agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Interest on this Security shall be computed
on the basis of a 360-day year of twelve 30-day months. For the purposes of disclosure under the <I>Interest Act</I> (Canada),
the yearly rate of interest to which interest calculated under a Security of this series for any period in any calendar year (the
 &ldquo;<U>calculation period</U>&rdquo;) is equivalent is the rate payable under a Security of this series in respect of the calculation
period multiplied by a fraction the numerator of which is the actual number of days in such calendar year and the denominator of
which is the actual number of days in the calculation period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[If at any time, (i)&nbsp;the Depositary for
the Securities of this series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities
of this series or if at any time the Depositary for the Securities of this series shall no longer be a clearing agency registered
as such under the Securities Exchange Act of 1934, as amended and a successor Depositary is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, [or] (ii)&nbsp;the Company
determines that the Securities of this series shall no longer be represented by a global Security or Securities [or (iii)&nbsp;any
Event of Default shall have occurred and be continuing with respect to the Securities of this series]*,
then in such event the Company will execute and the Trustee will authenticate and deliver Securities of this series in definitive
registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of this Security
in exchange for this Security. Such Securities of this series in definitive registered form shall be registered in such names and
issued in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities of this series to the Persons in whose names such
Securities of this series are so registered.]**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New&nbsp;York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 2in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Include, if applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">**</TD><TD STYLE="text-align: justify">Include for global security.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All references herein to &ldquo;<U>dollars</U>&rdquo;
or &ldquo;<U>$</U>&rdquo; means a dollar or other equivalent unit in such coin or currency of the United States of America as at
the time should be legal tender for the payment of public and private debts, and all terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[OPTION TO ELECT REPAYMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby irrevocably requests
and instructs the Company to repay the within Security [(or the portion thereof specified below)], pursuant to its terms, on the
 &ldquo;Repayment Date&rdquo; first occurring after the date of receipt of the within Security as specified below, at a Repayment
Price equal to % of the principal amount thereof, together with accrued interest to the Repayment Date, to the undersigned at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________________________________________________<BR>
(Please Print or Type Name and Address of the Undersigned.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For this Option to Elect Repayment to be effective,
this Security with the Option to Elect Repayment duly completed must be received not earlier than 45 days prior to the Repayment
Date and not later than 30 days prior to the Repayment Date by the Company at its office or agency in New&nbsp;York, New&nbsp;York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If less than the entire principal amount of
the within Security is to be repaid, specify the portion thereof (which shall be $1,000 or an integral multiple thereof) which
is to be repaid: $ .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If less than the entire principal amount of
the within Security is to be repaid, specify the denomination(s) of the Security(ies) to be issued for the unpaid amount ($1,000
or any integral multiple of $1,000): $ .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Note: The signature to this Option to Elect Repayment must correspond with the name as written upon the face of the within Security in every particular without alterations or enlargement or any change whatsoever.]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT FORM*</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To assign this Security, fill in the form below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I or we assign and transfer this Security to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<FONT STYLE="font-size: 10pt">(INSERT ASSIGNEE&rsquo;S SOC. SEC., SOC. INS. OR TAX ID NO.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________________________________________________<BR>
(Print or type assignee&rsquo;s name, address and zip or postal code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 25%">Dated: __________</TD>
    <TD STYLE="text-align: center; width: 25%">Your Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>(Sign exactly as name appears on the other side of this Security)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Signature Guarantee:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>(Signature must be guaranteed by a commercial bank or trust company, by a member or members&rsquo; organization of The NewYork Stock Exchange or by another eligible guarantor institution as defined in Rule 17Ad-15 under the Securities Exchange Act of 1934)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-indent: -1.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 2in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 211.5pt; text-indent: -1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omit if a global
security</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B<BR>
<BR>
FORMS OF CERTIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B-1<BR>
<BR>
FORM OF CERTIFICATE TO BE GIVEN BY<BR>
PERSON ENTITLED TO RECEIVE BEARER SECURITY<BR>
OR TO OBTAIN INTEREST PAYABLE PRIOR<BR>
TO THE EXCHANGE DATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>[Insert title or sufficient description<BR>
of Securities to be delivered]</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is to certify that as of the date hereof,
and except as set forth below, the above-captioned Securities held by you for our account (i)&nbsp;are not owned by any person(s)
that is a citizen or resident of the United States; a corporation or partnership (including any entity treated as a corporation
or partnership for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state
thereof or the District of Columbia unless, in the case of a partnership, U.S. Treasury Regulations provide otherwise; any estate
whose income is subject to U.S. federal income tax regardless of its source or; a trust if (A)&nbsp;a U.S. court can exercise primary
supervision over the trust&rsquo;s administration and one or more United States persons are authorized to control all substantial
decisions of the trust or (B)&nbsp;a trust in existence on August&nbsp;20, 1996, and treated as a United States person before this
date that timely elected to continue to be treated as a United States person (&ldquo;<U>United States persons(s)</U>&rdquo;), (ii)&nbsp;are
owned by United States person(s) that are (a)&nbsp;foreign branches of U.S. financial institutions (financial institutions, as
defined in U.S. Treasury Regulation Section&nbsp;1.165-12(c)(1)(iv)&nbsp;are herein referred to as &ldquo;<U>financial institutions</U>&rdquo;)
purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who acquired the Securities through foreign
branches of U.S. financial institutions and who hold the Securities through such U.S. financial institutions on the date hereof
(and in either case (a)&nbsp;or (b), each such U.S. financial institution hereby agrees, on its own behalf or through its agent,
that you may advise Fortuna Silver Mines Inc. or its agent that such financial institution will comply with the requirements of
Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the U.S. Internal Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii)&nbsp;are owned by U.S. or foreign financial institution(s) for purposes of resale during the restricted period (as defined
in U.S. Treasury Regulation Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a U.S. or foreign financial
institution described in clause (iii)&nbsp;above (whether or not also described in clause (i)&nbsp;or (ii)), this is to further
certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As used herein, &ldquo;<U>United States</U>&rdquo;
means the United States of America (including the states and the District of Columbia); and its &ldquo;possessions&rdquo; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We undertake to advise you promptly by tested
telex on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held
by you for our account in accordance with your Operating Procedures if any applicable statement herein is not correct on such date,
and in the absence of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This certificate excepts and does not relate
to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a Permanent Global Security or an exchange for and delivery of definitive Securities
(or, if relevant, collection of any interest) cannot be made until we do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We understand that this certificate may be
required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">[To be dated no earlier than the 15th day</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">prior to
(i)&nbsp;the Exchange Date or (ii)&nbsp;the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">relevant Interest Payment Date occurring</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">[Name of Person Making Certification]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">(Authorized Signatory)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 103; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B-2<BR>
<BR>
FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR<BR>
AND CLEARSTREAM IN<BR>
CONNECTION WITH THE EXCHANGE OF A PORTION OF A<BR>
TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST<BR>
PAYABLE PRIOR TO THE EXCHANGE DATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>[Insert title or sufficient description<BR>
of Securities to be delivered]</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is to certify that based solely on written
certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing
in our records as persons entitled to a portion of the principal amount set forth below (our &ldquo;<U>Member Organizations</U>&rdquo;)
substantially in the form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i)&nbsp;is
not owned by any person(s) that is a citizen or resident of the United States; a corporation or partnership (including any entity
treated as a corporation or partnership for U.S. federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia unless, in the case of a partnership, U.S. Treasury Regulations provide
otherwise; any estate whose income is subject to U.S. federal income tax regardless of its source or; a trust if (A)&nbsp;a U.S.
court can exercise primary supervision over the trust&rsquo;s administration and one or more United States persons are authorized
to control all substantial decisions of the trust or (B)&nbsp;a trust in existence on August&nbsp;20, 1996, and treated as a United
States person before this date that timely elected to continue to be treated as a United States person (&ldquo;<U>United States
person(s)</U>&rdquo;), (ii)&nbsp;is owned by United States person(s) that are (a)&nbsp;foreign branches of U.S. financial institutions
(financial institutions, as defined in U.S. Treasury Regulation Section&nbsp;1.165-12(c)(1)(iv)&nbsp;are herein referred to as
 &ldquo;financial institutions&rdquo;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who acquired
the Securities through foreign branches of U.S. financial institutions and who hold the Securities through such U.S. financial
institutions on the date hereof (and in either case (a)&nbsp;or (b), each such financial institution has agreed, on its own behalf
or through its agent, that we may advise Fortuna Silver Mines Inc. or its agent that such financial institution will comply with
the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii)&nbsp;is owned by U.S. or foreign financial institution(s) for purposes of resale during the restricted period
(as defined in U.S. Treasury Regulation Section&nbsp;1.163-5(c)(2)(i)(D)(7)) and, to the further effect, that financial institutions
described in clause (iii)&nbsp;above (whether or not also described in clause (i)&nbsp;or (ii)) have certified that they have not
acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United
States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As used herein, &ldquo;<U>United States</U>&rdquo;
means the United States of America (including the states and the District of Columbia); and its &ldquo;possessions&rdquo; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We further certify that (i)&nbsp;we are not
making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as
of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection
of any interest) are no longer true and cannot be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We understand that this certification is required
in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened
in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or
a copy thereof to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">[To be dated no earlier than the Exchange Date or
the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">&nbsp;</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 STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">[MORGAN GUARANTY TRUST COMPANY OF NEW YORK, BRUSSELS OFFICE, as Operator of the Euroclear System]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">[CLEARSTREAM]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 3%; text-indent: 0in">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-indent: -0.3in">&nbsp;</P>

<!-- Field: Page; Sequence: 105; Options: Last -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
