<SEC-DOCUMENT>0001062993-14-002955.txt : 20140515
<SEC-HEADER>0001062993-14-002955.hdr.sgml : 20140515
<ACCEPTANCE-DATETIME>20140514194316
ACCESSION NUMBER:		0001062993-14-002955
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20140521
FILED AS OF DATE:		20140515
DATE AS OF CHANGE:		20140514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY FUELS INC
		CENTRAL INDEX KEY:			0001385849
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		14843325

	BUSINESS ADDRESS:	
		STREET 1:		2 TORONTO STREET - SUITE 500
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2B6
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		2 TORONTO STREET - SUITE 500
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2B6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form 6-K - Filed by newsfilecorp.com</TITLE>
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<BODY style="font-size:10pt;">

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<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>Form 6-K </FONT></B></P>
<P align=center><B>REPORT OF FOREIGN PRIVATE ISSUER </B><B>PURSUANT TO RULE
13a-16 or 15d-16 UNDER THE <br>
SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <B><U>May 2014 </U></B></P>
<P align=center>Commission File Number <B><U>001-36204 </U></B></P>
<P align=center><B><FONT size=5>ENERGY FUELS INC.
</FONT><BR></B><i>(Translation of registrant&#146;s name into English) </i> </P>
<P align=center><B>2 Toronto Street, Suite 500 <BR></B><B>Toronto, Ontario,
Canada <BR>M5C 2B6<BR></B><i>(Address of principal executive offices) </i> </P>
<P align=justify>Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F </P>
<P align=center>Form 20-F [&nbsp; &nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;[X] </P>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&nbsp;&nbsp; ]</P>
<P align=justify><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders. </P>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&nbsp;&nbsp; ]</P>
<P align=justify><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant&#146;s &#147;home country&#148;), or under the
rules of the home country exchange on which the registrant&#146;s securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrant&#146;s security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=center><B>INCORPORATION BY REFERENCE </B></P>
<P align=justify>Exhibit 99.1 included with this report on Form 6-K is expressly
incorporated by reference into this report and is hereby incorporated by
reference as an exhibit to the Registration Statement on Form F-10 of Energy
Fuels Inc. (File No. 333-194916), as amended or supplemented. </P>
<P align=center><B>SIGNATURE </B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="50%" align=left nowrap><B>ENERGY FUELS INC. </B></TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="50%" nowrap>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="50%" align=left nowrap><u>S/ David C.
      Frydenlund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap>Date: May 14, 2014 </TD>
    <TD width="50%" align=left nowrap>David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="50%" align=left nowrap>Senior Vice President, General Counsel &amp;
      Corporate Secretary </TD></TR>
  </TABLE><BR>
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width="100%" noShade>
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<P align=center><B>INDEX TO EXHIBITS</B> </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left nowrap width="5%" ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-1.htm">Management Information Circular </a>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-2.htm">Form of Proxy </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left nowrap width="5%" ><a href="exhibit99-3.htm">99.3 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-3.htm">Notice of Meeting </a></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="5%" ><a href="exhibit99-4.htm">99.4 </a></TD>
    <TD width="90%" align=left><a href="exhibit99-4.htm">Notification of Availability of Investor
      Materials </a></TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

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<P align=center>&nbsp;</P>
<P align=center>
<img border="0" src="exhibi1.jpg" width="185" height="107"> </P>
<P align=center><B></B>&nbsp;</P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS <BR>TO
BE HELD ON WEDNESDAY MAY 21, 2014 </B></P>
<P align=center><B>MANAGEMENT INFORMATION CIRCULAR <BR>MARCH 26, 2014</B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD align=center valign="top" nowrap width="15%">
    <img border="0" src="exhibi2.jpg" width="133" height="77"></TD>
    <TD width="70%" align=center valign="top" nowrap><B>ENERGY FUELS INC.</B>
    <p><B>NOTICE OF ANNUAL AND SPECIAL MEETING</B> </p>
    <B>OF SHAREHOLDERS TO BE HELD</B>
    <p><B>WEDNESDAY, MAY 21, 2014</B>
    </TD>
    <TD width="15%" align=center valign="top" nowrap>&nbsp;</TD></TR>
  </TABLE>
<P align=justify><B>TO THE HOLDERS OF COMMON SHARES:</B> </P>
<P align=justify>Notice is hereby given that an annual and special meeting (the
&#147;<B>Meeting</B>&#148;) of the holders of common shares of <B>Energy Fuels Inc.
</B>(the &#147;<B>Corporation</B>&#148;) will be held at the offices of Borden Ladner
Gervais LLP, 44<SUP>th</SUP> Floor, Scotia Plaza, 40 King Street West, Toronto,
Ontario, Canada, M5H 3Y4 on Wednesday, May 21, 2014 at 2:00 pm (Toronto time)
for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD valign="top">
      <P align=justify>to receive the audited consolidated financial statements
      of the Corporation for the fifteen months ended December 31, 2013,
      together with the report of the auditors thereon;</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD valign="top">
      <P align=justify>to elect directors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD valign="top">
      <P align=justify>to appoint the auditors of the Corporation and to
      authorize the directors to fix the remuneration of the auditors;</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD valign="top">
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution ratifying By-Law No. 2 of the Corporation, as more particularly
      described under &#147;<I>Particulars of Matters to be Acted Upon at the Meeting &#150; Approval of By-Law No. 2 of the Corporation&#148;
      </I>in
      the accompanying management information circular (the
      &#147;<B>Circular</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD valign="top">
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution ratifying an amendment to the By-laws of the Corporation to add
      an advance notice requirement for nominations of directors by shareholders
      in certain circumstances, as more particularly described under
      &#147;<I>Particulars of Matters to be Acted Upon at the Meeting &#150; Ratification of Advance Notice Amendment to By- Laws</I>&#148; in the
      Circular; and</P></TD></TR>
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD valign="top">
      <P align=justify>to transact such other business as may properly be
      brought before the Meeting or any adjournment
thereof.</P></TD></TR></TABLE>
<P align=justify>The accompanying Circular provides additional information
relating to the matters to be dealt with at the Meeting and forms part of this
Notice. </P>
<P align=justify>The Corporation has elected to use the notice-and-access
provisions under National Instrument 54-101 &#150; <I>Communication with Beneficial
Owners of Securities of a Reporting Issuer</I> (the "<B>Notice-and-Access
Provisions</B>") for the Meeting. The Notice-and-Access Provisions are a new set
of rules developed by the Canadian Securities Administrators that reduce the
volume of materials that must be physically mailed to shareholders by allowing
the Corporation to post the Circular and any additional materials online.
Shareholders will still receive this Notice of Meeting and a form of proxy and
may choose to receive a paper copy of the Circular. The Corporation will not use
the procedure known as 'stratification' in relation to the use of
Notice-and-Access Provisions. Stratification occurs when a reporting issuer
using the Notice-and-Access Provisions provides a paper copy of the Circular to
some shareholders with this notice package. In relation to the Meeting, all
shareholders will receive the required documentation under the Notice-and-Access
Provisions, which will not include a paper copy of the Circular. </P>
<P align=center>1 </P>
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width="100%" noShade>
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<P align=justify>Please review the Circular carefully and in full prior to
voting as the Circular has been prepared to help you make an informed decision
on the matters to be acted upon. The Circular is available on the website of the
Corporation&#146;s transfer agent, CST Trust Company, Inc. at
www.meetingdocuments.com/cst/EFR. and under the Corporation&#146;s SEDAR profile at
www.sedar.com. Any shareholder who wishes to receive a paper copy of the
Circular, should contact CST Trust Company, Inc., at 1-888-433-6443 or
fulfilment@canstockta.com by May 7, 2014. Shareholders may also use the
toll-free number noted above to obtain additional information about the
Notice-and-Access Provisions. </P>
<P align=justify>Shareholders who cannot attend the Meeting in person may vote
by proxy. Instructions on how to complete and return the proxy are provided with
the proxy form and are described in the Circular. To be valid, proxies must be
received by CST Trust Company, Inc. by mail at c/o Cover-All, P. O. Box 721,
Agincourt, Ontario, Canada, M1S 0A1 or by fax to 1-866-781-3111 (toll free) or
416-368-2502 or by email to proxy@canstockta.com, no later than 5:00 p.m.
(Toronto time) on May 19, 2014, or if the Meeting is adjourned, no later than
10:00 a.m. (Toronto time) on the last business day preceding the day to which
the Meeting is adjourned. </P>
<P align=justify>Dated at Lakewood, Colorado, USA this 26<SUP>th</SUP> day of
March, 2014. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>BY ORDER OF THE BOARD
</B></P>
<P style="MARGIN-LEFT: 50%" align=justify><BR><BR>Signed) Stephen P.
Antony <BR>President and Chief Executive Officer</P>
<P align=center>&nbsp;</P>
<P align=center>2 </P>
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<P align=center><B>MANAGEMENT INFORMATION CIRCULAR OF ENERGY FUELS INC.
<BR></B><B>(the &#147;Circular&#148;)</B><B> </B></P>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_6">APPOINTMENT AND REVOCATION OF PROXIES </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_6">1 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_6">VOTING OF SHARES REPRESENTED BY MANAGEMENT PROXIES </a></TD>
    <TD width="5%" align=right><a href="#page_6">1 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_7">VOTING BY NON-REGISTERED SHAREHOLDERS </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_7">2 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_8">DISTRIBUTION OF MEETING MATERIALS TO NON-OBJECTING
      BENEFICIAL OWNERS </a></TD>
    <TD width="5%" align=right><a href="#page_8">3</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_8">VOTING SECURITIES AND PRINCIPAL HOLDERS OF
      VOTING SECURITIES</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_8">3 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_8">PARTICULARS OF MATTERS TO BE ACTED UPON AT THE MEETING</a> </TD>
    <TD width="5%" align=right><a href="#page_8">3 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_8">Election of Directors </a>
    </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_8">3 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_13">Cease Trade Orders
      and Bankruptcies </a></TD>
    <TD width="5%" align=right><a href="#page_13">8</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_14">Appointment of Auditors </a>
    </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_14">9 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_14">Approval of By-Law No. 2 of the
      Corporation </a></TD>
    <TD width="5%" align=right><a href="#page_14">9 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_14">Summary of Notable Differences between the Proposed By-Laws and the
      Existing By-Laws </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_14">9 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_15">Ratification of
      the Proposed By-Law</a> </TD>
    <TD width="5%" align=right><a href="#page_15">10</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_16">Ratification of Advance
      Notice Amendment to By-Laws</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_16">11</a> </TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_17">EXECUTIVE COMPENSATION </a></TD>
    <TD width="5%" align=right><a href="#page_17">12</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_17">Compensation Governance </a>
    </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_17">12 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_19">Compensation Discussion and Analysis </a>
</TD>
    <TD width="5%" align=right><a href="#page_19">14 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_19">Objectives of the Compensation Program </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_19">14 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_19">Elements of
      Compensation </a></TD>
    <TD width="5%" align=right><a href="#page_19">14 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_19">Determination of Compensation </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_19">14 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_20">Performance Goals </a>
    </TD>
    <TD width="5%" align=right><a href="#page_20">15</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_23">Performance Graph </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_23">18 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_25">Option-Based
      Awards</a> </TD>
    <TD width="5%" align=right><a href="#page_25">20</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_25">Summary Compensation
      Table </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_25">20 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_26">Incentive Plan Awards</a> </TD>
    <TD width="5%" align=right><a href="#page_26">21</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_26">Outstanding Share-Based Awards and Option-Based Awards </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_26">21</a> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_27">Incentive Plan
      Awards &#150; Value Vested or Earned </a></TD>
    <TD width="5%" align=right><a href="#page_27">22 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_27">Pension Plan Benefits
      and Deferred Compensation Plans </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_27">22 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_27">Termination and Change of Control
      Benefits</a> </TD>
    <TD width="5%" align=right><a href="#page_27">22</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp;<a href="#page_29">Director Compensation </a>
    </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_29">24 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_29">Director
      Compensation Table </a></TD>
    <TD width="5%" align=right><a href="#page_29">24 </a></TD></TR></TABLE>
<P align=center>i </P>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_30">Retainer and Meeting Fees</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_30">25</a> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_30">Incentive Plan Awards </a></TD>
    <TD width="5%" align=right><a href="#page_30">25</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_31">Outstanding Share-Based Awards and Option-Based Awards as at
      December 31, 2013 </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_31">26</a> </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#page_32">Incentive
      Plan Awards &#150; Value Vested or Earned During the 15-Month Period Ended
      December 31, 2013 </a></TD>
    <TD width="5%" align=right><a href="#page_32">27 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_32">Share Ownership Requirement</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_32">27 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<a href="#page_33">Securities Authorized For Issuance
      under Equity Compensation Plans </a></TD>
    <TD width="5%" align=right><a href="#page_33">28 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<a href="#page_33">EFI Option Plan </a></TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_33">28 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#page_33">Strathmore
      Replacement Options </a></TD>
    <TD width="5%" align=right><a href="#page_33">28</a> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_33">AUDIT COMMITTEE DISCLOSURE</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_33">28 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_34">CORPORATE GOVERNANCE DISCLOSURE </a></TD>
    <TD width="5%" align=right><a href="#page_34">29 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_34">INTEREST OF CERTAIN PERSONS IN MATTERS TO
      BE ACTED UPON</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_34">29 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_34">INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS </a></TD>
    <TD width="5%" align=right><a href="#page_34">29 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_34">INDEBTEDNESS OF DIRECTORS AND EXECUTIVE
      OFFICERS</a> </TD>
    <TD bgColor=#eeeeee width="5%" align=right><a href="#page_34">29 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_34">ADDITIONAL INFORMATION </a></TD>
    <TD width="5%" align=right><a href="#page_34">29 </a></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_36">SCHEDULE &#147;A&#148; &#150; CORPORATE GOVERNANCE
      DISCLOSURE </a></TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_43">SCHEDULE &#147;B&#148; &#150; BY-LAW NO. 2 </a></TD>
    <TD width="5%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><a href="#page_60">SCHEDULE &#147;C&#148; &#150; ADVANCE NOTICE BY-LAW
      AMENDMENT </a></TD>
    <TD bgColor=#eeeeee width="5%" align=left>&nbsp; </TD></TR></TABLE>
<P align=center>ii </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=center>
<img border="0" src="exhibi2.jpg" width="133" height="77"> </P>
<P align=center><B>MANAGEMENT INFORMATION CIRCULAR </B></P>
<P align=justify>The information contained in this management information
circular (&#147;<B>Circular</B><B>&#148;</B>) is furnished in connection with the
solicitation of proxies to be used at the annual and special meeting of
shareholders of Energy Fuels Inc. (&#147;<B>EFI</B>&#148; or the &#147;<B>Corporation</B>&#148;) to
be held at the offices of Borden Ladner Gervais LLP, 44<SUP>th</SUP> Floor,
Scotia Plaza, 40 King Street West, Toronto, Ontario, Canada, M5H 3Y4 on
Wednesday, May 21, 2014 at 2:00 pm (Toronto time) (the &#147;<B>Meeting</B><B>&#148;</B>),
and at all adjournments thereof, for the purposes set forth in the accompanying
Notice of Meeting. It is expected that the solicitation will be made primarily
by mail but proxies may also be solicited personally by directors, officers or
regular employees of EFI.<B>The solicitation of proxies by this Circular is
being made by or on behalf of the management of EFI. </B>The total cost of the
solicitation will be borne by EFI. </P>
<P align=justify>Except as otherwise indicated, information in this Circular is
given as of March 26, 2014. </P>
<P align=center><B>APPOINTMENT AND REVOCATION OF PROXIES </B></P>
<P align=justify>The persons named in the form of proxy accompanying this
Circular are officers and/or directors of EFI. <B>A shareholder of EFI has the
right to appoint a person other than the persons specified in such form of proxy
and who need not be a shareholder of EFI to attend and act for him and on his
behalf at the Meeting. </B>Such right may be exercised by striking out the names
of the persons specified in the proxy, inserting the name of the person to be
appointed in the blank space provided in the proxy, signing the proxy and
returning it in the reply envelope in the manner set forth in the accompanying
Notice of Meeting. </P>
<P align=justify>A shareholder of EFI who has given a proxy may revoke it by an
instrument in writing, including another completed form of proxy, executed by
him or his attorney authorized in writing, deposited at the registered office of
EFI, or at the offices of CST Trust Company, Inc. by mail at c/o Cover-All, P.O.
Box 721, Agincourt, Ontario, Canada, M1S 0A1 or by fax to 1-866-781-3111 (toll
free) or 416-368-2502 or by email to proxy@canstockta.com, up to 5:00 p.m.
(Toronto time) on the second business day preceding the date of the Meeting, or
any adjournment thereof, or with the Chair of the Meeting prior to the
commencement of the Meeting on the day of the Meeting or any adjournment
thereof, or in any other manner permitted by law. </P>
<P align=center><B>VOTING OF SHARES REPRESENTED BY MANAGEMENT PROXIES </B></P>
<P align=justify>The persons named in the enclosed form of proxy will vote the
shares in respect of which they are appointed by proxy on any ballot that may be
called for in accordance with the instructions thereon. If a shareholder of EFI
specifies a choice with respect to any matter to be acted upon, the shares will
be voted accordingly. <B>In the absence of such instructions, such shares will
be voted in favour of each of the matters referred to herein. </B></P>
<P align=center>1 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=justify>The enclosed form of proxy confers discretionary authority upon
the persons named therein with respect to amendments to or variations of matters
identified in the Notice of Meeting and with respect to other matters, if any,
which may properly come before the Meeting. At the date of this Circular, the
management of EFI knows of no such amendments, variations, or other matters to
come before the Meeting. However, if any other matters which are not known to
management should properly come before the Meeting, the proxy will be voted on
such matters in accordance with the best judgement of the named proxy holder.<B>
</B></P>
<P align=center><B>VOTING BY NON-REGISTERED SHAREHOLDERS </B></P>
<P align=justify>Only registered shareholders or the persons they appoint as
their proxies are permitted to vote at the Meeting. However, in many cases,
common shares owned by a person (a &#147;<B>non-registered owner</B>&#148;) are registered
either (a) in the name of an intermediary (an &#147;<B>Intermediary</B>&#148;) that the
non-registered owner deals with in respect of the common shares (Intermediaries
include, among others, banks, trust companies, securities dealers or brokers and
trustees or administrators of self-administered registered savings plans,
registered retirement income funds, registered education savings plans and
similar plans); or (b) in the name of a clearing agency (such as The Canadian
Depository for Securities Limited (&#147;<B>CDS</B>&#148;)) of which the Intermediary is a
participant.</P>
<P align=justify>In accordance with the notice and access requirements of
National Instrument 54-101 <I>Communication with Beneficial Owners of Securities
of a Reporting Issuer</I> ("<B>NI 54-101</B>"), non-registered owners who have
advised their Intermediary that they do not object to the Intermediary providing
their ownership information to issuers whose securities they beneficially own
(&#147;<B>NOBOs</B>&#148;) will receive by mail: (i) a voting information form which is
not signed by the Intermediary and which, when properly completed and signed by
the non-registered holder and returned to the Intermediary or its service
company, will constitute voting instructions (often called a &#147;<B>Voting
Instruction Form</B>&#148;); (ii) a letter from EFI with respect to the notice and
access procedure; and (iii) the request for financial statements form
(collectively, the &#147;<B>Notice and Access Package</B>&#148;). The Circular and the
Notice of Meeting may be found at and downloaded from
<B>www.meetingdocuments.com/cst/EFR.</B></P>
<P align=justify>NOBOs who have standing instructions with the Intermediary for
physical copies of the Circular will receive by mail the Notice and Access
Package, the Circular and the Notice of Meeting.</P>
<P align=justify>Intermediaries are required to forward the Notice and Access
Package to non-registered owners who have advised their Intermediary that they
object to the Intermediary providing their ownership information (&#147;<B>OBOs</B>&#148;)
unless an OBO has waived the right to receive them. Very often, Intermediaries
will use service companies to forward proxy-related materials to OBOs.
Generally, OBOs who have not waived the right to receive proxy-related materials
will either: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>be given a form of proxy which has already been signed by
      the Intermediary (typically by a facsimile stamped signature), which is
      restricted as to the number and class of securities beneficially owned by
      the OBO but which is not otherwise completed. Because the Intermediary has
      already signed the form of proxy, this form of proxy is not required to be
      signed by the non-registered owner when submitting the proxy. In this
      case, the OBO who wishes to vote by proxy should otherwise properly
      complete the form of proxy and deliver it as specified; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>be given a Voting Instruction Form which the Intermediary
      must follow. The OBO should properly complete and sign the Voting
      Instruction Form and submit it to the Intermediary or its service company
      in accordance with the instructions of the Intermediary or its service
      company.</P></TD></TR></TABLE>
<P align=justify>In either case, the purpose of this procedure is to permit
non-registered owners to direct the voting of the common shares they
beneficially own. Should a non-registered owner who receives either form of
proxy wish to vote at the Meeting in person, the non-registered owner
should strike out the persons named in the form of proxy and insert the
non-registered owner&#146;s name in the blank space provided. Non-registered owners
should carefully follow the instructions of their Intermediary including those
regarding when and where the form of proxy or Voting Instruction Form is to be
delivered. </P>
<P align=center>2 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=justify>Management of EFI does not intend to pay for Intermediaries to
forward the Notice and Access Package to OBOs. An OBO will not receive the
Notice and Access Package unless the Intermediary assumes the cost of
delivery.<B> </B></P>
<P align=center><B>DISTRIBUTION OF MEETING MATERIALS TO NON-OBJECTING BENEFICIAL
OWNERS </B></P>
<P align=justify>The Notice and Access Package is being sent to both registered
and non-registered owners of the securities using notice and access pursuant to
NI 54-101. Electronic copies of the Circular and the Notice of Meeting may be
found and downloaded from <font color="#0000FF"> <B><U>www.meetingdocuments.com/cst/EFR</U></B></font>. If you
are a NOBO, and EFI or its agent has sent the Notice and Access Package directly
to you, your name, address and information about your holdings of securities
have been obtained in accordance with applicable securities regulatory
requirements from the Intermediary holding on your behalf. </P>
<P align=justify>EFI (and not the Intermediary holding on your behalf) has
assumed responsibility for (i) delivering the Notice and Access Package to you,
and (ii) executing your proper voting instructions. Please return your voting
instructions as specified in the request for voting instructions.</P>
<P align=center><B>VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES
</B></P>
<P align=justify>The authorized capital of EFI consists of an unlimited number
of common shares, an unlimited number of preferred shares issuable in series,
and an unlimited number of Series A preferred shares. On November 5, 2013, EFI
consolidated the then outstanding common shares on the basis of one
post-consolidation share for every fifty pre-consolidation shares (the
&#147;<B>Consolidation</B>&#148;). No fractional common shares were issued pursuant to the
Consolidation. As of March 24, 2014, the Corporation had issued and outstanding
19,683,472 common shares (&#147;<B>EFI Common Shares</B>&#148;) and no preferred
shares.</P>
<P align=justify>The Corporation made a list of all persons who are registered
holders of EFI Common Shares as of the close of business on March 24, 2014 (the
&#147;<B>Record Date</B>&#148;) and the number of EFI Common Shares registered in the name
of each person on that date. Each shareholder as of the Record Date is entitled
to one vote for each EFI Common Share registered in his or her name as it
appears on the list on all matters which come before the Meeting. <B></B></P>
<P align=justify>To the knowledge of the directors and senior officers of the
Corporation, as of March 24, 2014, no shareholder beneficially owns or exercises
control or direction over securities carrying more than 10% of the voting rights
attached to any class of outstanding voting securities of the Corporation
entitled to be voted at the Meeting.</P>
<P align=center><B>PARTICULARS OF MATTERS TO BE ACTED UPON AT THE MEETING
</B></P>
<P align=justify><B>Election of Directors </B></P>
<P align=justify>The board of directors of the Corporation (the "<B>Board</B>")
may consist of a minimum of three and a maximum of fifteen directors, who are
elected annually. The Board is currently composed of eleven directors. At its
meeting on March 26, 2014, the Board considered the appropriate size of the
Board with a view to facilitating effective decision-making, and has determined
that the size of the Board should be reduced from eleven directors, to nine
directors. Accordingly, nine directors will be elected at the Meeting. As a
result of this determination and change in the size of the Board, Messrs. W.
Robert Dengler and Steven N. Khan have decided not to stand for
re-election as directors, and will therefore not be nominated for re-election at
the Meeting. </P>
<P align=center>3 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_9></A>
<P align=justify>When determining nominees for election, the Board also
considers its strategic relationship with Korea Electric Power Corporation
(&#147;<B>KEPCO</B>&#148;). KEPCO is the primary utility in South Korea and an
international supplier of nuclear reactors worldwide. KEPCO has its head office
in Seoul, South Korea, and currently owns approximately 8.7% of the outstanding
EFI Common Shares. Energy Fuels and KEPCO entered into a strategic relationship
agreement in 2013, which provides for a long-term collaborative business
relationship. Under this agreement, the Corporation agreed to nominate one
person designated by KEPCO for election as a director at any shareholder meeting
where directors are to be elected, so long as KEPCO holds more than 5% of the
outstanding EFI Common Shares. KEPCO has designated Mr. Tae Hwan Kim as its
nominee. </P>
<P align=justify>As further discussed below, on January 23, 2014, the Board
approved certain amendments to the Corporation&#146;s By-Law No. 1 to add an advance
notice requirement for nominations of directors by shareholders. As of the date
hereof, the Corporation has not received notice of any director nominations in
connection with this year&#146;s Meeting. </P>
<P align=justify>Shareholders will vote for the election of each individual
director separately. The Corporation has adopted a majority voting policy for
the election of directors whereby any nominee (in an uncontested election) who
receives a greater number of shares withheld from voting than shares voted in
favour of his or her election is expected to tender his or her resignation to
the Board, to take effect upon acceptance by the Board. The Board will, within
90 days of the Meeting, determine whether to accept any such offer to resign.
See Schedule &#147;A&#148;<I> Corporate Governance Disclosure</I>. <B></B></P>
<P align=justify>The following table provides the names of and information for
the nominees for election as directors of the Corporation (the
&#147;<B>Nominees</B>&#148;). <B>The persons named in the enclosed form of proxy intend to
vote for the election of each of the Nominees. </B>Management does not
contemplate that any of the Nominees will be unable to serve as a director. All
directors so elected will hold office until the next annual meeting of
shareholders or until their successors are elected or appointed, unless his
office is vacated earlier in accordance with the by-laws of EFI or with the
provisions of the <I>Business Corporations Act</I> (Ontario).</P>
<P align=center>4 </P>
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width="100%" noShade>
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<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left vAlign=middle noWrap bgcolor="#eeeeee"><B>Name and Municipality
      of</B> <B>Residence</B> </TD>
    <TD width="21%" align=center vAlign=middle noWrap bgcolor="#eeeeee"><B>Office
      Held</B> <BR></TD>
    <TD width="10%" align=center vAlign=middle noWrap bgcolor="#eeeeee"><B>Director
      Since</B> <SUP><b>(1)</b></SUP></TD>
    <TD width="27%" align=center vAlign=middle noWrap bgcolor="#eeeeee"><B>Principal
      Occupation,</B> <BR>
      <B>if different than Office Held</B> </TD>
    <TD
    width="13%" align=center vAlign=middle noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" ><B>EFI Common</B>
      <BR>
      <B>Shares Beneficially</B> <BR><B>Owned or Over</B> <BR><B>Which
      Control or</B> <BR><B>Direction is</B>
      <BR><B>Exercised<SUP>(2)</SUP></B> </TD></TR>
  <TR>
    <TD vAlign=top noWrap>J. Birks Bovaird<SUP>(4)</SUP> <BR>Ontario,
      Canada </TD>
    <TD vAlign=top width="21%">Chair and Director </TD>
    <TD vAlign=top width="10%">2006 </TD>
    <TD vAlign=top width="27%" noWrap>Consultant, providing <BR>advisory
      services to natural <BR>resource companies </TD>
    <TD vAlign=top width="13%" align=center >5,192
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Stephen P. Antony<SUP>(5)</SUP>
      <BR>Colorado, USA </TD>
    <TD vAlign=top width="21%" align=left>President, CEO <BR>and
      Director </TD>
    <TD vAlign=top width="10%" align=left>2009 </TD>
    <TD vAlign=top width="27%" align=left noWrap>Same </TD>
    <TD vAlign=top width="13%" align=center >16,957
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Paul A. Carroll<SUP>(3)(6)</SUP>
      <BR>Ontario, Canada </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2010 </TD>
    <TD vAlign=top width="27%" align=left noWrap>President of Carnarvon
      <BR>Capital Corporation; <BR>President &amp; CEO of World <BR>Wide
      Minerals Ltd. </TD>
    <TD vAlign=top width="13%" align=center >2,000
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Lawrence A. Goldberg <BR>Ontario,
      Canada<SUP>(6)</SUP> </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2012 </TD>
    <TD vAlign=top width="27%" align=left noWrap>Chief Financial Officer
      and <BR>Chief Operating Officer of <BR>Arcestra Inc. </TD>
    <TD vAlign=top width="13%" align=center >Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Mark E. Goodman<SUP>(3) </SUP><sup>(5)</sup>
      <BR>Ontario, Canada </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2010 </TD>
    <TD vAlign=top width="27%" align=left noWrap>Vice President of Dundee
      <BR>Corporation </TD>
    <TD vAlign=top width="13%" align=center >Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Bruce D. Hansen<SUP>(4) </SUP><SUP>(6) </SUP>
      <BR>Colorado, USA </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2007 </TD>
    <TD vAlign=top width="27%" align=left noWrap>CEO of General Moly Inc.,
      a <BR>US based mineral company </TD>
    <TD vAlign=top width="13%" align=center >2,600
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Ron F. Hochstein<SUP>(3)(6)</SUP>
      <BR>British Columbia, Canada </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2012 </TD>
    <TD vAlign=top width="27%" align=left noWrap>President and CEO of
      <BR>Denison Mines Corp. </TD>
    <TD vAlign=top width="13%" align=center >23,368
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Tae Hwan Kim <BR>Seoul, Korea </TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2014<SUP>(7)</SUP> </TD>
    <TD vAlign=top width="27%" align=left noWrap>General Manager, Overseas
      <BR>Resources Project <BR>Department, Korea Electric <BR>Power Corporation
    </TD>
    <TD vAlign=top width="13%" align=center >Nil </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left noWrap>Richard J. Patricio<SUP>(3)(4)</SUP>
      <BR>Ontario, Canada</TD>
    <TD vAlign=top width="21%" align=left>Director </TD>
    <TD vAlign=top width="10%" align=left>2012 </TD>
    <TD vAlign=top width="27%" align=left noWrap>Vice President, Corporate
      <BR>and Legal Affairs of Pinetree <BR>Capital Ltd. </TD>
    <TD vAlign=top width="13%" align=center >7,720
  </TD></TR>
  </TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=left>Directors are elected annually and hold office
      until a successor is elected at a subsequent annual meeting of the
      Corporation, unless a director&#146;s office is earlier vacated in accordance
      with the by-laws of the Corporation. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=left>The information as to EFI Common Shares
      beneficially owned or over which the directors exercise control or
      direction not being within the knowledge of the Corporation, has been
      furnished by the respective nominees individually. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD width="95%" align=left>Member of the Governance and Nominating
      Committee. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(4) </TD>
    <TD width="95%" align=left>Member of the Compensation Committee. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(5) </TD>
    <TD width="95%" align=left>Member of the Environment, Health and Safety
      Committee. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(6) </TD>
    <TD width="95%" align=left>Member of the Audit Committee.
</TD></TR>
  <tr>
    <TD vAlign=top width="5%">&nbsp; </TD>
    <TD>
      &nbsp;</TD>
  </tr>
  <tr>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Kim was appointed a director by the Board on January
      23, 2014, to fill the vacancy created by the resignation of Mr. Eun Ho
      Cheong who had been appointed a director by the Board on September 3,
      2013, as the designated nominee of KEPCO at that
time.</P></TD>
  </tr>
</TABLE>
<P align=center>5 </P>
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<!--$$/page=--><A name=page_11></A><BR>
Information about each Nominee, including present principal
occupation, business or employment and the principal occupations, businesses or
employments within the five preceding years, is set out below.
<P align=center><B><I>J. Birks Bovaird </I></B></P>
<P align=justify>For a majority of his career, Mr. Bovaird&#146;s focus has been the
provision and implementation of corporate financial consulting and strategic
planning services. He was previously the Vice President of Corporate Finance for
one of Canada&#146;s major accounting firms. He currently is the Chair of
NunaMinerals A/S, a public mining exploration and development company listed on
the Copenhagen Exchange (NUNA.CO). He is a director of Noble Minerals
Exploration (TSX.V:NOB) where he is Chair of the Nominating, Compensation and
Governance Committee as well as a member of the Audit Committee. He is also the
Chair of the board of directors of GTA Resources and Mining Inc., as well as a
member of the Audit Committee. He has previously been involved with numerous
public resource companies, both as a member of management and as a director. He
is a graduate of the Canadian Director Education Program and holds an ICD.D
designation. </P>
<P align=center><B><I>Stephen P. Antony </I></B></P>
<P align=justify>Mr. Antony is a registered professional engineer in a number of
states in which the Corporation holds properties. He is a graduate of the
Colorado School of Mines, and holds a Masters of Business Administration from
the University of Denver. Over the last 38 years, Mr. Antony has held
increasingly senior positions in both the technical and managerial sectors of
the mining business. He first entered the uranium business with Mobil Oil&#146;s
Mining and Mineral group in the mid 1980&#146;s, during which time he developed the
reclamation plan for Mobil&#146;s El Mesquite ISL operation in south Texas. He joined
Energy Fuels Nuclear, Inc. ("<B>EFN</B>") in 1986 as the company was
growing to become the largest U<sub>3</sub>O<SUB>8</SUb> producer in the
US, peaking at more than five million pounds annually. Mr. Antony served as
director of Technical Services for the company where he authored many of the
feasibility studies which provided justification for the expansion of EFN&#146;s
highly successful Breccia Pipe Mine projects in the Arizona Strip. Subsequent to
his employment with EFN, Mr. Antony held a brief position with Power Resources,
Inc. ("<B>PRI</B>") as Vice President of Business Development. He then consulted
to Cameco Corp. on due diligence prior to their acquisition of PRI, which Cameco
undertook as part of their strategy to become a significant uranium producer in
the US. Mr. Antony was most recently Chief Operating Officer of EFI, responsible
for the daily operations of the Corporation, including all aspects of uranium
property exploration, ore production and mill processing. He was appointed
President and Chief Executive Officer of the Corporation on April 1, 2010. </P>
<P align=center><B><I>Paul A. Carroll </I></B></P>
<P align=justify>Mr. Carroll has had a lengthy business career in the mining
industry, both as a lawyer and as a director and/or officer of many mining
companies. He has been engaged in the mineral exploration and mining industry in
Canada, the U.S., Mexico, Central and South America, Africa, China, Russia and
Kazakhstan. Mr. Carroll is President of Carnarvon Capital Corporation, a
corporate management and advisory company based in Toronto, Canada. Companies
with which he has been extensively involved include Dundee Corporation, a
full-service investment bank, Corona Corporation, where he was a member of the
Executive Committee, Zemex Corporation, Royex Gold Mining Corporation, Campbell
Resources Inc., Cobra Emerald Mines Ltd., Lacana Mining Corporation where he was
Chair, Arcon International Resources plc where he was Chair, Tahera Corporation,
World Wide Minerals Ltd. where he is President and Chief Executive Officer, Poco
Petroleums Ltd., Mascot Gold Mines Ltd., United Keno Hill Mines Ltd., Repadre Capital Corporation (now IAMgold Corporation),
Crowflight Minerals Inc., War Eagle Mining Company Inc. and Diadem Resources
Ltd. From 2004 to 2005, as one of the committee of &#147;independent directors&#148;
thereof, Mr. Carroll was a director of Argus Corporation Limited and Hollinger
Inc. (&#147;Hollinger&#148;) and in 2005 he was Chief Executive Officer. He was a director
of The Uranium Institute (now the World Nuclear Association) in 1998. In
addition to the Corporation, Mr. Carroll is currently a director of the
following companies: World Wide Minerals (TSX, CDN, OTC); War Eagle Mining
Company Inc. (TSX-V) and Mammoth Resources Corp. (TSX-V). Mr. Carroll serves on
the Audit Committee of War Eagle Mining Company Inc. </P>
<P align=center>6 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_12></A>
<P align=center><B><I>Lawrence A. Goldberg </I></B></P>
<P align=justify>Mr. Goldberg is a Chartered Accountant. He is currently Chief
Financial Officer of Blue Goose Capital Corp. He was formerly Chief Financial
Officer and Chief Operating Officer of Arcestra Inc., a private software
company. From August 2010 to September 2011, Mr. Goldberg was the Chief
Financial Officer of ZENN Motor Company Inc., a TSX-V listed energy storage
technology company. From February 2000 to August 2010, Mr. Goldberg was the
Chief Financial Officer of Mega Uranium Ltd., a uranium exploration company
listed on the TSX, and of Pinetree Capital Ltd., a TSX-listed investment
company. From May 2004 to December 2009, Mr. Goldberg was the CFO of Brownstone
Ventures Inc. (now called Brownstone Energy Inc.), an energy company listed on
the TSX-V.</P>
<P align=center><B><I>Mark E. Goodman </I></B></P>
<P align=justify>Mr. Goodman has worked in the financial services and mining
industry since 1992. He began his career working for Dundee Corporation and has
held numerous positions within that organization. In 2005 he founded Cogitore
Resources Inc., a base metal exploration company active in Northern Quebec. He
has also served as President and Chief Executive Officer of both Valdez Gold and
Cogitore Resources. Mr. Goodman is currently a Vice President of Dundee
Corporation. He sits on the board of directors of the following publicly and
privately held companies: Cogitore Resources Inc. (TSX-V); Corona Gold Corp.
(TSX); Dundee Energy (TSX); Focused Capital Corp. (TSX-V); Focused Capital II
(TSX-V); Ryan Gold Corp (TSX-V); Odyssey Resources Inc. (TSX-V); Nighthawk Gold
Corp. (TSX-V) and Dynamic Venture Opportunities Fund (Ontario Labour Sponsored
Fund). </P>
<P align=center><B><I>Bruce D. Hansen </I></B></P>
<P align=justify>Mr. Hansen is currently Chief Executive Officer and a director
of General Moly Inc., a position he has held since 2007. Prior to that, Mr.
Hansen was Senior Vice-President, Operations Services and Development with
Newmont Mining Corporation. He worked with Newmont for ten years holding
increasingly senior roles, including CFO from 1999 to 2005. Prior to joining
Newmont, Mr. Hansen spent 12 years with Santa Fe Pacific Gold, where he held
increasingly senior management roles including Senior Vice President of
Corporate Development and Vice President Finance and Development. Mr. Hansen
holds a Masters of Business Administration from the University of New Mexico and
a Bachelors of Science Degree in Mining Engineering from the Colorado School of
Mines. Mr. Hansen is also a director and serves on the Audit Committee of ASA
Gold and Precious Metals Ltd. (NYSE). </P>
<P align=center><B><I>Ron F. Hochstein </I></B></P>
<P align=justify>Mr. Hochstein is currently President and Chief Executive
Officer of Denison Mines Corp., and previously served as its President and Chief
Operating Officer since 2006, when International Uranium Corporation
("<B>IUC</B>") and Denison Mines Inc. combined to form Denison Mines Corp. Mr.
Hochstein served as President and Chief Executive Officer of IUC from 2000 to
2006 after serving as Vice President Corporate Development and Vice President
and Chief Operating Officer. Prior to joining IUC, Mr. Hochstein was a project
manager with Simons Mining Group and was with Noranda Minerals as a metallurgical engineer. Mr. Hochstein is a Professional
Engineer and holds a Masters of Business Administration from the University of
British Columbia and a Bachelor of Science in Mineral Processing from the
University of Alberta. Mr. Hochstein is a director of Denison Mines Corp. (TSX,
NYSE MKT). He is also a director and serves on the Audit Committees of Fortress
Minerals Corp. (Chairman) (NEX); RB Energy Inc. (TSX); Sprott Resources Corp.
(TSX-V); and Virginia Energy Inc. (TSX-V). </P>
<P align=center>7 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_13></A>
<P align=center><B><I>Tae Hwan Kim </I></B></P>
<P align=justify>Since 2012, Mr. Kim has been General Manager, Overseas
Resources Development Department for KEPCO, an international electric power
company headquartered in Korea. From 2009 to 2012, Mr. Kim was Senior Manager,
Human Resources Department for KEPCO. Mr. Kim has been with KEPCO for over ten
years, and has been involved in many domestic and overseas projects for KEPCO.
Mr. Kim has an economics degree from Pusan National University and a Masters of
Business Administration from Seoul National University. </P>
<P align=center><B><I>Richard J. Patricio </I></B></P>
<P align=justify>Since 2005, Mr. Patricio has been the Executive Vice President,
Corporate Affairs for Mega Uranium Ltd. In addition, Mr. Patricio is Vice
President of Corporate and Legal Affairs for Pinetree Capital Ltd., responsible
for merger and acquisition activity, corporate transactions and the
administration of Pinetree. Prior to joining Pinetree, Mr. Patricio worked as
in-house General Counsel for a senior TSX listed manufacturing company. Prior to
that, Mr. Patricio practiced law at Osler Hoskin &amp; Harcourt LLP in Toronto
where he focused on mergers and acquisitions, securities law and general
corporate transactions. In addition to his legal and corporate experience, Mr.
Patricio has built a number of mining companies with global operations. He holds
senior officer and director positions in several junior mining companies that
are listed on the TSX and TSX-Venture exchanges. Mr. Patricio is a lawyer
qualified to practice in the Province of Ontario. Prior to the Corporation&#146;s
acquisition of Titan Uranium Inc., Mr. Patricio was a director of Titan. Mr.
Patricio is also a director of Caledonia Mining Corp. (TSX, AIM, NASDAQ-OTCQX);
Terreno Resources Corp. (TSX-V); U<sub>3</sub>O<sub>8</sub> Corp. (TSX, OTCQX); Mega Precious Metals
Inc. (TSX-V); and Macarthur Minerals Ltd. (TSX). He formerly served as a
director for Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.); X-Terra
Resources Corporation; Dejour Enterprises Ltd.; Mooncor Oil &amp; Gas Corp.; and
Vesta Capital Corp. </P>
<P align=justify><U>Cease Trade Orders and Bankruptcies</U> </P>
<P align=justify>Except as set out below, to the knowledge of the Corporation,
no director of the Corporation is, or has been in the last 10 years, (a) a
director, chief executive officer or chief financial officer of a company that
(i) while that person was acting in that capacity, was the subject of a cease
trade order or similar order (including a management cease trade order) or an
order that denied the relevant company access to any exemptions under Canadian
securities legislation, for a period of more than 30 consecutive days, or (ii)
after that person ceased to act in that capacity, was the subject of a cease
trade or similar order or an order that denied the issuer access to any
exemption under Canadian securities legislation, for a period of more than 30
consecutive days, which resulted from an event that occurred while that person
acted in such capacity, or (b) a director or executive officer of a company
that, while that person was acting in that capacity, or within a year of that
person ceasing to act in that capacity, became bankrupt, made a proposal under
any legislation relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with creditors or had a
receiver, receiver manager or trustee appointed to hold its assets; or (c)
become bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency, or become subject to or instituted any proceedings, arrangement or
compromise with creditors, or had a receiver, receiver manager or trustee
appointed to hold his assets. </P>
<P align=center>8 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_14></A>
<P align=justify>Mr. Bovaird was a director of HMZ Metals Inc.
(&#147;<B>HMZ</B><B>&#148;</B>) at the time a management cease trade order was issued on
September 6, 2005 requiring the directors, officers and insiders of HMZ to cease
all trading in, or acquisition of, the securities of HMZ due to HMZ&#146;s failure to
file its interim financial statements for the six month period ended June 30,
2005. The management cease trade order issued on September 6, 2005 expired on
October 20, 2005. The management cease trade order issued on April 3, 2006
expired and was replaced with a permanent management cease trade order dated
April 17, 2006, which was allowed to expire on June 2, 2008. Mr. Bovaird was
also an independent director of Fort Chimo Minerals Inc. (&#147;<B>Fort Chimo</B>&#148;)
at the time a management cease trade order was issued on June 5, 2007 requiring
the directors, officers and insiders of Fort Chimo to cease all trading in, or
acquisition of, the securities of Fort Chimo due to Fort Chimo&#146;s failure to file
its interim financial statements for the three month period ended March 31,
2007. The management cease trade order was allowed to expire on July 9, 2007
after Fort Chimo remedied the filing default. </P>
<P align=justify>Mr. Carroll is a director and President and Chief Executive
Officer of World Wide Minerals Ltd., a Canadian public company which is subject
to an issuer cease trade order issued by the Ontario Securities Commission on
May 9, 2011 for failure to file financial statements and has not been revoked.
Mr. Carroll was an independent director of Argus Corporation Limited
(&#147;<B>Argus</B>&#148;) from April 2004 to November 2004 and of Hollinger from August
2004 to July 2005. In those capacities, he was subject to a management cease
trade order issued by the Ontario Securities Commission on June 3, 2004, as
varied, in respect of Argus, and June 1, 2004, as varied, in respect of
Hollinger. Both management cease trade orders were issued because of Argus&#146; and
Hollinger&#146;s failure to file their respective financial statements and other
requisite reports and have not expired. Argus and Hollinger were not able to
file such financial statements and reports as a result of the non-filing of
financial statements by their subsidiary Hollinger International, Inc. (now
Sun-Times Media Group, Inc.). </P>
<P align=justify><B>Appointment of Auditors <BR><BR></B>The auditors of EFI are
KPMG LLP, Chartered Accountants, who were first appointed auditors of EFI on
April 12, 2007. <B>The persons named in the form of proxy accompanying this
Circular intend to vote for the reappointment of KPMG LLP as the auditors of EFI
for the ensuing year or until their successors are appointed and to authorize
the directors of EFI to fix the remuneration of the auditors</B>, unless the
shareholder has specified in the form of proxy that the EFI Common Shares
represented by such proxy are to be withheld from voting in respect thereof.
</P>
<P align=justify><B>Approval of By-Law No. 2 of the Corporation <BR><BR></B>The
Corporation originally adopted its general By-Law No. 1 (the &#147;<B>Existing
By-Law</B>&#148;) on April 15, 2005, which was ratified by shareholders on June 13,
2005. On January 23, 2014, the Board approved By-Law No. 2 (the &#147;<B>Proposed
By-Law</B>&#148;), which updates the Existing By-Law to meet current industry
practices and replaces and repeals the Existing By-Law. The Proposed By-Law
became effective upon its approval by the Board. However, pursuant to the
provisions of the <I>Business Corporations Act </I>(Ontario) (the &#147;<B>Act</B>&#148;),
the Proposed By-Law will cease to be effective unless confirmed by a resolution
adopted by a simple majority of the votes cast by shareholders at the Meeting.
The full text of the Proposed By-Law is set forth in Schedule &#147;B&#148; to this
Management Information Circular. </P>
<P align=justify><U>Summary of Notable Differences between the Proposed By-Laws
and the Existing By-Laws</U> </P>
<P align=justify>A copy of the Proposed By-Law is attached as Schedule &#147;B&#148; to
this Circular. A summary of the notable differences between the Proposed By-Law
and the Existing By-Law is provided below. </P>
<P align=center>9 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_15></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD
    align=left vAlign=top noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Subject Matter</B> <BR></TD>
    <TD
    width="10%" align=center vAlign=top noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Proposed By-</B> <BR>
      <B>Law Section</B>
    </TD>
    <TD
    width="76%" align=left vAlign=top noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Discussion</B><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Execution of Instruments </TD>
    <TD width="10%" align=center>2.2 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law provides that the default requirement
      for execution of instruments is any two of the chairman, president or
      secretary. This default requirement in the Proposed By-Law is any one
      director or officer. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Canadian Majority directors </TD>
    <TD width="10%" align=center>4.2 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law requires that a majority of the
      directors holding office, a majority of the directors participating in a
      Board meeting, and a majority of each committee of the Board, be resident
      Canadians. Since the Existing By-Law was enacted, the Canadian resident
      requirement in the Act was reduced to 25%. The Proposed By-Law reflects
      the 25% requirement. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Calling of Board Meetings </TD>
    <TD width="10%" align=center>4.10 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law provides that Board meetings shall be
      held at such time and place as the Chairman of the Board, the Managing
      Director, the President, or any director may determine. The Proposed
      By-Law provides that Board meetings shall be held at such time and place
      as the Board, the Chair of the Board, the CEO, the President, a
      Vice-President who is a director, or any two directors may determine.
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Audit Committee </TD>
    <TD width="10%" align=center>5.1 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law specifies that the Audit Committee
      shall have the powers and duties provided in the Act. The Proposed By-Law
      is more general, as the requirements of the Corporation&#146;s Audit Committee
      are prescribed not just in the Act, but also in the <I>Securities Act
      </I>(Ontario) and in various rules adopted under the <I>Securities Act
      </I>(Ontario). </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Treasurer </TD>
    <TD width="10%" align=center>6.1 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law refers to the appointment of a
      Treasurer, while the Proposed By-Law refers to the appointment of a Chief
      Financial Officer. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Dividend Cheques </TD>
    <TD width="10%" align=center>9.2 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law requires that dividends by paid by
      cheque. The Proposed By-Law provides more flexibility in the manner in
      which dividends may be paid. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Method of Giving Notice </TD>
    <TD width="10%" align=center>11.1 </TD>
    <TD width="76%" align=left>
      <P align=justify>The Existing By-Law requires that notices be mailed,
      personally delivered, or sent by any means of transmitted or recorded
      communication. The Proposed By-Law specifically permits delivery of
      notices by electronic means in accordance with the <I>Electronic Commerce
      Act, 2000 </I>(Ontario). </P></TD></TR></TABLE></DIV>
<P align=justify><U>Ratification of the Proposed By-Law</U> </P>
<P align=justify>At the Meeting, shareholders will be asked to ratify the
Proposed By-Law as adopted by the Board on January 23, 2014, in replacement of
the Existing By-Law. A copy of the Proposed By-Law is attached as Schedule &#147;B&#148;
to this Circular, and a summary of the material differences between the Proposed
By-Law and the Existing By-Law is set out above. </P>
<P align=justify>Shareholders will be asked to consider and, if deemed
advisable, to approve, with or without amendment, the following resolution (the
&#147;<B>Proposed By-Law Approval Resolution</B>&#148;): </P>
<P align=justify><B>BE IT RESOLVED THAT: </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>By-Law No. 2 of the Corporation, substantially in the
      form set out in the management information circular of the Corporation
      dated March 26, 2014, be and is hereby approved, ratified and
      confirmed;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>By-Law No. 1 of the Corporation is hereby repealed;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>any one director or officer of the Corporation, be, and
      each of them is hereby, authorized and directed for and on behalf and in
      the name of the Corporation, to execute or cause to be executed and to
      deliver or cause to be delivered all such documents, and to do or cause to
      be done all such acts and things, as in the opinion of such director or
      officer may be necessary or desirable in order to give effect to this
      resolution.</P></TD></TR></TABLE>
<P align=center>10 </P>
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width="100%" noShade>
<!--$$/page=--><A name=page_16></A>
<P align=justify>To be effective, the Proposed By-Law Approval Resolution must
be approved by not less than a majority of the votes cast by the holders of EFI
Common Shares present in person, or represented by proxy, at the Meeting. </P>
<P align=justify><B>The Board believes that approval of the Proposed By-Law and
repeal of the Existing By-Law is in the best interests of the Corporation and
therefore unanimously recommends that shareholders vote in favor of the Proposed
By-Law Approval Resolution. It is the intention of the persons named in the
enclosed form of proxy, if not expressly directed to the contrary in such form
of proxy, to vote the proxy in favor of the Proposed By-Law Approval
</B><B>Resolution at the Meeting.&#148;</B> </P>
<P align=justify><B>Ratification of Advance Notice Amendment to By-Laws </B></P>
<P align=justify>On January 23, 2014, the Board approved an amendment to By-Law
No. 2 of the Corporation (or, if the repeal of By-law No. 1A and the making of
By-law No. 2 is not ratified by shareholders at the Meeting, By-law No. 1A) (the
&#147;<B>By-Law Amendment</B>&#148;) to add an advance notice requirement (the &#147;<B>Advance
Notice Requirement</B>&#148;) in circumstances where nominations of persons for
election to the Board are made by shareholders other than pursuant to: (a) a
requisition to call a shareholders meeting made pursuant to the provisions of
the Act; or (b) a shareholder proposal made pursuant to the provisions of the
Act. </P>
<P align=justify>The By-Law Amendment became effective upon its approval by the
Board. However, pursuant to the provisions of the Act, the By-Law Amendment will
cease to be effective unless confirmed by a resolution adopted by a simple
majority of the votes cast by shareholders at the Meeting. The full text of the
By-Law Amendment is set forth in Schedule &#147;C&#148; to this Management Information
Circular. </P>
<P align=justify>Among other things, the Advance Notice Requirement fixes a
deadline by which shareholders must submit a notice of director nominations to
the Corporation prior to any annual or special meeting of shareholders where
directors are to be elected, and sets forth the information that a shareholder
must include in the notice for it to be valid. </P>
<P align=justify>In the case of an annual meeting of shareholders, notice to the
Corporation must be given not less than 35 and not more than 65 days prior to
the date of the annual meeting; provided, however, that in the event that the
annual meeting is to be held on a date that is less than 50 days after the date
on which the first public announcement of the date of the annual meeting was
made, notice may be made not later than the close of business on the
10<SUP>th</SUP> day following such public announcement. </P>
<P align=justify>In the case of a special meeting of shareholders (which is not
also an annual meeting), notice to the Corporation must be given not later than
the close of business on the 15<SUP>th</SUP> day following the day on which the
first public announcement of the date of the special meeting was made. </P>
<P align=justify>The Board may, in its sole discretion, waive any requirement of
the Advance Notice Requirement. </P>
<P align=justify>The Corporation and the Board believe that the Advance Notice
Requirement provides a clear process for shareholders to follow to nominate
directors and sets out a reasonable time frame for nominee submissions along
with a requirement for accompanying information, allowing the Corporation and
the shareholders to evaluate all nominees&#146; qualifications and suitability as a
director of the Corporation. The purpose of the Advance Notice Requirement is to
treat all shareholders fairly by ensuring that all shareholders, including those
participating in a meeting by proxy rather than in person, receive adequate
notice of the nominations to be considered at a meeting and sufficient
information with respect to all nominees and can thereby exercise their voting
rights in an informed manner. In addition, the Advance Notice Requirement should
assist in facilitating an orderly and efficient meeting process. </P>
<P align=justify>At the Meeting, shareholders will be asked to consider and, if
deemed advisable, to adopt a resolution in substantially the form set out below
(the &#147;<B>By-Law Amendment Resolution</B>&#148;), approving, ratifying and
confirming the By-Law Amendment: </P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A>
<P align=justify><B>BE IT RESOLVED THAT: </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the amendment to By-Law No. 2 of the Corporation (or, if
      the repeal of By-law No. 1A and the making of By-law No. 2 is not ratified
      by shareholders at this Meeting, By-law No. 1A), substantially in the form
      set out in the management information circular of the Corporation dated
      March 26, 2014, be and is hereby approved, ratified and
  confirmed;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the restatement of By-Law No. 2 of the Corporation (or,
      if the repeal of By-law No. 1A and the making of By-law No. 2 is not
      ratified by shareholders at this Meeting, By-law No. 1A) to reflect the
      foregoing amendment be and is hereby authorized; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>any one director or officer of the Corporation, be, and
      each of them is hereby, authorized and directed for and on behalf and in
      the name of the Corporation, to execute or cause to be executed and to
      deliver or cause to be delivered all such documents, and to do or cause to
      be done all such acts and things, as in the opinion of such director or
      officer may be necessary or desirable in order to give effect to this
      resolution.</P></TD></TR></TABLE>
<P align=justify>To be effective, the By-Law Amendment Resolution must be
approved by not less than a majority of the votes cast by the shareholders
present in person, or represented by proxy, at the Meeting. </P>
<P align=justify><B>The Board believes that the By-Law Amendment is in the best
interests of the Corporation and therefore unanimously recommends that
shareholders vote in favor of the By-Law Amendment Resolution. It is the
intention of the persons named in the enclosed form of proxy, if not expressly
directed to the contrary in such form of proxy, to vote the proxy in favor of
the By-Law </B><B>Amendment Resolution at the Meeting.&#148;</B> </P>
<P align=center><B>EXECUTIVE COMPENSATION </B></P>
<P align=justify><B>Compensation Governance </B></P>
<P align=justify>During the most recently completed financial year, EFI's
compensation committee (the &#147;<B>Compensation Committee</B>&#148;), was made up of
four directors, being J. Birks Bovaird, W. Robert Dengler, Bruce D. Hansen, and
Richard J. Patricio, each of whom is independent. Each of Messrs. Bovaird,
Dengler, Hansen and Patricio has direct educational and work experience that is
relevant to his responsibilities in executive compensation. The Compensation
Committee has been delegated the task of reviewing and recommending to the Board
the Corporation&#146;s compensation policies, and reviewing such policies on a
periodic basis to ensure they remain current, competitive and consistent with
the Corporation&#146;s overall goals. </P>
<P align=justify>The Compensation Committee also has the authority and
responsibility to review and approve corporate goals and objectives relevant to
the compensation of the Chief Executive Officer (&#147;<B>CEO</B>&#148;), evaluating the
CEO&#146;s performance in light of those corporate goals and objectives, and making
recommendations to the Board with respect to the CEO&#146;s compensation level
(including salary incentive compensation plans and equity-based plans) based on
this evaluation, as well as making recommendations to the Board with respect to
any employment, severance or change of control agreements for the CEO. The
ultimate decision relating to the CEO&#146;s compensation rests with the Board,
taking into consideration the Compensation Committee&#146;s recommendations,
corporate and individual performance, and industry standards. </P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A>
<P align=justify>The Compensation Committee has also been delegated the task of
reviewing and approving for executive officers, other than the CEO, all
compensation (including salary, incentive compensation plans and equity-based
plans) and any employment, severance or change of control agreements, although
the ultimate decision relating to any stock option or other equity grants rests
with the Board. The experience of Board and committee members who are also
involved as management of, or board members or advisors to, other companies also
factors into decisions concerning compensation. </P>
<P align=justify>In September 2013, the Corporation engaged the Harlon Group, a
compensation consulting company, to conduct a compensation study for employees,
the executive team and the Board. The Harlon Group produced reports for each of
these three groups during the fall of 2013 and was then asked, in January 2014,
to provide data on stock option practices in the industry for the executive team
and the Board. These reports were considered by the Compensation Committee in
making its determinations and recommendations to the Board. The compensation
survey data utilized in the Harlon Group&#146;s review is from: (a) the Harlon Group
proprietary salary survey data base containing over 6,000 titles of executive
jobs in all industries for all sized organizations in the continental US,
Canada, UK, Western Europe, Australia and New Zealand, including the Coopers
Mining Salary Survey &#150; 2011; and (b) a benchmark analysis of the following
publicly held companies, considered to be a peer group for the Corporation,
utilizing 2012 data from their respective 2013 proxy statements:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Uranium Energy Corp. </B>(NYSE MKT: UEC) a
      US-based uranium mining and exploration company </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Powertech Uranium Corp. </B>(TSX: PWE) a
      uranium company with advanced properties in South Dakota and Colorado
  </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>UR-Energy Inc. </B>&#150; (NYSE MKT: URG) a
      junior uranium mining company </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>General Moly Inc. </B>&#150; (NYSE MKT: GMO) a
      US-based mineral company engaged in the exploration, development and
      mining of molybdenum </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Uranerz Energy Corp. </B>&#150; (NYSE MKT: URZ) -
      a US mining company focused on near term commercial in-situ recovery
      uranium production </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Uranium Resources Inc. </B>- (NASDAQ MKT:
      URRE) - exploring, developing and mining uranium </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Denison Mines Corp. </B>- (NYSE MKT: DNN) -
      engaging in the exploration, development, mining, and milling of uranium
      in Canada, Zambia, and Mongolia </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Hallador Energy Inc. </B>&#150; (NASDAQ MKT:
      HNRG) - primary focus in coal and oil and gas production </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Peninsula Energy Ltd. </B>&#150; (ASX MKT: PEN) -
      an emerging uranium company with assets in Wyoming, USA and Karoo, South
      Africa </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>&#149;</B></TD>
    <TD width="95%" align=left><B>Aura Energy Ltd. </B>&#150; (ASX MKT: AEE) -
      Australian based uranium company that has advanced projects with large
      resources in Europe, Africa and Australia. </TD></TR></TABLE>
<P align=justify>The following table sets forth the fees paid to consultants and
advisors related to determining compensation for Named Executive Officers
(<B>&#147;</B><B>NEOs</B><B>&#148;</B>) and directors for each of the two most recently
completed financial years. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD
      align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap width="33%"><B>Year</B> <BR></TD>
    <TD width="33%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Executive Compensation-Related</B>
      <BR>
      <B>Fees<SUP>(1)</SUP></B> </TD>
    <TD width="33%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>All Other Fees<SUP>(2)</SUP></B><BR></TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap width="33%">15-Month Period Ended December 31, 2013 </TD>
    <TD width="33%" align=center nowrap>US$17,176 </TD>
    <TD width="33%" align=center nowrap>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap width="33%">Financial Year Ended September 30, 2012 </TD>
    <TD width="33%" align=center nowrap>US$24,010 </TD>
    <TD width="33%" align=center nowrap>Nil </TD></TR>
  </TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >(1) </TD>
    <TD width="95%" align=left>The aggregate fees billed by each consultant or
      advisor, or any of its affiliates, for services related to determining
      compensation for any of the Corporation&#146;s directors or executive officers.
    </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >(2) </TD>
    <TD width="95%" align=left>The aggregate fees billed for all other
      services provided by each consultant or advisor, or any of its affiliates,
      that are not reported under &#147;<I>Executive Compensation Related Fees</I>&#148;.
    </TD></TR></TABLE>
<P align=justify><B>Compensation Discussion and Analysis </B></P>
<P align=justify><U>Objectives of the Compensation Program</U> </P>
<P align=justify>The objectives of EFI&#146;s compensation programs are to attract
and retain the best possible executives and to motivate the executives to
achieve goals consistent with EFI&#146;s business strategy. The compensation program
is designed to reward executives for achieving these goals.<B> </B></P>
<P align=justify><U>Elements of Compensation</U> </P>
<P align=justify>The compensation practices are flexible, entrepreneurial and
geared to meeting the requirements of the individual and hence securing the best
possible talent to manage EFI. During fiscal 2013, the three key elements used
to compensate the NEOs of the Corporation were: (i) base salary; (ii) bonuses;
and (iii) long-term incentives in the form of stock options. The Corporation had
five NEOs during fiscal 2013: Stephen P. Antony; Graham G. Moylan; Harold R.
Roberts; David C. Frydenlund and Gary R. Steele.<B> </B></P>
<P align=justify><U>Determination of Compensation</U> </P>
<P align=justify><I>Base Salaries </I></P>
<P align=justify>Base salary is a fixed component of pay that compensates
executives for fulfilling their roles and responsibilities and aids in
attracting and retaining qualified executives.</P>
<P align=justify>Base compensation for the CEO is generally fixed by the Board
at its regularly scheduled meeting in January of each year for that year, based
on recommendations from the Compensation Committee. In making its
recommendations to the Board, the Compensation Committee evaluates the CEO&#146;s
performance in light of the corporate goals and objectives set by the
Compensation Committee for the CEO for the previous year, as well as levels of
compensation provided by industry competitors. Increases or decreases in base
salary on a year-over-year basis are dependent on the Compensation Committee&#146;s
recommendation to the Board and the Board&#146;s assessment of the performance of EFI
overall, EFI&#146;s projects and the CEO&#146;s individual contribution.</P>
<P align=justify>Base compensation for the NEOs, other than the CEO, is
generally fixed by the Compensation Committee at its regularly scheduled meeting
in January of each year for that year, based on recommendations from the CEO. In
making his recommendations to the Compensation Committee, the CEO evaluates the
NEO&#146;s performance in light of the corporate goals and objectives set by the CEO
for the NEOs for the previous year, as well as levels of compensation provided
by industry competitors. Increases or decreases in base salary on a
year-over-year basis are dependent on the Compensation Committee&#146;s assessment of
the performance of EFI overall, EFI&#146;s projects and the particular individual&#146;s
contributions.</P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A>
<P align=justify><I>Bonuses</I> </P>
<P align=justify>Along with the establishment of competitive base salaries and
long-term incentives, one of the objectives of the executive compensation
strategy is to encourage and recognize strong levels of performance by linking
achievement by EFI of such specific objectives and the overall performance of
the NEO, and in particular the contribution of the NEO, to the objective of
maximizing value for EFI&#146;s shareholders.</P>
<P align=justify>The bonus for the CEO for each financial year is approved by
the Board, based on the overall financial performance of the Corporation, the
achievement of objective measures and individual performance of the CEO as
described under &#147;<I>Performance Goals</I>&#148;, and levels of bonuses provided by
benchmark companies. The bonus for the CEO is determined in the sole discretion
of the Board, based on recommendations from the Compensation Committee.</P>
<P align=justify>The bonus for the NEOs, other than the CEO, for each financial
year are approved by the Compensation Committee, based on the overall financial
performance of the Corporation, the achievement of objective measures and
individual performance of the NEO as described under &#147;<I>Performance Goals</I>&#148;,
and levels of bonuses provided by benchmark companies. Bonuses for the NEOs
other than the CEO are determined in the sole discretion of the Compensation
Committee, based on recommendations from the CEO, and the overall bonus pool
approved by the Board in the budget for the year. </P>
<P align=justify>The bonus in respect of each financial year of EFI may be paid
in one or more instalments, as determined by the Board, or the Compensation
Committee, as the case may be.</P>
<P align=justify><I>Long-Term Incentives - Stock Options</I> </P>
<P align=justify>EFI relies on the grant of stock options (&#147;<B>EFI Options</B>&#148;)
to align management&#146;s interests with shareholder value. Grant ranges are
established independently each time grants of EFI Options are made, to provide
competitive long-term incentive value, with significant recognition of the
contribution and potential of the individual. The EFI Options generally have a
five year term and, under the 2013 amended and restated stock option plan (the
&#147;<B>EFI Option Plan</B>&#148;), an exercise price not less than the fair market value
of a common share on the date of grant. For more information on the EFI Option
Plan see &#147;<I>Securities Authorized for Issuance under Equity
Compensation Plans</I>&#148; below. </P>
<P align=justify>All grants of EFI Options are approved by the Board, based on
recommendations from the Compensation Committee. When recommending to the Board
the number of EFI Options to be granted to an NEO, the Compensation Committee
takes into account recommendations from the CEO. The Compensation Committee also
considers the number and terms of EFI Options previously granted to the NEO, and
considers option compensation granted by benchmark companies to executives with
similar responsibilities, comparing such grants on the basis of the percentage
they represent of base salary rather than the absolute number of such options.
EFI Options granted to NEOs may be made subject to specific vesting requirements
which may include vesting over a particular period. </P>
<P align=justify><U>Performance Goals</U> </P>
<P align=justify>Performance goals apply in determining base salary increases,
bonus awards, and the number of stock option awards for each NEO. These goals
are subjective and, therefore, subject to discretion by the Compensation
Committee and the Board. The following are summaries of the key performance
goals and expectations applicable to the NEOs during 2013:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=3>
      <P align=justify>President and Chief Executive Officer</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Implement the strategic goals and objectives of
    EFI;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Manage the business and budget in such a way as to:
    </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%" align=center>
    <p align="left">i. </TD>
    <TD>Increase shareholder value;</TD></TR></TABLE>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left></TD>
    <TD width="5%" align=left >ii. </TD>
    <TD width="85%" align=left>Defer the need for additional financing through
      fiscal 2013 (excluding accretive mergers/acquisitions); </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD width="85%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left></TD>
    <TD width="5%" align=left >iii. </TD>
    <TD width="85%" align=left>Ensure the capability of increasing production
      commensurate with increases in commodity prices of both uranium and
      vanadium; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD width="85%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(iii) </TD>
    <TD width="90%" colSpan=2 align=left>Ensure that the Corporation continues
      to emphasize a culture of personnel safety, professionalism, environmental
      stewardship, and good corporate governance; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(iv) </TD>
    <TD width="90%" colSpan=2 align=left>Continue the Corporation&#146;s position
      as the lead consolidator in the US uranium business and ensure that a
      positive mineral resource level is maintained; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(v) </TD>
    <TD width="90%" colSpan=2 align=left>Increase the number of alternate feed
      material processing opportunities for the White&nbsp;Mesa Mill, and
      increase the Corporation&#146;s uranium sales customer base; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center></TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=center >&nbsp;</TD>
    <TD width="85%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(vi) </TD>
    <TD width="90%" colSpan=2 align=left>Ensure that all permitting activity
      at specified projects continues to progress and achieve targeted
      milestones approved in the Corporation&#146;s business plan; and </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(vii) </TD>
    <TD width="90%" colSpan=2 align=left>Identify and pursue strategic
      financial partners to support the development of certain specified
      projects. </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(b) </TD>
    <TD width="95%" colSpan=3 align=left>Chief Financial Officer
      (&#147;<B>CFO</B>&#148;) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" colSpan=3 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(i) </TD>
    <TD width="90%" colSpan=2 align=left>Oversee the financial planning and
      budgeting processes for the Corporation; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(ii) </TD>
    <TD width="90%" colSpan=2 align=left>Oversee the preparation of the
      Corporation&#146;s financial statements and Management&#146;s Discussion and
      Analysis (&#147;<B>MDA</B>&#148;) and all required tax returns; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(iii) </TD>
    <TD width="90%" colSpan=2 align=left>Provide timely management reporting
      (variance analysis and performance measurement) enabling senior management
      to track financial and operational performance against corporate
      objectives and disclosed guidance; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(iv) </TD>
    <TD width="90%" colSpan=2 align=left>Review monthly cost reports and
      variance analysis and forward-looking forecasts to assess corporate
      liquidity and identify areas to realize efficiencies; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(v) </TD>
    <TD width="90%" colSpan=2 align=left>Maintain a strong internal controls
      environment; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(vi) </TD>
    <TD width="90%" colSpan=2 align=left>Play a key role in executing public
      and private market capital raising initiatives; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(vii) </TD>
    <TD width="90%" colSpan=2 align=left>Play a prominent role in the
      Corporation&#146;s investor relations activities; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(viii) </TD>
    <TD width="90%" colSpan=2 align=left>Play a key role in the
      identification, negotiation and execution of mergers and acquisitions and
      similar transactions; and </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(ix) </TD>
    <TD width="90%" colSpan=2 align=left>Work with the CEO in identifying and
      pursuing strategic financial partners to support the development of
      certain specified projects. </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(c) </TD>
    <TD width="95%" colSpan=3 align=left>Executive Vice President and
      Chief Operating Officer (&#147;<B>COO</B>&#148;) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" colSpan=3 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>(i) </TD>
    <TD width="90%" colSpan=2 align=left>Oversee all EFI operations in
      accordance with directions from the CEO; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%" colSpan=2 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD width="5%" align=left>(ii) </TD>
    <TD width="90%" colSpan=2 align=left>Ensure mining and milling operations
      perform within budgeted cost and production numbers; </TD></TR></TABLE>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Ensure the capability of increasing production
      commensurate with increases in commodity prices of both uranium and
      vanadium;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Ensure EFI operations are in full compliance with all
      licenses, permits, regulations and laws;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Ensure that the Corporation continues to emphasize a
      culture of personnel safety, professionalism and environmental
      stewardship;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Increase the number of alternate feed material processing
      opportunities for the White Mesa Mill; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Obtain regulatory approvals relating to specified
      initiatives.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=3>
      <P align=justify>Senior Vice President, General Counsel and Corporate
      Secretary</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Provide legal support to the executive management team as
      required;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Manage all legal and regulatory challenges and litigation
      to achieve success;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Manage legal costs;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Ensure that: </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>i. </TD>
    <TD>All legal and regulatory issues and challenges are addressed when they
      arise, and anticipate and address all legal and regulatory issues that
      could prevent or delay production; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>ii. </TD>
    <TD>Operational regulatory personnel are aware of and understand all
      applicable legal and regulatory requirements; and</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD vAlign=top width="5%" colspan="2">
      <P align=justify>Ensure that the Corporation&#146;s corporate governance meets
      regulatory and industry standards.</P></TD>
    </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=3>
      <P align=justify>Senior Vice President, Marketing and Sales</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Develop the overall corporate marketing plan and strategy
      for EFI, consistent with operational and financial conditions and
      capabilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Manage EFI&#146;s uranium and vanadium sales and business,
      including administering all contracts, identifying and pursuing
      opportunities for additional sales and negotiating contracts for new
      sales;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Continue to expand awareness of EFI&#146;s production profile
      and capabilities for both uranium and vanadium, both domestically and
      internationally;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Work with the CEO in developing and promoting strategic
      partnering initiatives;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Locate and pursue sources of alternate feed materials for
      processing at the White Mesa Mill; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify>Increase EFI&#146;s visibility among uranium traders, brokers,
      and financial houses to assure sources of purchased uranium at competitive
      prices.</P></TD></TR></TABLE>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></A>
<P align=justify>The Compensation Committee considers the implications of risks
associated with compensation policies and practices by working closely with the
CEO. The CEO is tasked with ensuring that: (i) fair and competitive practices
are followed regarding employee compensation at all levels of the Corporation;
(ii) the compensation practices do not encourage an NEO or individual at a
principal business unit or division to take inappropriate or excessive risk or
that are reasonably likely to have a material adverse effect on EFI; and (iii)
compensation policies and practices include regulatory, environmental compliance
and sustainability as part of the performance metrics used in determining
compensation. The CEO&#146;s recommendations on these matters are taken into
consideration by the Compensation Committee when reviewing and recommending to
the Board the Corporation&#146;s compensation policies. </P>
<P align=justify>EFI has in place a policy that restricts NEOs and directors
from purchasing financial instruments, such as prepaid variable forward
contracts, equity swaps, collars, or units of exchange funds, which are designed
to hedge or offset a decrease in market value of equity securities granted as
compensation or held, directly or indirectly, by the NEO or director. </P>
<P align=justify><U>Performance Graph</U> </P>
<P align=justify>The following graph compares the total cumulative shareholder
return for C$100 invested in EFI Common Shares on October 1, 2008 with the total
return of the S&amp;P/TSX Composite GIC (Diversified Metals and Mining) Index
for the five most recently completed financial years (assuming reinvestment of
dividends) and reflects the Consolidation which occurred on November 5, 2013.
EFI Common Shares are listed for trading on the TSX under the symbol &#147;EFR&#148; and
on the NYSE MKT under the symbol &#147;UUUU&#148;. </P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></A>
<P align=center>
<img border="0" src="exhibi3.jpg" width="563" height="436"></P><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#eeeeee"><BR></TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>September</B>
      <BR>
      <B>30, 2009</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>September</B>
      <BR>
      <B>30, 2010</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>September</B>
      <BR>
      <B>30, 2011</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>September</B>
      <BR>
      <B>30, 2012</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>December</B>
      <BR>
    <B>31, 2013</B><B><SUP>(1)</SUP></B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>Energy Fuels Inc.<SUP>(2)</SUP></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$17.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$18.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$12.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$10.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$8.00 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Value of C$100 Investment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$100.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$102.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$71.43 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$57.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    align=center>$45.71 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt"><B>S&amp;P/TSX Composite GIC</B> (Diversified
      Metals &amp; Mining) </TD>
    <TD vAlign=bottom width="11%" align=center>7,649.65 </TD>
    <TD vAlign=bottom width="11%" align=center>10,117.50 </TD>
    <TD vAlign=bottom width="11%" align=center>7,485.06 </TD>
    <TD vAlign=bottom width="11%" align=center>7,945.13 </TD>
    <TD vAlign=bottom width="11%" align=center>7,360.75 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>
    <p style="text-indent: -15pt; margin-left: 15pt">Value of C$100 Investment </TD>
    <TD vAlign=bottom width="11%" align=center>C$100.00 </TD>
    <TD vAlign=bottom width="11%" align=center>C$132.26 </TD>
    <TD vAlign=bottom width="11%" align=center>C$97.85 </TD>
    <TD vAlign=bottom width="11%" align=center>C$103.86 </TD>
    <TD vAlign=bottom width="11%" align=center>$96.22
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Note: </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(1) </TD>
    <TD width="95%" align=left>Reflects the 15-month period resulting from the
      change in the Corporation&#146;s year-end from September 30 to December 31.
  </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(2) </TD>
    <TD width="95%" align=left>Reflects the Consolidation of common shares of
      the Corporation. </TD></TR></TABLE>
<P align=justify>EFI&#146;s compensation to executive officers has generally
increased during the five most recently completed financial years. The total
cumulative shareholder return for an investment in EFI Common Shares has
decreased over the same period, commencing in 2011, due in part to the Fukushima
natural disaster which occurred in March 2011 and the resulting decrease in
uranium prices since that time. Executive compensation has increased during that
period, in part due to the competition among organizations operating in the
natural resources sector to attract and retain the best possible executives.
</P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_25></A>
<P align=justify><U>Option-Based Awards</U> </P>
<P align=justify>The EFI Option Plan has been and will be used to provide share
purchase options which are granted in consideration of the level of
responsibility of the executive as well as his or her impact or contribution to
the longer-term operating performance of EFI. In determining the number of EFI
Options to be granted to the executive officers, the Board takes into account
the number of EFI Options, if any, previously granted to each executive officer,
and the exercise price of any outstanding such options to ensure that such
grants are in accordance with the policies of the TSX, and closely align the
interests of the executive officers with the interests of shareholders. </P>
<P align=justify>All option-based awards are approved by the Board, on the
recommendation of the Compensation Committee. </P>
<P align=justify><B>Summary Compensation Table </B></P>
<P align=justify>In November 2013 the Corporation changed its financial year end
from September 30 to December 31, which resulted in the most recent financial
year being a 15-month financial period ended December 31, 2013. With the
exception of Mr. Moylan whose compensation was paid in Canadian dollars, the
compensation of the NEOs is paid and reported in United States dollars. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD rowSpan=2 align=left vAlign=bottom noWrap bgcolor="#eeeeee"><B>Name and</B>
      <BR>
      <B>Principal Position</B></TD>
    <TD width="7%" rowSpan=2
      align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Year</B><B><SUP>(1)</SUP></B> </TD>
    <TD
    width="9%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Salary</B> <BR>
      <B>(US$)</B> </TD>
    <TD
    width="9%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Share-Based </B><BR>
      <B>Awards</B>
      <BR><B>(US$)</B> </TD>
    <TD
    width="9%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><STRONG>Option- Based</STRONG>
      <BR>
      <B>Awards</B> <BR><B>(US$)</B><B><SUP>(2)</SUP></B> </TD>
    <TD
    width="18%" colSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Non-Equity Incentive</B>
      <BR>
      <B>Plan Compensation ($)</B> </TD>
    <TD
    width="9%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Pension</B> <BR>
      <B>Value</B>
      <BR><B>(US$)</B> </TD>
    <TD width="9%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>All
      Other</B> <BR>
      <B>Compensation </B><BR><B>(US$)</B><B><SUP>(3)</SUP></B>
</TD>
    <TD width="10%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Total</B>
      <BR>
    <STRONG>Compensation</STRONG> <BR><B>(US$)</B> </TD></TR>
  <TR>
    <TD width="9%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Annual</B>
      <BR>
      <B>Incentive</B> <BR><B>Plans</B> </TD>
    <TD width="9%"
      align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Long-Term</B> <BR>
    <B>Incentive</B> <BR><B>Plans</B> </TD></TR>
  <TR>
    <TD valign="top" noWrap>Stephen P. Antony <BR>President &amp; CEO <BR></TD>
    <TD width="7%" align=center noWrap>2013 <BR>2012 <BR>2011 </TD>
    <TD width="9%" align=center noWrap>454,209 <BR>253,205 <BR>259,616 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>94,462 <BR>362,168 <BR>116,145 </TD>
    <TD width="9%" align=center noWrap>75,000 <BR>125,000 <BR>100,000 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>21,817 <BR>7,596 <BR>Nil </TD>
    <TD width="10%" align=center noWrap>646,489 <BR>747,969 <BR>475,761
  </TD></TR>
  <TR>
    <TD valign="top" noWrap>Graham G. Moylan<SUP>(4)(5)(6)</SUP> <BR>CFO </TD>
    <TD width="7%" align=center noWrap>2013 <BR>2012 <BR>2011 </TD>
    <TD width="9%" align=center noWrap>293,485 <BR>21,179 <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>87,552 <BR>176,921 <BR>Nil </TD>
    <TD width="9%" align=center noWrap>25,158 <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>20,442 <BR>Nil <BR>Nil </TD>
    <TD width="10%" align=center noWrap>426,637 <BR>198,100 <BR>Nil </TD></TR>
  <TR>
    <TD valign="top" noWrap>Harold R. Roberts<SUP>(7)</SUP> <BR>Executive VP &amp; COO
    </TD>
    <TD width="7%" align=center noWrap>2013 <BR>2012 <BR>2011 </TD>
    <TD width="9%" align=center noWrap>303,542 <BR>229,092 <BR>203,324 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>59,664 <BR>74,211 <BR>144,727 </TD>
    <TD width="9%" align=center noWrap>32,500 <BR>37,100 <BR>47,100 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>7,246 <BR>4,421 <BR>4,970 </TD>
    <TD width="10%" align=center noWrap>402,952 <BR>344,824 <BR>400,121
  </TD></TR>
  <TR>
    <TD valign="top" noWrap>David C. Frydenlund<SUP>(7)</SUP> <BR>Sr. VP, General
      Counsel <BR>and Corporate Secretary </TD>
    <TD width="7%" align=center noWrap>2013 <BR>2012<BR>2011 </TD>
    <TD width="9%" align=center noWrap>297,084 <BR>225,245 <BR>203,324 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>47,731 <BR>43,606 <BR>144,727 </TD>
    <TD width="9%" align=center noWrap>22,500 <BR>38,100 <BR>59,600 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="10%" align=center noWrap>367,315 <BR>306,951
  <BR>407,651</TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap>Gary R. Steele <BR>Sr. VP Marketing and Sales
    </TD>
    <TD width="7%" align=center noWrap>2013 <BR>2012 <BR>2011 </TD>
    <TD width="9%" align=center noWrap>239,082 <BR>139,307 <BR>137,307 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>23,866 <BR>155,986 <BR>46,093 </TD>
    <TD width="9%" align=center noWrap>10,000 <BR>25,000 <BR>23,000 </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="9%" align=center noWrap>7,581 <BR>4,179 <BR>Nil </TD>
    <TD width="10%" align=center noWrap>280,529 <BR>324,472 <BR>206,400
  </TD></TR>
  </TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=left>
      <P align=justify>The year 2013 represents the 15-month financial period
      ended December 31, 2013, which period resulted from the change of year-end
      from September 30 to December 31. The years 2012 and 2011 represent the
      12-month financial years ended on September 30, 2012 and September 30,
      2011, respectively. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=left>
      <P align=justify>The fair value of each option award granted at the time
      of the grant was calculated using the Black-Scholes option-pricing model.
      For the assumptions made in calculating the fair value of these options,
      see &#147;Note 20 &#150; Share-Based Payments&#148; to EFI&#146;s financial statements for the
      15-month period ended December 31, 2013. Option fair values were
      calculated in Canadian dollars and converted into US dollars using an
      average annual exchange rate of: (i) Cdn$1 to US$0.9782 for the financial
      period ended December 31, 2013; (ii) Cdn$1 to US$1.0074 for the fiscal
      year ended September 30, 2012; and (iii) Cdn$1 to US$0.9867 for the fiscal
      year ended September 30, 2011. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD width="95%" align=left>
      <P align=justify>These amounts represent retirement savings benefits
      contributed by the Corporation. </P></TD></TR></TABLE>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_26></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>As Mr. Moylan is a resident of Canada, his compensation
      was paid in Canadian dollars. The amounts relating to his compensation
      have been converted into US dollars using an average annual exchange rate
      of (i) C$1 to US$0.9782 for the financial period ended December 31, 2013;
      and (ii) C$1 to US$1.0074 for the fiscal year ended September 30,
    2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Moylan was appointed as CFO in September 2012. His
      salary indicated above for 2012 represents salary for the month of
      September 2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Moylan resigned as CFO of the Corporation effective
      February 15, 2014.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Messrs. Roberts and Frydenlund were employed by the
      Corporation&#146;s subsidiary both before and subsequent to the acquisition of
      the subsidiary from Denison Mines Corp. on June 29, 2012. Compensation for
      the entire year of 2012, which was paid by the subsidiary, is included
      even though the subsidiary was not acquired by the Corporation until June
      29, 2012.</P></TD></TR></TABLE>
<P align=justify><B>Incentive Plan Awards </B></P>
<P align=justify>The table below shows the number of EFI Options outstanding for
each NEO and their value as at December 31, 2013 based on the last trade of EFI
Common Shares on the TSX prior to the close of business on December 31, 2013 of
$C6.09. </P>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards</U>
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD
    align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: medium none #000000; ">&nbsp;</TD>
    <TD
    width="44%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" colspan="4"><B>Option-Based Awards</B> </TD>
    <TD width="22%"
    colSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Share-Based Awards</B> </TD>
  </TR>

  <TR vAlign=top>
    <TD
    align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium"><B>Name</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of</B> <BR>
      <B>Securities</B>
      <BR><B>Underlying</B> <BR><B>Unexercised</B>
      <BR><B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Option</B>
      <BR>
      <B>Exercise</B> <BR><B>Price</B>
      <BR><B>(C$)<SUP>(1)(2)</SUP></B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Option
      Expiration</B> <BR>
      <B>Date</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Value of</B> <BR>
      <B>Unexercised
      In-the-</B> <BR><B>Money Options</B> <BR><B>(C$)</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Number
      of</B> <BR>
      <B>Shares or Units</B> <BR><B>of Shares that</B> <BR><B>Have
      Not Vested</B> <BR><B>(#)</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Market
      or</B> <BR>
      <B>Payout Value of</B> <BR><B>Share-Based</B> <BR><B>Awards
      that</B> <BR><B>Have Not Vested</B> <BR><B>(C$)</B> </TD>
  </TR>
  <TR>
    <TD nowrap valign="top">Stephen P. Antony <BR><BR><BR><BR><BR></TD>
    <TD width="11%" align=center nowrap>20,000 <BR>3,000 <BR>6,000
      <BR>6,000 <BR>19,200 <BR>20,000 <BR>16,000 </TD>
    <TD width="11%" align=center nowrap>17.50 <BR>17.50 <BR>10.00 <BR>25.50
      <BR>15.50 <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center nowrap>2/4/2014 <BR>10/22/2014
      <BR>7/13/2015 <BR>4/13/2016 <BR>3/7/2017 <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil <BR>Nil </TD></TR>
  <TR>
    <TD nowrap valign="top">Graham G. Moylan<SUP>(3)</SUP> <BR></TD>
    <TD width="11%" align=center nowrap>12,000 <BR>12,500 <BR>15,000 </TD>
    <TD width="11%" align=center nowrap>11.50 <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center nowrap>9/1/2017 <BR>9/1/2017 <BR>7/16/2018
    </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil </TD></TR>
  <TR>
    <TD nowrap valign="top">Harold R. Roberts <BR></TD>
    <TD width="11%" align=center nowrap>12,000 <BR>10,000 </TD>
    <TD width="11%" align=center nowrap>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center nowrap>8/13/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD></TR>
  <TR>
    <TD nowrap valign="top">David C. Frydenlund </TD>
    <TD width="11%" align=center nowrap>7,000 <BR>8,000 </TD>
    <TD width="11%" align=center nowrap>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center nowrap>8/13/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil </TD></TR>
  <TR>
    <TD nowrap valign="top">Gary R. Steele <BR><BR><BR><BR><BR></TD>
    <TD width="11%" align=center nowrap>2,000 <BR>2,000 <BR>2,400 <BR>6,000
      <BR>12,000 <BR>4,000 </TD>
    <TD width="11%" align=center nowrap>17.50 <BR>10.00 <BR>25.50 <BR>15.50
      <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center nowrap>7/17/2014 <BR>7/13/2015
      <BR>4/13/2016 <BR>3/7/2017 <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center nowrap>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD></TR>
  </TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=left>The number of EFI Options and the exercise
      price of EFI Options have been adjusted to take into account the
      Consolidation. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=left>EFI Options were granted and are reported in
      Canadian dollars. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD width="95%" align=left>Mr. Moylan resigned as CFO of the Corporation
      effective February 15, 2014. </TD></TR></TABLE>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_27></A>
<P align=justify><U>Incentive Plan Awards </U><U>&#150;</U><U> Value Vested or
Earned</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" nowrap width="25%"><BR>
      <BR><BR><B>Name</B></TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Option-Based Awards &#150;</B> <BR>
      <B>Value Vested
      During the</B> <BR><B>Year</B><SUP>(1)</SUP> <BR><B>($)</B> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Share-Based Awards &#150;</B> <BR>
      <B>Value Vested During
      the</B> <BR><B>Year</B><SUP>(1)</SUP> <BR><B>($)</B> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Non-Equity Incentive Plan</B> <BR>
      <B>Compensation &#150; Value Earned</B> <BR><B>During the Year</B><SUP>(1)</SUP>
      <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="25%">Stephen P. Antony
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center>75,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="25%">Graham G.
      Moylan<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center>25,158 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="25%">Harold R. Roberts
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center>32,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="25%">David C.
      Frydenlund </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center>22,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="25%">Gary R. Steele </TD>
    <TD width="25%" align=center>Nil </TD>
    <TD width="25%" align=center>Nil </TD>
    <TD width="25%" align=center>10,000 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=left>The Corporation changed its year-end from
      September 30 to December 31 on November 5, 2013, which resulted in a 15-
      month financial period ended December 31, 2013. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=left>Mr. Moylan resigned as CFO of the Corporation
      effective February 15, 2014. </TD></TR></TABLE>
<P align=justify><B>Pension Plan Benefits and Deferred Compensation Plans
</B></P>
<P align=justify>EFI does not provide defined pension plan benefits or any other
pension plans that provide for payments or benefits at, following or in
connection with retirement to its directors or officers. </P>
<P align=justify>EFI does not have any deferred compensation plans relating to
its NEOs. <B></B></P>
<P align=justify><B>Termination and Change of Control Benefits </B></P>
<P align=justify>The events that trigger payment to an NEO on account of a
change of control are negotiated and documented in each employment contract or
letter of understanding. These benefits attempt to balance the protection of the
employee upon a change of control with the preservation of the executive base in
the event such a change of control occurs. As noted below, there are certain
circumstances that trigger payment, vesting of stock options, or the provision
of other benefits to an NEO upon termination and change of control. </P>
<P align=justify>EFI has employment agreements or letters of understanding with
each of the NEOs. </P>
<P align=justify><U>Stephen P. Antony</U> </P>
<P align=justify>In the event of the termination of Mr. Antony&#146;s employment
without cause or upon a change of control of EFI, Mr. Antony will be entitled to
receive all outstanding base salary and vacation accrued to the date of
termination and a lump sum payment equal to two and one-half times his base
salary, plus two and one-half times the amount of his highest annual performance
bonus paid for any fiscal year beginning October 1, 2007. In the event of death
or disability, Mr. Antony is entitled to receive all outstanding base salary and
vacation accrued, plus payment of his base salary, either in a lump sum payment
in the event of death or, in the event of a disability, over a period of twelve
months thereafter. The effective term of Mr. Antony&#146;s employment agreement is
October 1, 2012 through September 30, 2015.</P>
<P align=justify>The estimated additional payment to Mr. Antony in the case of
termination without cause, or upon a change of control, assuming that the
triggering event took place on December 31, 2013 is US$1,525,000. </P>
<P align=justify><U>Graham G. Moylan</U> </P>
<P align=justify>In the event Mr. Moylan&#146;s employment was terminated without
just cause, Mr. Moylan was entitled to termination pay in an amount equivalent
to what he would have received in compensation and benefits for the twelve
months following the date on which he was given written notification of
termination, on the basis that Mr. Moylan&#146;s bonus entitlement during such
twelve month period shall be the greater of (a) the average of the annual bonus
payments provided to him during his three preceding years of employment, and (b)
15% of his base salary. The estimated additional payment to Mr. Moylan in the
case of such a termination, assuming that the termination took place on December
31, 2013, was $283,001 (based on an exchange rate of C$1.00 to US$0.9402 as of
December 31, 2013).</P>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_28></A>
<P align=justify>Further, in the event of a change of control, Mr. Moylan may
have elected to terminate his employment with EFI unilaterally within thirty
days of the occurrence of the change of control. In such case, EFI would have
paid Mr. Moylan all outstanding base salary and vacation pay accrued to the
effective date of termination and provided a lump sum payment equal to two times
his base salary plus two times the amount of the highest annual performance
bonus paid to him. The estimated additional payment to Mr. Moylan in the case of
termination upon a change of control, assuming that the triggering event took
place on December 31, 2013, was $498,308 (based on an exchange rate of C$1.00 to
US$0.9402 as of December 31, 2013).</P>
<P align=justify>It should be noted that Mr. Moylan resigned as CFO of the
Corporation effective February 15, 2014, and, as a result, none of the foregoing
amounts are payable to Mr. Moylan. </P>
<P align=justify><U>Harold R. Roberts</U> </P>
<P align=justify>In the event Mr. Roberts is laid off, he will be entitled to
severance pay in an amount equal to twelve months of his base salary at the time
of layoff plus the greater of (a) one times any bonus received between July 1,
2012 and the time of layoff, or (b) 15% of his current base salary at the time
of layoff. The estimated additional payment to Mr. Roberts in the case of a
layoff, assuming that the triggering event took place on December 31, 2013 is
$272,100. </P>
<P align=justify>Further, in the event that within six months after a change of
control, Mr. Roberts is terminated by EFI or its successor, or elects to resign
for Good Reason (defined to include a material reduction or diminution in the
level of responsibility, a reduction in the compensation level of more than 15%
or a proposed, forced relocation to another geographic region), EFI will pay Mr.
Roberts all outstanding base salary and vacation pay accrued to the effective
date of termination and will provide a lump sum payment equal to one and
one-half times his base salary plus one and one-half times the amount of the
highest annual performance bonus paid to him. The estimated additional payment
to Mr. Roberts in the case of termination upon a change of control, assuming
that the triggering event took place on the last business day of the 15-month
period ended December 31, 2013, is US$423,150. </P>
<P align=justify><U>David C. Frydenlund</U> </P>
<P align=justify>In the event Mr. Frydenlund is laid off, he will be entitled to
severance pay in an amount equal to three months of his base salary at the time
of layoff. The estimated additional payment to Mr. Frydenlund in the case of a
layoff, assuming that the layoff took place on December 31, 2013, is US$57,500.
In addition, the Corporation will reimburse all direct costs of relocating Mr.
Frydenlund and his family to Canada, provided such relocation occurs within 14
months from the date of termination. Such reimbursement will not apply to the
extent the costs contemplated are paid by another employer. </P>
<P align=justify>Further, in the event that within six months after a change of
control, Mr. Frydenlund is terminated by EFI or its successor, or elects to
resign for Good Reason (defined to include a material reduction or diminution in
the level of responsibility, a reduction in the compensation level of more than
15% or a proposed, forced relocation to another geographic region), EFI will pay
Mr. Frydenlund all outstanding base salary and vacation pay accrued to the
effective date of termination and will provide a lump sum payment equal to one
times his base salary plus one times the amount of the highest annual
performance bonus paid to him since 2010. The estimated additional payment to
Mr. Frydenlund in the case of termination upon a change of control, assuming
that the triggering event took place on December 31, 2013, is US$289,600.</P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_29></A>
<P align=justify><U>Gary R. Steele</U> </P>
<P align=justify>In the event of a change of control, Mr. Steele may elect to
terminate his employment with EFI unilaterally within thirty days of the
occurrence of the change of control. If his employment is so terminated, EFI
will pay Mr. Steele all outstanding base salary and vacation pay accrued to the
effective date of termination and will provide a lump sum payment equal to one
and one-half times his base salary plus one and one-half times the amount of the
highest annual performance bonus paid to him. The estimated additional payment
to Mr. Steele in the case of termination upon a change of control, assuming that
the triggering event took place on December 31, 2013, is US$322,500. </P>
<P align=justify><B>Director Compensation </B></P>
<P align=justify><U>Director Compensation Table</U> </P>
<P align=justify>EFI&#146;s policy with respect to directors&#146; compensation was
developed by the Board, on recommendation of the Compensation Committee. As
noted above, during 2013 the Corporation changed its financial year-end from
September 30 to December 31, which resulted in the most recent financial year
being the 15-month period ended December 31, 2013. The following table sets
forth the compensation awarded, paid to or earned by the directors of EFI during
the most recently completed financial year. Directors of EFI who are also
officers or employees of EFI are not compensated for service on the Board;
therefore no fees are payable to Stephen P. Antony for his service as a director
of EFI.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#eeeeee"><B>Name</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Fees</B> <BR>
      <B>Earned</B>
      <BR><B>($)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Share-<BR>
    </B><B>Based</B>
      <BR><B>Awards</B> <BR><B>($)</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Option-</B> <BR>
      <B>Based</B>
      <BR><B>Awards</B> <BR><B>($)</B><B><SUP>(3)</SUP></B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Non-Equity</B> <BR>
      <B>Incentive
      Plan</B> <BR><B>Compensation</B> <BR><B>($)</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Pensio</B><B>n</B> <BR>
      <B>Value</B>
      <BR><B>($)</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>All Other</B> <BR>
      <B>Compensation</B>
      <BR><B>($)</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Total</B>
      <BR>
    <B>($)</B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>J. Birks Bovaird
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>82,298 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>141,962 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Paul A. Carroll
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>48,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>108,456 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Eun Ho
      Cheong<SUP>(4)(5)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>9,334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>9,334 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>W. Robert Dengler
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>52,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>112,308 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Lawrence A.
      Goldberg </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>118,972 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Mark E. Goodman
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>48,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>108,456 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Bruce D. Hansen
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>68,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>128,084 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Ron F. Hochstein
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>49,587 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>59,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>109,250 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Sheldon
      Inwentash<SUP>(6)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>7,826 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>7,826 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap>Stephen N.
      Khan<SUP>(4)(7)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>12,636 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%"
      align=center>12,636 </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Richard Patricio </TD>
    <TD width="11%" align=center>57,046 </TD>
    <TD width="11%" align=center>Nil </TD>
    <TD width="11%" align=center>59,664 </TD>
    <TD width="11%" align=center>Nil </TD>
    <TD width="11%" align=center>Nil </TD>
    <TD width="11%" align=center>Nil </TD>
    <TD width="11%" align=center>116,710 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=center>
      &nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=center>
      <P align=justify>The Corporation changed its year-end from September 30 to
      December 31 on November 5, 2013, resulting in a 15-month financial period
      for the year ended December 31, 2013. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="95%" align=center>
      &nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=center>
      <P align=justify>Except for Mr. Hansen (a US director), directors&#146;
      compensation was paid in Canadian dollars. The amounts relating to such
      directors&#146; compensation have been converted into US dollars using an
      average annual exchange rate of C$1 to US$0.9782 for the financial period
      ended December 31, 2013. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=center>
      &nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(3) </TD>
    <TD width="95%" align=center>
      <P align=justify>The fair value of each option award granted at the time
      of the grant was calculated using the Black-Scholes option-pricing model.
      For the assumptions made in calculating the fair value of options, see
      &#147;Note 16 &#150; Share-Based Payments&#148; to EFI&#146;s financial statements for the
      15-month period ended December 31, 2013. Option fair values were
      calculated in Canadian dollars and converted into US dollars using an
      average annual exchange rate of C$1 to US$0.9782 for the financial period
      ended December 31, 2013. </P></TD></TR></TABLE>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_30></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Cheong and Mr. Khan were appointed as directors by
      the Board effective September 3, 2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned as a director effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Inwentash resigned as a director on March 6,
    2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>On March 26, 2014, Mr. Khan submitted his resignation as
      a director, effective March 31, 2014.</P></TD></TR></TABLE>
<P align=justify><U>Retainer and Meeting Fees</U></P>
<P align=justify>EFI&#146;s director compensation program is designed to enable EFI
to attract and retain highly qualified individuals to serve as directors. In
fiscal 2013, directors&#146; compensation, which is paid only to non-employee
directors, consisted of: For the period October 1, 2012 through September 30,
2013: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for Board Member of C$20,000;
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for committee (other than Audit
      Committee) Chairs of C$25,000; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for audit committee Chair of
      C$40,000; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for Chair of the Board of
      C$50,000; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>meeting fee of C$1,500 per meeting for any and
      all Board and committee meetings if attended in person or telephonically;
      and </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>reimbursement of related travel and
      out-of-pocket expenses. </TD></TR></TABLE>
<P align=justify>Effective October 1, 2013, the Board reduced by 25% all
compensation of the members of the Board, including all annual base compensation
for Board members, Chairs of Committees, the Audit Chair and the Chairman of the
Board, and all meeting fees for Board and Committee meetings. This reduction
does not apply to reimbursement of expenses. As a result of this reduction,
effective October 1, 2013, the directors&#146; compensation, which is paid only to
non-employee directors, consisted of: <BR><BR>For the period October 1, 2013
through December 31, 2013: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for Board Member of C$15,000;
    </TD></TR>
  <TR>
    <TD  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for committee (other than Audit
      Committee) Chairs of C$18,750; </TD></TR>
  <TR>
    <TD  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for audit committee Chair of
      C$30,000; </TD></TR>
  <TR>
    <TD  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>annual retainer for Chair of the Board of
      C$37,500; </TD></TR>
  <TR>
    <TD  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>meeting fee of C$1,125 per meeting for any and
      all Board and committee meetings if attended in person or telephonically;
      and </TD></TR>
  <TR>
    <TD  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>&#149; </B></TD>
    <TD width="90%" align=left>reimbursement of related travel and
      out-of-pocket expenses. </TD></TR></TABLE>
<P align=justify><B>Incentive Plan Awards </B></P>
<P align=justify>The table below shows the number of stock options outstanding
for each director and their value as at December 31, 2013 based on the last
trade of the EFI Common Shares on the TSX prior to the close of business on
December 31, 2013 of C$6.09. </P>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_31></A>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards as at
December 31, 2013</U> </P>
<DIV>
<TABLE
style="BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; border-left-color:black; border-right-color:black; border-top-color:black; border-top-width:0; border-bottom-color:black"
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD
    align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-color:#000000; border-top-width:1">&nbsp;</TD>
    <TD
    width="44%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-color:#000000; border-top-width:1" colspan="4">&nbsp;<B>Option-Based Awards</B> </TD>
    <TD width="22%"
    colSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-color:#000000; border-top-width:1"><B>Share-Based Awards</B> </TD>
  </TR>

  <TR vAlign=top>
    <TD rowSpan=2
    align=left vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Name</B> </TD>
    <TD
    width="11%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of</B> <BR>
      <B>Securities</B>
      <BR><B>Underlying</B> <BR><B>Unexercised</B>
      <BR><B>Options</B><B><SUP>(1)</SUP></B> </TD>
    <TD
    width="11%" rowSpan=2 align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><BR>
      <B>Value of</B> <BR><B>Unexercised</B>
      <BR><B>In-the-Money</B> <BR><B>Options</B> <BR><B>($)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="border-top-style: none; border-top-width: medium"><B>Option</B>
      <BR>
      <B>Exercise</B> <BR><B>Price</B>
      <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="border-top-style: none; border-top-width: medium"><B>Option</B>
      <BR>
      <B>Expiration</B> <BR><B>Date</B> </TD>
    <TD width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="border-top-style: none; border-top-width: medium"><B>Number
      of</B> <BR>
      <B>Shares or Units</B> <BR><B>of Shares that</B> <BR><B>Have
      Not Vested</B> <BR><B>($)</B> </TD>
    <TD
    width="11%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium"><B>Market or</B> <BR>
      <B>Payout Value</B>
      <BR><B>of Share-Based</B> <BR><B>Awards that</B> <BR><B>Have Not</B>
      <BR><B>Vested</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird <BR>(Chair) <BR><BR><BR><BR></TD>
    <TD width="11%" align=center>2,000 <BR>3,000 <BR>2,000 <BR>7,200
      <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>17.50 <BR>15.00 <BR>25.50 <BR>15.50
      <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center>2/4/2014 <BR>8/5/2015 <BR>4/16/2016
      <BR>3/7/2017 <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll <BR><BR><BR><BR></TD>
    <TD width="11%" align=center>3,000 <BR>4,000 <BR>7,200
      <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>15.00 <BR>25.50 <BR>15.50 <BR>11.50
      <BR>8.75 </TD>
    <TD width="11%" align=center>8/5/2015 <BR>4/16/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Eun Ho
      Cheong<SUP>(3)(4)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>NA
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>NA
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Robert Dengler <BR></TD>
    <TD width="11%" align=center>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg <BR><BR></TD>
    <TD width="11%" align=center>7,200 <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>15.50 <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center>3/7/2017 <BR>8/27/2017
      <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman <BR><BR><BR><BR></TD>
    <TD width="11%" align=center>3,000 <BR>2,000 <BR>7,200
      <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>0.30 <BR>25.50 <BR>15.50 <BR>11.50
      <BR>8.75 </TD>
    <TD width="11%" align=center>8/5/2015 <BR>4/16/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen <BR><BR><BR><BR><BR></TD>
    <TD width="11%" align=center>2,000 <BR>3,000 <BR>2,000 <BR>7,200
      <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>17.50 <BR>15.00 <BR>25.50 <BR>15.50
      <BR>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center>2/4/2914 <BR>8/5/2015 <BR>4/16/2016
      <BR>3/7/2017 <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
      <BR>Nil</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein <BR></TD>
    <TD width="11%" align=center>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>11.50 <BR>8.75 </TD>
    <TD width="11%" align=center>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sheldon Inwentash<SUP>(5)</SUP> <BR><BR></TD>
    <TD width="11%" align=center>6,800 <BR>7,200 <BR>20,000 </TD>
    <TD width="11%" align=center>43.00 <BR>15.50 <BR>11.50 </TD>
    <TD width="11%" align=center>3/6/2015 <BR>3/6/2015 <BR>3/6/2015
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Steven N. Khan<SUP>(3)(6)</SUP> <BR><BR><BR></TD>
    <TD width="11%" align=center>7,350 <BR>4,410 <BR>5,880 <BR>7,350
    </TD>
    <TD width="11%" align=center>22.11 <BR>39.80 <BR>19.05 <BR>7.60
    </TD>
    <TD width="11%" align=center>2/17/2015 <BR>12/23/2015
      <BR>2/22/2022 <BR>10/26/2022 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio <BR><BR><BR><BR></TD>
    <TD width="11%" align=center>7,200 <BR>2,720 <BR>3,400
      <BR>20,000 <BR>10,000 </TD>
    <TD width="11%" align=center>15.50 <BR>19.50 <BR>43.00 <BR>11.50
      <BR>8.75 </TD>
    <TD width="11%" align=center>3/7/2017 <BR>3/7/2015 <BR>3/7/2016
      <BR>8/27/2017 <BR>7/16/2018 </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD>
    <TD width="11%" align=center>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil
    </TD></TR>
  </TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Notes: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(1) </TD>
    <TD width="95%" align=left>The number of options and the exercise price of
      the options has been adjusted to take into account the Consolidation.
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(2) </TD>
    <TD width="95%" align=left>The options were granted and are reported in
      Canadian dollars. </TD></TR></TABLE>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Cheong and Mr. Khan were appointed as directors by
      the Board effective September 3, 2013. The options listed for Mr. Khan
      represent Strathmore Replacement Options granted by the Corporation to the
      existing holders of Strathmore options on August 31. 2013, pursuant to the
      Strathmore acquisition. See &#147;<I>Strathmore Replacement Options</I>&#148;
      below.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned as a director effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Inwentash resigned as a director on March 6,
    2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>On March 26, 2014, Mr. Khan submitted his resignation as
      a director, effective March 31, 2014.</P></TD></TR></TABLE>
<P align=justify><U>Incentive Plan Awards </U><U>&#150;</U><U> Value Vested or Earned
During the 15-Month Period Ended December 31, 2013</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left bgcolor="#eeeeee" nowrap width="25%"><BR>
      <BR></TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Option-Based Awards &#150;</B> <BR>
      <B>Value Vested
      During the</B> <BR><B>Year<SUP>(1)</SUP></B> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Share-Based Awards &#150;</B> <BR>
      <B>Value Vested During
      the</B> <BR><B>Year<SUP>(1)</SUP></B> </TD>
    <TD width="25%"
    align=center bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid" nowrap><B>Non-Equity Incentive Plan</B> <BR>
      <B>Compensation &#150; Value</B> <BR><B>Earned During the Year<SUP>(1)</SUP></B>
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%"><B>Name</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center nowrap><B>($)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center nowrap><B>($)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center nowrap><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">J. Birks Bovaird
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Paul A. Carroll
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Eun Ho Cheong </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">W. Robert Dengler
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Lawrence A.
      Goldberg </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Mark E. Goodman
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Bruce D. Hansen
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Ron F. Hochstein
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Sheldon Inwentash
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left nowrap width="25%">Steven N. Khan </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=center nowrap>Nil
    </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap width="25%">Richard Patricio </TD>
    <TD width="25%" align=center nowrap>Nil </TD>
    <TD width="25%" align=center nowrap>Nil </TD>
    <TD width="25%" align=center nowrap>Nil </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2 align=left>Note: </TD></TR>
  <TR>
    <TD valign="top">&nbsp; </TD>
    <TD width="95%" valign="top">&nbsp;</TD></TR>
  <TR>
    <TD valign="top">(1) </TD>
    <TD width="95%" valign="top">The Corporation changed its year-end from September 30 to
      December 31 on November 5, 2013, resulting in a 15-month financial period
      for the year ended December 31, 2013. </TD></TR></TABLE>
<P align=justify><U>Share Ownership Requirement</U> </P>
<P align=justify>At its meeting held on January 23, 2014, the Board adopted a
share ownership requirement for Board members. It provides that all non-employee
directors must own a requisite number of EFI Common Shares by the later of five
years from the commencement of their directorship or the date on which the EFI
Common Share ownership requirement was adopted. Under this requirement,
non-employee directors are required to own EFI Common Shares with a value equal
to twice the value of their annual director retainers. EFI Common Shares are
valued at the higher of the price they were acquired or the year-end closing
price of the Corporation&#146;s shares on the TSX for the previous year. Further,
until such time as a non-employee director reaches his or her share ownership
requirement, the non-employee director is required to hold 50% of all EFI Common
Shares received upon exercise of stock options (net of any EFI Common Shares
utilized to pay for the exercise price of the option and tax withholding), and
shall not otherwise sell or transfer any EFI Common Shares. This requirement
does not apply to a nominee of a shareholder of the Corporation pursuant to a
contractual right of the shareholder to nominate one or more directors to the
Board. As a result, these requirements do not apply to Mr. Kim, as the nominee
of KEPCO, which has a contractual right to designate a nominee for election as a
director. </P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_33></A>
<P align=justify><B>Securities Authorized For Issuance under Equity Compensation
Plans </B></P>
<P align=justify>The following table provides information as of December 31,
2013, concerning options outstanding pursuant to the EFI Option Plan, which has
been approved by shareholders: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=center vAlign=bottom noWrap bgcolor="#eeeeee" width="25%"><B>Plan Category</B> </TD>
    <TD
    width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of Common Shares</B> <BR>
      <B>to
      be issued upon exercise</B> <BR><B>of outstanding
      options<SUP>(1)</SUP></B> </TD>
    <TD
    width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Weighted-average</B> <BR>
      <B>exercise
      price of</B> <BR><B>outstanding options</B>
      <BR><B>(C$)<SUP>(1)</SUP></B> </TD>
    <TD
    width="25%" align=center vAlign=bottom noWrap bgcolor="#eeeeee" style="BORDER-BOTTOM: #000000 1px solid"><B>Number of Common Shares</B>
      <BR>
      <B>remaining available for future</B> <BR><B>issuance under the EFI
      Option Plan</B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="25%">EFI Option Plan
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>746,220 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>$12.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>1,215,997 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap width="25%">Strathmore <BR>Replacement Options </TD>
    <TD width="25%" align=center noWrap>49,098 <BR></TD>
    <TD width="25%" align=center noWrap>22.04 <BR></TD>
    <TD width="25%" align=center noWrap>Nil <BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="25%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>795,318 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>13.39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=center noWrap>1,215,997 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The number of EFI Common Shares and the exercise price
      have been adjusted to take into account the
  Consolidation.</P></TD></TR></TABLE>
<P align=justify><U>EFI Option Plan</U> </P>
<P align=justify>The stock option plan of the Corporation was established by the
directors on February 24, 2003 and first approved by shareholders on July 8,
2003. The stock option plan was re-approved by shareholders on June 13, 2005,
and again on May 26, 2006. At an annual and special meeting of shareholders held
on May 16, 2007, the 2007 Amended and Restated Stock Option Plan was approved,
which reflected certain amendments to the stock option plan of EFI so as to
remove provisions that were required when EFI was listed on the TSX-V, but were
no longer required after EFI became listed on the TSX in March 2007. The 2007
Amended and Restated Stock Option Plan was again ratified by shareholders at the
annual and special meeting of shareholders on March 10, 2010. On January 25,
2013, the Board approved the EFI Option Plan, which incorporates amendments and
updates to the 2007 Amended and Restated Stock Option Plan, to update the plan
to meet current industry practices. The EFI Option Plan was ratified by
shareholders at the annual and special meeting of shareholders held on March 6,
2013.</P>
<P align=justify><U>Strathmore Replacement Options</U> </P>
<P align=justify>The Corporation issued 292,971 stock options of the Corporation
(adjusted for the Consolidation) to the holders of options granted pursuant to
the Strathmore Option Plan in connection with the acquisition of Strathmore on
August 31, 2013. These options are exercisable for EFI Common Shares. No further
stock options will be granted pursuant to the Strathmore Option Plan. The
options have varying expiry dates with the last options expiring in October
2022. </P>
<P align=center><B>AUDIT COMMITTEE DISCLOSURE </B></P>
<P align=justify>EFI is required to have an audit committee (the &#147;<B>Audit
Committee</B>&#148;). The following directors, all of whom are independent directors,
are currently members of EFI&#146;s Audit Committee: Paul A. Carroll, Lawrence A.
Goldberg, Bruce D. Hansen and Ron F. Hochstein. Lawrence A. Goldberg is the
Chair of the Audit Committee. </P>
<P align=justify>Additional information regarding EFI&#146;s Audit Committee, its
members and charter, as well as information concerning auditor compensation, is
set out in EFI&#146;s Annual Information Form which may be found on SEDAR at
www.sedar.com. </P>
<P align=center>28 </P>
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width="100%" noShade>
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<P align=center><B>CORPORATE GOVERNANCE DISCLOSURE </B></P>
<P align=justify>In accordance with National Instrument 58-101, information on
EFI&#146;s corporate governance practices is set out in Schedule &#147;A&#148; to this
Circular. </P>
<P align=center><B>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON
</B></P>
<P align=justify>No person proposed or who has been a director or executive
officer of EFI at any time since the beginning of its last completed financial
year, or any associate of any such director or executive officer has any
material interest, direct or indirect, by way of beneficial ownership of
securities or otherwise, in any matter to be acted upon at the Meeting, except
as disclosed in this Circular. </P>
<P align=center><B>INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS
</B></P>
<P align=justify>Except as disclosed herein, no insider of EFI or proposed
nominee for election as director or any of their associates or affiliates had
any material interest in any transactions involving EFI since the commencement
of the Corporation&#146;s most recently completed financial year or in any proposed
transaction which has materially affected or would affect EFI. </P>
<P align=center><B>INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS </B></P>
<P align=justify>During the most recently completed financial year, other than
routine indebtedness as defined under Canadian securities laws, no director or
executive officer of EFI, no proposed nominee for election as a director of EFI
and no associate of any such director, executive officer or proposed nominee:
(a) is, or at any time since the beginning of the most recently completed
financial year has been, indebted to EFI or any of its subsidiaries, and (b) has
any indebtedness to another entity that is, or at any time since the beginning
of the most recently completed financial year has been, the subject of a
guarantee, support agreement, letter of credit or other similar arrangement or
understanding provided by EFI or any of its subsidiaries. </P>
<P align=center><B>ADDITIONAL INFORMATION </B></P>
<P align=justify>Additional information relating to EFI may be found on SEDAR at
www.sedar.com. Financial information is provided in EFI&#146;s comparative financial
statements and MDA for the 15-month period ended December 31, 2013 which are
available on SEDAR or can be received upon written request to EFI at 225 Union
Blvd., Suite 600, Lakewood, Colorado, USA 80228.</P>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_35></A>
<P align=justify>The board of directors of EFI has approved the contents and the
sending of this Circular. </P>
<P align=justify><B>DATED </B>at Lakewood, Colorado, USA this 26<SUP>th</SUP>
day of March, 2014. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>BY ORDER OF THE BOARD
</B></P>
<P style="MARGIN-LEFT: 50%" align=justify><BR>(Signed) &#147;Stephen P.
Antony&#148; </P>
<P style="MARGIN-LEFT: 50%" align=justify>Stephen P. Antony, President and Chief
<BR>Executive Officer </P>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=center><B>SCHEDULE </B><B>&#147;</B><B>A</B><B>&#148;</B></P>
<P align=center><B>CORPORATE GOVERNANCE DISCLOSURE </B></P>
<P align=justify>The board of directors (the &#147;<B>Board</B>&#148;) of Energy Fuels
Inc. (&#147;<B>EFI</B>&#148;) is currently comprised of eleven directors.</P>
<P align=justify>The Board is responsible for determining whether or not each
director is independent. This assessment is made in accordance with standards of
the Canadian Securities Administrators in National Instrument 52-110 &#150; <I>Audit
Committees</I> (&#147;<B>NI 52-110</B>&#148;) and the Corporation&#146;s corporate governance
policies. Under NI 52-110, a director is considered to be unrelated and
independent by the Board if the Board determines that the director has no direct
or indirect material relationship with EFI. A material relationship is a
relationship that could, in the view of the Board, be reasonably expected to
interfere with the exercise of the director&#146;s judgment independent of
management. With the assistance of the Governance and Nominating Committee, the
Board reviews each director&#146;s independence annually and upon the appointment or
election of a new director. The Board last considered this matter at its meeting
on March 26, 2014. </P>
<P align=justify>Nine of the eleven directors are considered by the Board to be
independent within the meaning of NI 52-110. Stephen P. Antony is not an
independent director as he is the President and Chief Executive Officer
(&#147;<B>CEO</B>&#148;) of EFI. Mr. Kim is regarded as having an indirect material
relationship which could reasonably be expected to interfere with his exercise
of independent judgment, considering the Corporation&#146;s strategic relationship
with KEPCO, KEPCO&#146;s significant shareholding in the Corporation and his position
with KEPCO. However, each of the remaining directors, namely, J. Birks Bovaird,
Paul A. Carroll, W. Robert Dengler, Lawrence A. Goldberg, Mark E. Goodman, Bruce
D. Hansen, Ron F. Hochstein, Steven N. Khan and Richard Patricio are independent
directors of EFI. A majority of the directors of EFI are therefore independent
within the meaning of NI 52-101. Messrs. Dengler and Khan are not standing for
re-election at the meeting.</P>
<P align=justify>A number of directors of EFI are also directors of other
reporting issuers. See &#147;<I>Particulars of Matters to be Acted Upon at the
Meeting </I><I>&#150;</I><I> Election of Directors</I>&#148; in EFI&#146;s Management
Information Circular dated March 26, 2014. </P>
<P align=justify>The Chair of the Board of EFI, J. Birks Bovaird, is not a
member of management and is an unrelated and independent director. One of his
principal responsibilities is to oversee the Board processes so that it operates
efficiently and effectively in carrying out its duties and to act as a liaison
between the Board and management.</P>
<P align=justify>The independent directors of the Board are encouraged by the
Board to hold private sessions as such independent directors deem necessary in
the circumstances. In the 15-month period ended December 31, 2013, the
independent directors held separate <I>in camera </I>sessions following 12 Board
meetings, and had informal discussions from time to time.</P>
<P align=justify>The Board held a total of 15 meetings during the financial year
ended December 31, 2013, which was a 15-month period. The following table shows
the number of Board meetings each director attended during that period. </P>
<P align=center>A-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_37></A><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="80%">

  <TR vAlign=top>
    <TD align=left vAlign=bottom noWrap bgcolor="#eeeeee" width="33%"><B>Name</B> </TD>
    <TD width="33%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Number of
      Board</B> <BR>
      <B>Meetings Held While</B> <BR><B>a director</B> </TD>
    <TD width="33%" align=center vAlign=bottom noWrap bgcolor="#eeeeee"><B>Number of
      Board</B> <BR>
    <B>Meetings Attended</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">J. Birks Bovaird
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Stephen P. Antony
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>14
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Paul A. Carroll
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>13
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Eun Ho
      Cheong<SUP>(1)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>6
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>3
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">W. Robert Dengler
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Lawrence A.
      Goldberg </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>12
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Mark E. Goodman
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>13
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Bruce D. Hansen
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>14
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Ron F. Hochstein
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>15
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>12
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Sheldon
      Inwentash<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>4
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>2
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left noWrap width="33%">Steven N.
      Khan<SUP>(1)(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>6
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%" align=center noWrap>6</TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap width="33%">Richard J. Patricio </TD>
    <TD width="33%" align=center noWrap>15 </TD>
    <TD width="33%" align=center noWrap>15 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="85%" align=left>Notes </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="85%" align=left>(1) Appointed to the Board on September 3, 2013
      and resigned January 13, 2014. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="85%" align=left>(2) Resigned from the Board effective March 6,
      2013. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="85%" align=left>(3) On March 26, 2014, Mr. Khan submitted his
      resignation as a director, effective March 31, 2014. </TD></TR></TABLE>
<P align=justify><B>Board Mandate </B></P>
<P align=justify>The Board&#146;s mandate is set out in EFI&#146;s Corporate Governance
Manual as approved by the Board. The Board is responsible, directly and through
its committees, for the supervision of the management of the business and
affairs of EFI. The Board seeks to ensure the viability and long-term financial
strength of EFI and the creation of enduring shareholder value. In pursuing
these objectives, the Board will have regard to the best interests of
shareholders and EFI and to the needs of its other stakeholders, including the
needs of the communities in which EFI conducts its business and the needs of its
employees and suppliers.</P>
<P align=justify>To assist the Board in the implementation of its mandate, it
delegates some of its responsibility to committees. The Board reviews and
approves the structure, mandate and composition of its committees. It also
receives and reviews periodic reports of the activities and findings of those
committees. </P>
<P align=justify>The Board selects and appoints EFI&#146;s President and CEO and,
through him, other officers and senior management to whom the Board delegates
certain of its power of management. The Board approves strategy, sets targets,
performance standards and policies to guide them; monitors and advises
management; sets their compensation and, if necessary, replaces them. </P>
<P align=justify>The Board reviews and approves, for release to shareholders,
quarterly and annual reports on the performance of EFI, and certain other
material public communications. The Board has implemented a Corporate Disclosure
Policy, which it reviews annually, to ensure effective communication between
EFI, its shareholders, respective investors, the public and other stakeholders,
including the dissemination of information on a regular and timely basis. The
CEO has dedicated a portion of his time to communicate with shareholders and prospective investors. Through its
officers, EFI responds to questions and provides information to individual
shareholders, institutional investors, financial analysts and the media. </P>
<P align=center>A-2 </P>
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width="100%" noShade>
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<P align=justify>The Board ensures that mechanisms are in place to guide the
organization in its activities. The Board reviews and approves a broad range of
internal control and management systems, including expenditure approvals and
financial controls. Management is required by the Board to comply with legal and
regulatory requirements with respect to all of EFI&#146;s activities. </P>
<P align=justify><B>Position Descriptions </B></P>
<P align=justify>The Board has adopted a written position description for the
CEO of EFI. The primary role of the CEO is to develop and recommend to the Board
a long-term strategy and vision for the Corporation that leads to the creation
of shareholder value, to develop and recommend to the Board annual business
plans and budgets that support EFI&#146;s long term strategy, and to ensure that the
day-to day business affairs of EFI are appropriately managed, including
evaluation of EFI&#146;s operating performance and initiating appropriate action
where required. In order to fulfill this role, the CEO is expected to ensure
that EFI has an effective management team and to have an active plan for its
development and succession, and to foster a corporate culture that promotes
ethical practices, encourages individual integrity and fulfills social
responsibility, including ensuring that EFI is in compliance with its Corporate
Disclosure Policy and Environment, Health and Safety Policy and internal
controls and procedures. Finally, the CEO is expected to ensure that EFI builds
and maintains strong, positive relationships with its investors, employees and
the corporate and public community.</P>
<P align=justify>The position description for the Chair of the Board is set out
in EFI&#146;s Corporate Governance Manual. The primary role of the Chair is to
provide leadership to the Board, to ensure that the Board can function
independently of management and fully discharges its duties. This involves
acting as a liaison between the Board and management, working with management to
schedule Board meetings and with committee chairs to coordinate scheduling
committee meetings, ensuring the appropriate agendas for meetings, ensuring the
proper flow of information to the Board, and reviewing the adequacy and timing
of documented material in support of management&#146;s proposals. The Chair of the
Board also works with the Governance and Nominating Committee to ensure proper
committee structure, including assignments of members and committee Chairs, as
well as chairs all meetings of the Board, and when requested by the CEO,
meetings of shareholders. </P>
<P align=justify>The Board has developed written position descriptions for the
Chair of each committee. The primary responsibilities of the Chair of each
committee are to: develop the agenda for each meeting of the committee, preside
over committee meetings; oversee the committee&#146;s compliance with its Charter or
Terms of Reference and Mandate; work with management to develop the committee&#146;s
annual work plan; together with management, identify, review and evaluate
matters of concern to the committee; and report regularly to the Board. </P>
<P align=justify><B>Orientation and Continuing Education </B></P>
<P align=justify>New directors are provided with a comprehensive information
package on EFI and its management and are fully briefed by senior management on
the corporate organization and key current issues. The information package
includes contact information, EFI&#146;s organizational chart, the Articles and
By-Laws of EFI, EFI&#146;s Corporate Governance Manual and certain key documents and
plans such as EFI&#146;s Stock Option Plan, Shareholder Rights Plan, Directors&#146; and
Officers&#146; Insurance Policy and Indemnity Agreement. EFI&#146;s Corporate Governance
Manual describes the roles, responsibilities and mandates of the Board, its
committees, its directors, the Chair of the Board, the Chairs of each committee
and the CEO, and includes copies of all of EFI&#146;s adopted codes and policies. In
addition, new directors are introduced to EFI&#146;s website, which includes EFI&#146;s
most recent Annual Information Form, Form 40-F, Management Information
Circulars, press releases, material change reports and other continuous disclosure documents, all of which provide the information
necessary for a new director to become familiar with the nature and operation of
EFI&#146;s business. Management is also available to answer any questions from or to
provide any additional orientation for new directors that may be required.
Visits to key operations may also be arranged for new directors. </P>
<P align=center>A-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=justify>Although EFI does not generally provide formal training
programs for its directors, the Board encourages directors to participate in
continuing education programs. One director has successfully completed a
director certification program offered by a major Canadian university. In
addition, Board members are often provided with notices and other correspondence
from counsel and other advisors, which report on developments affecting
corporate and securities law matters and governance generally. Any material
developments affecting the ability of directors to meet their obligations as
directors are brought to the attention of the Governance Committee by
management, and appropriate actions are taken by the Governance and Nominating
Committee to ensure that directors maintain the skill and knowledge necessary to
meet their obligations. </P>
<P align=justify><B>Ethical Business Conduct </B></P>
<P align=justify>The Board has adopted a written Code of Business Conduct and
Ethics (the &#147;<B>Code</B>&#148;) for the directors, officers, and employees of EFI,
which is contained in EFI&#146;s Corporate Governance Manual. The Corporate
Governance Manual is provided to each new director, and a copy of the Code is
provided to each new employee. The Code is also published on EFI&#146;s website. In
addition, at the time of each annual meeting of shareholders, the directors and
officers of EFI are required to affirm their compliance with the Code in
writing.</P>
<P align=justify>The Code sets out in detail the core values and the principles
by which EFI is governed, and addresses topics such as: conflicts of interest,
including transactions and agreements in respect of which a director or
executive officer has a material interest; protection and proper use of
corporate assets and opportunities; confidentiality of corporate information;
fair dealing with the Corporation&#146;s security holders, customers, suppliers,
competitors and employees; compliance with laws, rules and regulations; and
reporting of any illegal or unethical behaviour. Under the Code and applicable
law, any director or officer who has a material interest in a transaction or
agreement is required to disclose his or her interest and refrain from voting or
participating in any decision relating to the transaction or agreement. </P>
<P align=justify>The management of EFI is committed to fostering and maintaining
a culture of high ethical standards and compliance that ensures a work
environment that encourages employees to raise concerns to the attention of
management and that promptly addresses any employee compliance concerns. Under
the Code, all directors, officers, and employees must take all reasonable steps
to prevent contraventions of the Code, to identify and raise issues before they
lead to problems, and to seek additional guidance when necessary. If breaches of
the Code occur, they must be reported promptly. EFI maintains appropriate
records evidencing compliance with the Code. It is ultimately the Board&#146;s
responsibility for monitoring compliance with the Code. The Board will review
the Code periodically and review management&#146;s monitoring of compliance with the
Code, and if necessary, consult with members of EFI&#146;s senior management team and
audit committee (the &#147;<B>Audit Committee</B>&#148;), as appropriate, to resolve any
reported violations of the Code. Any waivers from the Code that are granted for
the benefit of EFI&#146;s directors or executive officers shall be granted by the
Board. Violations of the Code by a director, officer or employee are grounds for
disciplinary action, up to and including immediate termination and possible
legal prosecution.</P>
<P align=justify>Where a material departure from the Code by a director or
executive officer constitutes a material change, EFI will file a material change
report disclosing the date of the departure, the parties involved in the
departure, the reason why the Board has or has not sanctioned the departure, and
any measures the Board has taken to address or remedy the departure. No material
change reports have been filed since the beginning of the financial year ended December 31, 2013 that
pertain to any conduct of a director or executive officer that constitutes a
departure from the Code.<B> </B> </P>
<P align=center>A-4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=justify>EFI also expects all agents, consultants and contractors to
comply with the Code. </P>
<P align=justify><B>Nomination of Directors </B></P>
<P align=justify>The Board has a Governance and Nominating Committee (the &#147;<B>GN
Committee</B>&#148;), which is composed entirely of independent directors. The GN
Committee has the general responsibility for developing and monitoring EFI&#146;s
approach to corporate governance issues and for identifying and recommending to
the Board nominees for appointment or election as directors. The GN Committee&#146;s
responsibilities include the following: assessing the effectiveness of the Board
as a whole, the Chair of the Board, the committees of the Board and the
contribution of individual directors on a periodic basis; ensuring that, where
necessary, appropriate structures and procedures are in place to ensure that the
Board can function independently of management; periodically examining the size
of the Board, with a view to determining the impact of the number of directors
upon effectiveness; identifying individuals qualified to become new Board
members and recommending to the Board all director nominees for election or
appointment to the Board; assessing directors on an ongoing basis; and
recommending to the Board the members to serve on the various committees. In
addition, the GN Committee reviews EFI&#146;s disclosure of its corporate governance
practices in EFI&#146;s Circular each year. </P>
<P align=justify>During the financial year ended December 31, 2013, the GN
Committee was responsible for proposing new candidates for Board nomination. In
making its recommendations to the Board, the GN Committee considers what
competencies and skills the Board, as a whole, should possess, the competencies
and skills each existing director possesses, and the competencies and skills
each new nominee will bring to the boardroom. The GN Committee also considers
whether or not each new nominee can devote sufficient time and resources to his
or her duties as a Board member. </P>
<P align=justify><B>Majority Voting Policy </B></P>
<P align=justify>On January 25, 2013, the Board adopted a majority voting
policy. Pursuant to the majority voting policy, forms of proxy for meetings of
the shareholders of EFI at which directors are to be elected provide the option
of voting in favour, or withholding from voting, for each individual nominee to
the Board. If, with respect to any particular nominee, the number of shares
withheld from voting exceeds the number of shares voted in favour of the
nominee, then the nominee will be considered to have not received the support of
the shareholders, and such nominee is expected to submit his or her resignation
to the Board, to take effect on acceptance by the Board. The GN Committee and
the compensation committee (the &#147;<B>Compensation Committee</B>&#148;) will review any
such resignation and make a recommendation to the Board regarding whether or not
such resignation should be accepted. The Board will determine whether to accept
the resignation within 90 days following the shareholders&#146; meeting. If the
resignation is accepted, subject to any corporate law restrictions, the Board
may (i) leave the resultant vacancy in the Board unfilled until the next annual
meeting of shareholders of EFI, (ii) fill the vacancy by appointing a director
whom the Board considers to merit the confidence of the shareholders, or (iii)
call a special meeting of the shareholders of EFI to consider the election of a
nominee recommended by the Board to fill the vacant position. The majority
voting policy applies only in the case of an uncontested shareholders&#146; meeting.
</P>
<P align=justify><B>Compensation </B></P>
<P align=justify>EFI has a Compensation Committee, which is composed entirely of
independent directors. The Compensation Committee has been delegated the task of
reviewing and recommending to the Board EFI&#146;s compensation policies, and
reviewing such policies on a periodic basis to ensure they remain current,
competitive and consistent with EFI&#146;s overall goals. The Compensation Committee
also has the authority and responsibility to review and approve corporate goals
and objectives relevant to the CEO&#146;s compensation, evaluating the CEO&#146;s performance in light of
those corporate goals and objectives, and making recommendations to the Board
with respect to the CEO&#146;s compensation level (including salary incentive
compensation plans and equity-based plans) based on this evaluation, as well as
making recommendations to the Board with respect to any employment, severance or
change of control agreements for the CEO. The ultimate decision relating to the
CEO&#146;s compensation issues rests with the Board, taking into consideration the
Compensation Committee&#146;s recommendations, corporate and individual performance,
and industry standards. The Compensation Committee has also been delegated the
task of reviewing and approving for executive officers, other than the CEO, all
compensation (including salary, incentive compensation plans and equity-based
plans) and any employment, severance or change in control agreements, although
the ultimate decision relating to any stock option or other equity grants rests
with the Board. The experience of Board and committee members who are also
involved as management of, or board members or advisors to, other companies also
factors into decisions concerning compensation; however no formal objectives,
criteria or analysis are used. </P>
<P align=center>A-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_41></A>
<P align=justify>The Compensation Committee is also responsible for making
recommendations to the Board with respect to the adequacy and form of
compensation payable to and benefits of directors in their capacity as directors
(including Board and committee retainers, meeting and committee fees, incentive
compensation plans, and equity-based plans), so as to ensure that such
compensation realistically reflects the responsibilities and risks involved in
being an effective director. Additional responsibilities of the Compensation
Committee include: (i) considering the implications of the risks associated with
EFI&#146;s compensation policies and practices and the steps that may be taken to
mitigate any identified risks; (ii) reviewing executive compensation disclosure
before EFI publicly discloses such information; and (iii) reviewing, and
approving periodically management&#146;s succession plans for executive management,
including specific development plans and career planning for potential
successors, and recommending them to the Board. </P>
<P align=justify>During the financial year ended December 31, 2013, the
Compensation Committee was responsible for administering the executive
compensation program of EFI. For further information regarding how the Board
determines the compensation for EFI&#146;s directors and officers please see
&#147;<I>Executive Compensation</I>&#148; in the Management Information Circular. </P>
<P align=justify><B>Other Board Committees </B></P>
<P align=justify>In addition to the GN Committee and Compensation Committee, EFI
has an Audit Committee and an Environment, Health and Safety Committee (&#147;<B>EHS
Committee</B>&#148;).</P>
<P align=justify><U>Audit Committee</U> </P>
<P align=justify>The Audit Committee is a committee established and appointed by
and among the Board to assist the Board in fulfilling its oversight
responsibilities with respect to the Corporation. In so doing, the Audit
Committee provides an avenue of communication among the external auditor,
management, and the Board. The Committee&#146;s purpose is to ensure the integrity of
financial reporting and the audit process, and that sound risk management and
internal control systems are developed and maintained. In pursuing these
objectives, the Audit Committee oversees relations with the external auditor,
reviews the effectiveness of the internal audit function, and oversees the
accounting and financial reporting processes of EFI and audits of financial
statements of EFI. </P>
<P align=justify><U>EHS Committee</U> </P>
<P align=justify>The mining industry, by its very nature, can have an impact on
the natural environment. As a result, environmental planning and compliance must
play a very important part in the operations of any company engaged in these
activities. EFI takes these issues very seriously and has established the EHS
Committee to assist the Board in fulfilling its oversight responsibilities for
environmental, health and safety matters. The mandate of the EHS Committee is to
oversee the development and implementation of policies and best practices relating to environmental, health
and safety issues in order to ensure compliance with applicable laws,
regulations and policies in the jurisdictions in which EFI carries on business.
Due to the complexity of uranium exploration, mining and milling, the Board
determined that it was appropriate that a member of management sit on the EHS
Committee to ensure that technical expertise is properly brought before the EHS
Committee. The fact that all of the members of the EHS Committee are not
independent is balanced by the fact that a majority of the members of the EHS
Committee and the Chair of the EHS Committee are independent, and that the key
recommendations of the EHS Committee are considered by the full Board.</P>
<P align=center>A-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=justify><B>Assessments </B></P>
<P align=justify>In January each year the GN Committee distributes, receives and
reviews the results of written Board effectiveness assessments. The assessments
question members of the Board as to their level of satisfaction with the
functioning of the Board, its interaction with management and the performance of
the standing committees of the Board. The assessments also include peer reviews
of all other directors and a self-assessment as to each director&#146;s effectiveness
and contribution as a Board member. After the assessments are reviewed, the GN
Committee reports the results to the Board and makes any recommendations to the
Board to improve EFI&#146;s corporate governance practices. This process occurs prior
to the consideration by the GN Committee of nominations for Board member
elections at the Annual Meeting of Shareholders each year. </P>
<P align=center>A-7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_43></A>
<P align=center><B>SCHEDULE </B><B>&#147;</B><B>B</B><B>&#148;</B></P>
<P align=center><B><FONT size=5>BY-LAW NO. 2 </FONT></B></P>
<P align=center>A by-law relating generally to the transaction of the business
and affairs <BR>of </P>
<P align=center><B><FONT size=5>ENERGY FUELS INC.</FONT></B><B> </B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><B><FONT size=5>CONTENTS </FONT></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap>Section 1 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Interpretation </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 2 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Business of the Corporation </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 3 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Borrowing and Securities </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 4 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Directors </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 5 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Delegation </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 6 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Officers </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 7 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Protection of Directors, Officers and Others
  </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 8 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Shares </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 9 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Dividends and Rights </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 10 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Meetings of Shareholders </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 11 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Notices </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left nowrap>Section 12 </TD>
    <TD width="5%" align=left nowrap>- </TD>
    <TD width="75%" align=left nowrap>Effective Date </TD></TR></TABLE></DIV>
<P align=justify><B>BE IT ENACTED </B>as a by-law of the Corporation as follows:
</P>
<P align=center><B>SECTION 1</B><B> <BR>INTERPRETATION </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1.1 </TD>
    <TD>
      <P align=justify><B><U>Definitions </U></B>- In the by-laws of the
      Corporation, unless the context otherwise requires, capitalized terms used
      but not defined in this By-Law shall have the meanings attributed to them
      in the Act, except that:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Act</B>" means the <I>Business
Corporations Act </I>(Ontario), and any statute that may be substituted
therefor, as amended, restated or in effect from time to time; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>appoint</B>" includes
"<B>elect</B>" and vice-versa; </P>
<P align=center>B-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_44></A>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>articles</B>" means the original or
restated articles of incorporation, articles of amendment, articles of
amalgamation, articles of continuance, articles of reorganization, articles of
arrangement, articles of dissolution or articles of revival and includes any
amendments thereto; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Board</B>" means the board of
directors of the Corporation; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>by-laws</B>" means this by-law and
all other by-laws of the Corporation from time to time in force and effect; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Corporation</B>" means Energy Fuels
Inc.;<B> </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>meeting of shareholders</B>"
includes an annual meeting of shareholders or a special meeting of shareholders;
"<B>special meeting of shareholders</B>" includes a meeting of any class or
classes of shareholders and a special meeting of all shareholders entitled to
vote at an annual meeting of shareholders; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>non-business day</B>" means
Saturday, Sunday and any other day that is a holiday as defined in the
<I>Interpretation Act</I> (Canada) and any statute that may be substituted
therefor, as amended, restated or in effect from time to time; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>recorded address</B>" means: </P>
<P style="MARGIN-LEFT: 10%" align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of a shareholder, that person's
address as recorded in the securities register;</P>
<P style="MARGIN-LEFT: 10%" align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of joint shareholders, the address
appearing in the securities register in respect of such joint holding or the
first address so appearing if there are more than one; and </P>
<P style="MARGIN-LEFT: 10%" align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of a director, officer, auditor or
member of a committee of the Board, that individual's latest address as recorded
in the records of the Corporation; </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>Regulations</B>" means the
regulations made under the Act, as amended, restated or in effect from time to
time; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>"<B>signing officer</B>" means, in
relation to any instrument, any person authorized to sign the instrument on
behalf of the Corporation by Section 2.2 or by a
resolution passed pursuant thereto; </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1.2 </TD>
    <TD>
      <P align=justify><B><U>Interpretation </U></B>&#150; Words in the singular
      include the plural and vice-versa, words in one gender include all
      genders, and words importing persons include individuals, bodies
      corporate, partnerships, trusts and unincorporated
  organizations.</P></TD></TR></TABLE>
<P align=center><B>SECTION 2</B><B> <BR></B><B>BUSINESS OF THE CORPORATION
</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.1 </TD>
    <TD>
      <P align=justify><B><U>Corporate Seal </U></B>- The Corporation may have
      one or more different corporate seals which may be adopted or changed from
      time to time by the Board, on which the name of the Corporation appears in
      the language or one or more of the languages set out in the
    articles.</P></TD></TR></TABLE>
<P align=center>B-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_45></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2.2 </TD>
    <TD>
      <P align=justify><B><U>Execution of Instruments </U></B>- Deeds,
      transfers, assignments, contracts, obligations, certificates and other
      instruments may be signed on behalf of the Corporation by any one of the
      directors or officers. In addition, the Board may from time to time direct
      the manner in which and the person or persons by whom any particular
      instrument or class of instruments may or shall be signed. Any signing
      officer may affix the corporate seal (if any) to any instrument. Any
      signing officer may certify a copy of any instrument, resolution, by-law
      or other document of the Corporation to be a true copy thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.3 </TD>
    <TD>
      <P align=justify><B><U>Execution in Counterpart </U></B>- Any articles,
      notice, resolution, requisition, statement or other document required or
      permitted to be executed in several documents of like form each of which
      is executed by all persons required or permitted, as the case may be, to
      do so, shall be deemed to constitute one document and to bear date as of
      the date of execution thereof by the last person.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.4 </TD>
    <TD>
      <P align=justify><B><U>Banking Arrangements </U></B>- The banking business
      of the Corporation including, without limitation, the borrowing of money
      and the giving of security therefor, shall be transacted with such banks,
      trust companies or other bodies corporate or organizations as may from
      time to time be designated by or under the authority of the Board. Such
      banking business or any part thereof shall be transacted under such
      agreements, instructions and delegations of powers as the Board may from
      time to time prescribe or authorize.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.5 </TD>
    <TD>
      <P align=justify><B><U>Voting Rights in Other Bodies Corporate </U></B>-
      The signing officers of the Corporation may execute and deliver proxies
      and arrange for the issuance of voting certificates or other evidence of
      the right to exercise the voting rights attaching to any securities held
      by the Corporation. Such instruments, certificates or other evidence shall
      be in favour of such person or persons as may be determined by the
      officers executing such proxies or arranging for the issuance of voting
      certificates or such other evidence of the right to exercise such voting
      rights. In addition, the Board may from time to time direct the manner in
      which and the person or persons by whom any particular voting rights or
      class of voting rights may or shall be exercised.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.6 </TD>
    <TD>
      <P align=justify><B><U>Withholding Information from Shareholders </U></B>-
      Subject to the Act, no shareholder shall be entitled to discovery of any
      information respecting any details or conduct of the Corporation's
      business which, in the opinion of the Board, it would be inexpedient in
      the interests of the shareholders or the Corporation to communicate to the
      public. The Board may from time to time determine whether and to what
      extent and at what time and place and under what conditions or regulations
      the accounts, records and documents of the Corporation or any of them
      shall be open to the inspection of shareholders and no shareholder shall
      have any right of inspecting any account, record or document of the
      Corporation except as conferred by the Act or authorized by the Board or
      by resolution passed at a meeting of shareholders.</P></TD></TR></TABLE>
<P align=center><B>SECTION 3</B><B> <BR></B><B>BORROWING AND SECURITIES </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3.1 </TD>
    <TD>
      <P align=justify><B><U>Borrowing Power </U></B>- Without limiting the
      borrowing powers of the Corporation as provided by the Act, but subject to
      the articles, the Board may from time to time on behalf of the
      Corporation, without authorization of the
shareholders:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(a) </TD>
    <TD>
      <P align=justify>borrow money on the credit of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(b) </TD>
    <TD>
      <P align=justify>issue, reissue, sell, pledge or hypothecate bonds,
      debentures, notes or other evidences of indebtedness of the Corporation,
      whether secured or unsecured;</P></TD></TR></TABLE>
<P align=center>B-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_46></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(c) </TD>
    <TD>
      <P align=justify>give a guarantee on behalf of the Corporation to secure
      performance of any present or future indebtedness, liability or obligation
      of any person; and</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(d) </TD>
    <TD>
      <P align=justify>mortgage, hypothecate, pledge or otherwise create a
      security interest in all or any currently owned or subsequently acquired
      real or personal, movable or immovable, property of the Corporation
      including book debts, rights, powers, franchises and undertakings, to
      secure any such bonds, debentures, notes or other evidences of
      indebtedness or guarantee or any other present or future indebtedness,
      liability or obligation of the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(e) </TD>
    <TD>
      <P align=justify>Nothing in this Section limits or restricts the borrowing
      of money by the Corporation on bills of exchange or promissory notes made,
      drawn, accepted or endorsed by or on behalf of the
  Corporation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3.2 </TD>
    <TD>
      <P align=justify><B><U>Delegation </U></B>- The Board may from time to
      time delegate to a committee of the Board or to a director or an officer
      of the Corporation as may be designated by the Board all or any of the
      powers conferred on the Board by Section 3.1 or by
      the Act to such extent and in such manner as the Board shall determine at
      the time of each such delegation.</P></TD></TR></TABLE>
<P align=center><B>SECTION 4</B><B> <BR>DIRECTORS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.1 </TD>
    <TD>
      <P align=justify><B><U>Number of directors and Quorum </U></B>&#150; Subject to
      the articles, the Board shall consist of the number of directors specified
      in the articles, except that if the articles provide for a minimum and
      maximum number of directors, the board shall consist of the number of
      directors determined from time to time by a special resolution of the
      shareholders (or, if the directors are empowered by a special resolution
      to determine the number, by a resolution of the Board) within such minimum
      and maximum. Subject to Section 4.18, a majority of
      the number of directors so specified or determined shall constitute a
      quorum at any meeting of the Board.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>4.2</B> </TD>
    <TD>
      <P align=justify><B><U>Qualification </U></B>- No person shall be
      qualified for election as a director:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(a) </TD>
    <TD>
      <P align=justify>if the person is less than 18 years of age;</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(b) </TD>
    <TD>
      <P align=justify>if the person has been found under the <I>Substitute
      Decisions Act</I>, 1992 (Ontario) or under the <I>Mental Health Act
      </I>(Ontario) to be incapable of managing property or who has been found
      to be incapable by a court in Canada or elsewhere;</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(c) </TD>
    <TD>
      <P align=justify>if the person is not an individual; or</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(d) </TD>
    <TD>
      <P align=justify>if the person has the status of a bankrupt.</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(e) </TD>
    <TD>
      <P align=justify>Subject to the articles, a director need not be a
      shareholder. Subject to the Act, at least 25% of the directors must be
      resident Canadians. If the Corporation has less than four directors, at
      least one director must be a resident
Canadian.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.3 </TD>
    <TD>
      <P align=justify><B><U>Election and Term </U></B>- The election of
      directors shall take place at the first meeting of shareholders and at
      each annual meeting of shareholders and all the directors then in office
      shall retire but, if qualified, shall be eligible for re-election. The
      election shall be by resolution. If an election of directors is not held
      at the proper time, the incumbent directors shall continue in office until
      their successors are elected.</P></TD></TR></TABLE>
<P align=center>B-4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.4 </TD>
    <TD>
      <P align=justify><B><U>Removal of directors </U></B>- Subject to the Act,
      the shareholders may by ordinary resolution passed at an annual or special
      meeting remove any director from office and the vacancy created by such
      removal may be filled at the same meeting failing which it may be filled
      by the Board.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.5 </TD>
    <TD>
      <P align=justify><B><U>Vacation of Office </U></B>- A director ceases to
      hold office when such director: (a) dies or, subject to the Act, resigns;
      (b) is removed from office by the shareholders in accordance with the Act;
      or (c) ceases to be qualified for election as a director in accordance
      with the Act. A resignation of a director becomes effective at the time a
      written resignation is sent or delivered to the Corporation or the time
      specified in such resignation, whichever is later.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.6 </TD>
    <TD>
      <P align=justify><B><U>Vacancies </U></B>- Subject to the Act and the
      articles, a quorum of the Board may fill a vacancy in the Board, except a
      vacancy resulting from:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(a) </TD>
    <TD>
      <P align=justify>an increase in the number of directors, unless the
      directors are authorized to determine the number of directors and the
      appointment of an additional director would not result in a total number
      of directors greater than one and one-third times the number of directors
      required to have been elected at the last annual meeting of
      shareholders;</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(b) </TD>
    <TD>
      <P align=justify>an increase in the maximum number of directors;
  or</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(c) </TD>
    <TD>
      <P align=justify>a failure of the shareholders to elect the number of
      directors required to be elected at any meeting of shareholders.</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align=center>&nbsp;</TD>
    <TD vAlign=top width="5%" align=left>(d) </TD>
    <TD>
      <P align=justify>In the absence of a quorum of the Board, or if the
      vacancy has arisen from a failure of the shareholders to elect the number
      of directors required to be elected at any meeting of shareholders, the
      Board shall forthwith call a special meeting of shareholders to fill the
      vacancy. If the Board fails to call such meeting or if there are no
      directors then in office, any shareholder may call the
  meeting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.7 </TD>
    <TD>
      <P align=justify><B><U>Action by the Board </U></B>- The Board shall
      manage, or supervise the management of, the business and affairs of the
      Corporation. Subject to Section 4.8, the powers of
      the Board may be exercised by resolution passed at a meeting at which a
      quorum is present or by resolution in writing signed by all the directors
      entitled to vote on that resolution at a meeting of the Board. Where there
      is a vacancy in the Board, the remaining directors may exercise all the
      powers of the Board so long as a quorum remains in office. Where the
      Corporation has only one director, that director may constitute a
      meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.8 </TD>
    <TD>
      <P align=justify><B><U>Meeting by Communications Facilities </U></B>- If
      all the directors of the Corporation consent, a meeting of the Board or of
      a committee of the Board may be held by means of such telephone,
      electronic or other communications facilities as permit all persons
      participating in the meeting to communicate with each other simultaneously
      and instantaneously, and a director participating in such a meeting by
      such means is deemed to be present at the meeting. Any such consent shall
      be effective whether given before or after the meeting to which it relates
      and may be given with respect to all meetings of the Board and committees
      of the Board. If a majority of directors participating in a meeting held
      under this Section are then in Canada, the meeting shall be deemed to be
      held in Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.9 </TD>
    <TD>
      <P align=justify><B><U>Place of Meetings </U></B>- Meetings of the Board
      may be held at any place within or outside Ontario. In any financial year
      of the Corporation, a majority of the meetings of the Board need not be
      held in Canada.</P></TD></TR></TABLE>
<P align=center>B-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4.10 </TD>
    <TD>
      <P align=justify><B><U>Calling of Meetings </U></B>- Meetings of the Board
      shall be held from time to time at such time and at such place as the
      Board, the chair of the Board, the chief executive officer, the president,
      a vice- president who is a director or any two directors may
    determine.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.11 </TD>
    <TD>
      <P align=justify><B><U>Notice of Meeting </U></B>- Notice of the time and
      place of each meeting of the Board shall be given in the manner provided
      in Section 11.1 to each director not less than 48
      hours before the time when the meeting is to be held. A notice of a
      meeting of directors need not specify the purpose of or the business to be
      transacted at the meeting except where the Act requires such purpose or
      business to be specified. A director may in any manner waive notice of a
      meeting of the Board, and attendance of a director at a meeting
      constitutes a waiver of notice, except where the director attends a
      meeting for the express purpose of objecting to the transaction of any
      business on the grounds that the meeting is not lawfully called.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.12 </TD>
    <TD>
      <P align=justify><B><U>First Meeting of New Board </U></B>- Provided a
      quorum of directors is present, each newly elected Board may without
      notice hold its first meeting immediately following the meeting of
      shareholders at which such Board is elected.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.13 </TD>
    <TD>
      <P align=justify><B><U>Adjourned Meeting </U></B>- Notice of an adjourned
      meeting of the Board is not required if the time and place of the
      adjourned meeting is announced at the original meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.14 </TD>
    <TD>
      <P align=justify><B><U>Regular Meetings </U></B>- The Board may appoint a
      day or days in any month or months for regular meetings of the Board at a
      place and hour to be named. A copy of any resolution of the Board fixing
      the place and time of such regular meetings shall be sent to each director
      forthwith after being passed, but no other notice shall be required for
      any such regular meeting except where the Act requires the purpose thereof
      or the business to be transacted thereat to be specified.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.15 </TD>
    <TD>
      <P align=justify><B><U>Meetings Without Notice</U></B><B>. </B>A meeting
      of the Board may be held at any time and place permitted by the Act or the
      articles or the by-laws without notice or on shorter notice than that
      provided for in this by-law, and proceedings at such meeting shall not be
      invalidated if all the directors are present in person (except where a
      director attends the meeting for the express purpose of objecting to the
      transaction of any business on the grounds that the meeting is not
      lawfully called) or if not so present have received notice, or before or
      after the meeting or the time prescribed for the notice of such meeting,
      in writing waive notice of or accept short notice of such
  meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.16 </TD>
    <TD>
      <P align=justify><B><U>Chair </U></B>- The chair of any meeting of the
      Board shall be the first mentioned of such of the following officers as
      have been appointed and who is a director and is present at the meeting:
      chair of the Board, chief executive officer, president, or a
      vice-president. If no such officer is present, the directors present shall
      choose one of their number to be chair.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.17 </TD>
    <TD>
      <P align=justify><B><U>Votes to Govern </U></B>- At all meetings of the
      Board every question shall be decided by a majority of the votes cast on
      the question of those directors entitled to vote. In case of an equality
      of votes the chair of the meeting shall not be entitled to a second or
      casting vote.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.18 </TD>
    <TD>
      <P align=justify><B><U>Conflict of Interest </U></B>- A director or
      officer who:</P></TD></TR>
  </TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>(a) </TD>
    <TD>
      <P align=justify>is a party to; or</P></TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=left>(b) </TD>
    <TD>
      <P align=justify>is a director or an officer of, or has a material
      interest in, any person who is a party to;</P></TD></TR></TABLE>
      <P align=center>B-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="5%" align=center valign="top">
    <p align="left">(c)</TD>
    <TD width="90%" valign="top">
      <P align=justify>a material contract or transaction or proposed material
      contract or transaction with the Corporation shall disclose the nature and
      extent of such director's or officer's interest at the time and in the
      manner provided by the Act. Any such contract or transaction or proposed
      material contract or transaction shall be referred to the Board or
      shareholders for approval in accordance with the Act even if such contract
      or proposed material contract or transaction is one that in the ordinary
      course of the Corporation's business would not require approval by the
      Board or shareholders, and a director interested in a contract or
      transaction so referred to the Board shall not attend any part of a
      meeting of the Board during which the contract or transaction is discussed
      and shall not vote on any resolution to approve such contract or
      transaction except as provided by the Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4.19 </TD>
    <TD vAlign=top width="5%" colspan="2">
      <P align=justify><B><U>Remuneration and Expenses </U></B>- Subject to the
      articles, the directors shall be paid such remuneration for their services
      as the Board may from time to time determine. The directors shall also be
      entitled to be reimbursed for travelling and other expenses properly
      incurred by them in attending meetings of the Board or any committee
      thereof. Nothing herein contained shall preclude any director from serving
      the Corporation in any other capacity and receiving remuneration therefor
      in that capacity.</P> </TD>
    </TR></TABLE>
<P align=center><B>SECTION 5</B><B> <BR>DELEGATION</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><B><U>Committee of directors </U></B>- The Board may
      appoint a committee of directors and delegate to such committee any of the
      powers of the Board except those which, under the Act, a committee of
      directors has no authority to exercise.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify><B><U>Transaction of Business </U></B>- The powers of a
      committee of directors may be exercised by a meeting at which a quorum is
      present or by resolution in writing signed by all the members of such
      committee who would have been entitled to vote on that resolution at a
      meeting of the committee. Meetings of such committee may be held at any
      place within or outside Ontario.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify><B><U>Procedure </U></B>- Unless otherwise determined by
      the Board, each committee shall have the power to fix its quorum at not
      less than a majority of its members, to elect its chair and to regulate
      its procedure.</P></TD></TR></TABLE>
<P align=center><B>SECTION 6</B><B> <BR>OFFICERS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6.1 </TD>
    <TD>
      <P align=justify><B><U>Appointment </U></B>- Subject to the articles, the
      Board may from time to time appoint a chief executive officer, president,
      chief financial officer, one or more vice-presidents (to which title may
      be added words indicating seniority or function), a secretary, a treasurer
      and such other officers as the Board may determine, including one or more
      assistants to any of the officers so appointed. The Board may specify the
      duties of and, in accordance with this by-law and subject to the Act, the
      articles, delegate to such officers powers to manage the business and
      affairs of the Corporation. Subject to Section 6.2,
      an officer may but need not be a director and one person may hold more
      than one office.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.2 </TD>
    <TD>
      <P align=justify><B><U>Chair of the Board </U></B>- The Board may from
      time to time also appoint a chair of the Board who shall be a director. If
      appointed, the Board may assign to the chair any of the powers and duties
      that are by any provision of this by-law assigned to the chief executive
      officer; and the chair shall, subject to the Act, have such other powers
      and duties as the Board may specify. During the absence or disability of the chair of the Board, the
      chair's duties shall be performed and the chair's powers exercised by the
      chief executive officer.</P></TD></TR></TABLE>
<P align=center>B-7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6.3 </TD>
    <TD>
      <P align=justify><B><U>Chief Executive Officer </U></B>&#150; If appointed, the
      chief executive officer, subject to the authority of the Board, shall be
      responsible for implementing the strategic plans and policies of the
      Corporation as established by the Board; and the chief executive officer
      shall have such other powers and duties as the Board may specify. During
      the absence or disability of the chair, or if no chair has been appointed,
      the chief executive officer shall have the powers and duties of that
      office.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.4 </TD>
    <TD>
      <P align=justify><B><U>President </U></B>- If appointed, the president
      shall have general supervision of the business of the Corporation and
      shall have such other powers and duties as the Board may specify. During
      the absence or disability of the chief executive officer, or if no chief
      executive officer has been appointed, the president shall also have the
      powers and duties of that office.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.5 </TD>
    <TD>
      <P align=justify><B><U>Chief Financial Officer </U></B>&#150; If appointed, the
      chief financial officer shall keep proper accounting records in compliance
      with the Act and shall be responsible for the deposit of money, the
      safekeeping of securities and the disbursement of the funds of the
      Corporation; the chief financial officer shall render to the Board
      whenever required an account of all transactions as chief financial
      officer and of the financial position of the Corporation; and shall have
      such other powers and duties as the Board or the chief executive officer
      may specify.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.6 </TD>
    <TD>
      <P align=justify><B><U>Vice-President </U></B>- If appointed, a
      vice-president shall have such powers and duties as the Board or the chief
      executive officer may specify.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.7 </TD>
    <TD>
      <P align=justify><B><U>Secretary </U></B>- If appointed, the secretary
      shall attend and be the secretary of all meetings of the Board,
      shareholders and committees of the Board and shall enter or cause to be
      entered in records kept for that purpose minutes of all proceedings
      thereat; the secretary shall give or cause to be given, as and when
      instructed, all notices to shareholders, directors, officers, auditors and
      members of committees of the Board; the secretary shall be the custodian
      of the stamp or mechanical device generally used for affixing the
      corporate seal of the Corporation and of all books, papers, records,
      documents and instruments belonging to the Corporation, except when some
      other officer or agent has been appointed for that purpose; and the
      secretary shall have such other powers and duties as the Board or the
      chief executive officer may specify.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.8 </TD>
    <TD>
      <P align=justify><B><U>Treasurer </U></B>- If appointed, the treasurer
      shall have such powers and duties as the Board or the chief financial
      officer may specify. During the absence or disability of the chief
      financial officer, or if no chief financial officer has been appointed,
      the treasurer shall have the powers and duties of that office.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.9 </TD>
    <TD>
      <P align=justify><B><U>Powers and Duties of Other Officers </U></B>- The
      powers and duties of all other officers shall be such as the terms of
      their engagement call for or as the Board or the chief executive officer
      may specify. Any of the powers and duties of an officer to whom an
      assistant has been appointed may be exercised and performed by such
      assistant, unless the Board or the chief executive officer otherwise
      directs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6.10 </TD>
    <TD>
      <P align=justify><B><U>Variation of Powers and Duties </U></B>- The Board
      may from time to time and subject to the Act, vary, add to or limit the
      powers and duties of any officer.</P></TD></TR></TABLE>
<P align=center>B-8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%" align="left">6.11 </TD>
    <TD vAlign=top width="5%" align="left" colspan="2">
      <P align=justify><B><U>Term of Office </U></B>- The Board, in its
      discretion, may remove any officer of the Corporation, without prejudice
      to such officer's rights under any employment contract. Otherwise each
      officer appointed by the Board shall hold office until such officer's
      successor is appointed, or until such officer's earlier
  resignation.</P> </TD>
    </TR>
  <TR>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="left">6.12 </TD>
    <TD vAlign=top width="5%" align="left" colspan="2">
      <P align=justify><B><U>Terms of Employment and Remuneration </U></B>- The
      terms of employment and the remuneration of officers appointed by the
      Board shall be settled by it from time to time.</P> </TD>
    </TR>
  <TR>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="left">6.13 </TD>
    <TD vAlign=top width="5%" align="left" colspan="2">
      <P align=justify><B><U>Conflict of Interest </U></B>- An officer
    who:</P> </TD>
    </TR>
  <TR>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>(a) </TD>
    <TD width="90%">
      <P align=justify>is a party to; or</P></TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>(b) </TD>
    <TD width="90%">
      <P align=justify>is a director or an officer of, or has a material
      interest in, any person who is a party to;</P></TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>(c) </TD>
    <TD width="90%">
      <P align=justify>a material contract or transaction or proposed material
      contract or transaction with the Corporation shall disclose the nature and
      extent of such officer's interest at the time and in the manner provided
      by the Act.</P></TD></TR>
  <TR>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" align="left">6.14 </TD>
    <TD vAlign=top width="5%" align="left" colspan="2">
      <P align=justify><B><U>Agents and Attorneys </U></B>- The Board shall have
      power from time to time to appoint agents or attorneys for the Corporation
      in or outside Canada with such powers of management or otherwise
      (including the power to sub-delegate) as may be thought fit.</P> </TD>
    </TR>
  <TR>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" align="left">6.15</TD>
    <TD vAlign=top width="5%" align="left" colspan="2"><B><U>Fidelity Bonds </U></B>- The Board may require such
      officers, employees and agents of the Corporation as the Board deems
      advisable to furnish bonds for the faithful discharge of their powers and
      duties, in such form and with such surety as the Board may from time to
      time determine.</TD>
    </TR></TABLE>
<P align=center><B>SECTION 7</B><B> <BR></B><B>PROTECTION OF DIRECTORS, OFFICERS
AND OTHERS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7.1 </TD>
    <TD>
      <P align=justify><B><U>Limitation of Liability </U></B>- No director or
      officer shall be liable for the acts, receipts, neglects or defaults of
      any other director or officer or employee, or for joining in any receipt
      or other act for conformity, or for any loss, damage or expense happening
      to the Corporation through the insufficiency or deficiency of title to any
      property acquired for or on behalf of the Corporation, or for the
      insufficiency or deficiency of any security in or on which any of the
      moneys of the Corporation shall be invested, or for any loss or damage
      arising from the bankruptcy, insolvency or tortious acts of any person
      with whom any of the moneys, securities or effects of the Corporation
      shall be deposited, or for any loss occasioned by any error of judgment or
      oversight on such individual's part, or for any other loss, damage or
      misfortune whatever which shall happen in the execution of the duties of
      such individual's office or in relation thereto; provided that nothing
      herein shall relieve any director or officer from the duty to act in
      accordance with the Act and the Regulations or from liability for any
      breach thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7.2 </TD>
    <TD>
      <P align=justify><B><U>Indemnity </U></B>- Subject to the Act, the
      Corporation shall indemnify a director or officer of the Corporation, a
      former director or officer of the Corporation or another individual who
      acts or acted at the Corporation's request as a director or officer, or an
      individual acting in a similar capacity, of another entity, and such
      person's heirs and legal representatives, against all costs, charges and
      expenses, including an amount paid to settle an action or satisfy a
      judgment, reasonably incurred by the individual in respect of any civil,
      criminal, administrative, investigative or other proceeding in which the
      individual is involved because of that association with the Corporation or
      other entity, if:</P></TD></TR></TABLE>
<P align=center>B-9 </P>
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width="100%" noShade>
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<TABLE
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  <TR>
    <TD width="5%" align=left valign="top">&nbsp;</TD>
    <TD width="5%" align=left valign="top">(a) </TD>
    <TD width="90%">
      <P align=justify>the individual acted honestly and in good faith with a
      view to the best interests of the Corporation or, as the case may be, to
      the best interest of the other entity for which the individual acted as a
      director or officer or in a similar capacity at the Corporation's request;
      and</P></TD></TR>
  <TR>
    <TD width="5%" align=left valign="top">&nbsp;</TD>
    <TD width="5%" align=left valign="top">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" align=left valign="top">&nbsp;</TD>
    <TD width="5%" align=left valign="top">(b) </TD>
    <TD width="90%">
      <P align=justify>in the case of a criminal or administrative action or
      proceeding that is enforced by a monetary penalty, the person had
      reasonable grounds for believing that the individual's conduct was
      lawful.</P></TD></TR>
  <TR>
    <TD width="5%" align="left" valign="top">&nbsp;</TD>
    <TD width="5%" align="left" valign="top">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%" align="left"><B>7.3</B> </TD>
    <TD vAlign=top width="5%" align="left" colspan="2">
      <P align=justify><B><U>Insurance </U></B>- Subject to the Act, the
      Corporation may purchase and maintain such insurance for the benefit of
      its directors and officers as such, as the Board may from time to time
      determine.</P> </TD>
    </TR></TABLE>
<P align=center><B>SECTION 8</B><B> <BR>SHARES </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8.1 </TD>
    <TD>
      <P align=justify><B><U>Allotment </U></B>- Subject to the Act and the
      articles, the Board may from time to time allot or grant options to
      purchase the whole or any part of the authorized and unissued shares of
      the Corporation at such times and to such persons and for such
      consideration as the Board shall determine, provided that no share shall
      be issued until it is fully paid as provided by the Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.2 </TD>
    <TD>
      <P align=justify><B><U>Commissions </U></B>- The Board may from time to
      time authorize the Corporation to pay a reasonable commission to any
      person in consideration of such person purchasing or agreeing to purchase
      shares of the Corporation, whether from the Corporation or from any other
      person, or procuring or agreeing to procure purchasers for any such
      shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.3 </TD>
    <TD>
      <P align=justify><B><U>Registration of Transfer </U></B>- Subject to the
      Act, no transfer of shares shall be registered in a securities register
      except on presentation of the certificate representing such shares with an
      endorsement which complies with the Act, together with such reasonable
      assurance or evidence of signature, identification and authority to
      transfer as the Board may from time to time prescribe, on payment of all
      applicable taxes and any fees prescribed by the Board, on compliance with
      such restrictions on transfer as are authorized by the articles and on
      satisfaction of any lien referred to in Section 8.5.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.4 </TD>
    <TD>
      <P align=justify><B><U>Transfer Agents and Registrars </U></B>- The Board
      may from time to time appoint a registrar to maintain the securities
      register and a transfer agent to maintain the register of transfers and
      may also appoint one or more branch registrars to maintain branch
      securities registers and one or more branch transfer agents to maintain
      branch registers of transfers, but one person may be appointed both
      registrar and transfer agent. The Board may at any time terminate any such
      appointment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.5 </TD>
    <TD>
      <P align=justify><B><U>Lien for Indebtedness </U></B>- If the articles
      provide that the Corporation shall have a lien on shares registered in the
      name of a shareholder indebted to the Corporation, such lien may be
      enforced, subject to any other provision of the articles, by the sale of
      the shares thereby affected or by any other action, suit, remedy or
      proceeding authorized or permitted by law or by equity and, pending such
      enforcement, the Corporation may refuse to register a transfer of the
      whole or any part of such shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.6 </TD>
    <TD>
      <P align=justify><B><U>Non-recognition of Trusts </U></B>- Subject to the
      Act, the Corporation may treat the person in whose name a share is
      registered in the securities register as the person exclusively entitled
      to vote, to receive notices, to receive any dividend or other payments in
      respect of the share and otherwise to exercise all the rights and powers
      of an owner.</P></TD></TR></TABLE>
<P align=center>B-10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8.7 </TD>
    <TD>
      <P align=justify><B><U>Security Certificates </U></B>- A security issued
      by the Corporation may be represented by a security certificate or may be
      an uncertificated security. Unless otherwise provided in the articles, the
      Board may by resolution provide that any or all classes and series of
      shares or other securities of the Corporation shall be uncertificated
      securities, provided that such resolution shall not apply to securities
      represented by a certificate until such certificate is surrendered to the
      Corporation. Subject to the Act, security certificates shall be in such
      form as the Board shall from time to time approve. Any security
      certificate shall be signed in accordance with Section
      2.2 and need not be under the corporate seal; provided
      that, unless the Board otherwise determines, certificates representing
      securities in respect of which a transfer agent and/or registrar has been
      appointed shall not be valid unless countersigned by or on behalf of such
      transfer agent and/or registrar. The signature of one of the signing
      officers or, in the case of security certificates which are not valid
      unless countersigned by or on behalf of a transfer agent and/or registrar,
      the signatures of both signing officers, may be printed or mechanically
      reproduced in facsimile on security certificates and every such facsimile
      signature shall for all purposes be deemed to be the signature of the
      officer whose signature it reproduces and shall be binding on the
      Corporation. A security certificate executed as aforesaid shall be valid
      notwithstanding that one or both of the officers whose facsimile signature
      appears thereon no longer holds office at the date of issue of the
      certificate.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.8 </TD>
    <TD>
      <P align=justify><B><U>Replacement of Security Certificates </U></B>- The
      Board or any officer or agent designated by the Board may in its or such
      person's discretion direct the issue of a new security certificate in lieu
      of and on cancellation of a security certificate that has been mutilated
      or in substitution for a security certificate claimed to have been lost,
      destroyed or wrongfully taken on payment of such fee, not exceeding the
      amount prescribed by the Regulations, and on such terms as to indemnity,
      reimbursement of expenses and evidence of loss and of title as the Board
      may from time to time prescribe, whether generally or in any particular
      case.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.9 </TD>
    <TD>
      <P align=justify><B><U>Joint Security Holders </U></B>- If two or more
      persons are registered as joint holders of any security, the Corporation
      shall not be bound to issue more than one certificate in respect thereof,
      and delivery of such certificate to one of such persons shall be
      sufficient delivery to all of them. Any one of such persons may give
      effectual receipts for the certificate issued in respect thereof or for
      any dividend, bonus, return of capital or other money payable or warrant
      issuable in respect of such security.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8.10 </TD>
    <TD>
      <P align=justify><B><U>Deceased Security Holders </U></B>- In the event of
      the death of a holder, or of one of the joint holders, of any security,
      the Corporation shall not be required to make any entry in the securities
      register in respect thereof or to make payment of any dividends thereon
      except on production of all such documents as may be required by law and
      on compliance with the reasonable requirements of the Corporation and its
      transfer agents.</P></TD></TR></TABLE>
<P align=center><B>SECTION 9</B><B> <BR>DIVIDENDS AND RIGHTS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9.1 </TD>
    <TD>
      <P align=justify><B><U>Dividends </U></B>- Subject to the Act, the Board
      may from time to time declare dividends payable to the shareholders
      according to their respective rights and interests in the Corporation.
      Dividends may be paid in money or property or by issuing fully paid shares
      of the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.2 </TD>
    <TD>
      <P align=justify><B><U>Payment of Dividends</U></B>&#150; Any dividend payable
      in money to shareholders shall be paid by cheque or by electronic means or
      by such other method as the Board may determine. The payment shall be made
      to or to the order of each registered holder of shares in respect of which
      the payment is to be made. Cheques shall be sent to the registered
      holder's recorded address, unless the holder otherwise directs. In the
      case of joint holders, the payment shall be made to the order of all of
      such joint holders and, if applicable, sent to them at their recorded
      address, unless such joint holders otherwise direct. The sending of the
      cheque or the sending of the payment by electronic means or the sending of
      the payment by a method determined by the Board in an amount equal to the
      dividend to be paid less any tax that the Corporation is required to
      withhold shall satisfy and discharge the liability for the payment, unless
      the payment is not made upon presentation, if applicable.</P></TD></TR></TABLE>
<P align=center>B-11 </P>
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  <TR>
    <TD vAlign=top width="5%">9.3 </TD>
    <TD>
      <P align=justify><B><U>Non-Receipt of Payment </U></B>- In the event of
      non-receipt of any payment as contemplated by Section 9.2 by the person to
      whom it is sent, the Corporation may issue re-payment to such person for a
      like amount. The Board may determine, whether generally or in any
      particular case, the terms on which any re-payment may be made, including
      terms as to indemnity, reimbursement of expenses and evidence of
      non-receipt and of title.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.4 </TD>
    <TD>
      <P align=justify><B><U>Record Date for Dividends and Rights </U></B>- The
      Board may fix in advance a date, preceding by not more than 50 days, the
      date for the payment of any dividend or the date for the issue of any
      warrant or other evidence of the right to subscribe for securities of the
      Corporation, as a record date for the determination of the persons
      entitled to receive payment of such dividend or to exercise the right to
      subscribe for such securities, provided that notice of any such record
      date shall be given, not less than 7 days before such record date. Where
      no record date is fixed so, the record date for the determination of the
      persons entitled to receive payment of any dividend or to exercise the
      right to subscribe for securities of the Corporation shall be at the close
      of business on the day on which the resolution relating to such dividend
      or right to subscribe is passed by the Board.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9.5 </TD>
    <TD>
      <P align=justify><B><U>Unclaimed Dividends </U></B>- Any dividend that
      remains unclaimed after the expiry of the applicable limitation period
      shall be forfeited and shall revert to the
Corporation.</P></TD></TR></TABLE>
<P align=center><B>SECTION 10</B><B> <BR></B><B>MEETINGS OF SHAREHOLDERS
</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10.1 </TD>
    <TD>
      <P align=justify><B><U>Annual Meetings </U></B>- The annual meeting of
      shareholders shall be held at such time in each year and, subject to
      Section 10.3, at such place as the Board, may from
      time to time determine, for the purpose of considering the financial
      statements and reports required by the Act to be placed before the annual
      meeting, electing directors, appointing auditors and for the transaction
      of such other business as may properly be brought before the
    meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.2 </TD>
    <TD>
      <P align=justify><B><U>Special Meetings </U></B>- The Board, the chair of
      the Board, the chief executive officer, or the president shall have the
      power to call a special meeting of shareholders at any time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.3 </TD>
    <TD>
      <P align=justify><B><U>Place of Meetings </U></B>&#150; Subject to the
      articles, meetings of shareholders shall be held at the registered office
      of the Corporation or, if the Board shall so determine, at some other
      place in Ontario or, at some place outside Ontario if all the shareholders
      entitled to vote at the meeting so agree. A meeting of shareholders held
      under Section 10.4 is deemed to be held at the place where the registered
      office is located.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.4 </TD>
    <TD>
      <P align=justify><B><U>Participation by Electronic Means </U></B>- If the
      Corporation chooses to make available a telephonic or electronic facility
      that permits all participants to communicate adequately with each other
      during a meeting of shareholders, any shareholder entitled to attend such
      meeting may participate in the meeting by means of such telephonic or electronic
      communication facility. A shareholder, who through such means votes at the
      meeting or establishes a communications link to the meeting is deemed to
      be present at the meeting. Notwithstanding any other provision of this by-
      law, any person participating in a meeting of shareholders pursuant to
      this Section who is entitled to vote at that meeting may vote, in
      accordance with the Act and the Regulations, by means of any telephonic,
      electronic or other communication facility that the Corporation has made
      available for that purpose.</P></TD></TR></TABLE>
<P align=center>B-12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
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<TABLE
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  <TR>
    <TD vAlign=top width="5%">10.5 </TD>
    <TD>
      <P align=justify><B><U>Notice of Meetings </U></B>- Notice of the time and
      place of each meeting of shareholders shall be given in the manner
      provided in Section 11.1 not less than 10 nor more
      than 50 days before the date of the meeting, or within such other period
      as may be provided by the Act or prescribed by the Regulations to each
      director, to the auditor and to each shareholder who at the close of
      business on the record date for notice, is entered in the securities
      register as the holder of one or more shares carrying the right to vote at
      the meeting. Notice of a meeting of shareholders called for any purpose
      other than consideration of the financial statements and auditors report,
      election of directors and reappointment of the incumbent auditors shall
      state the nature of such business in sufficient detail to permit the
      shareholder to form a reasoned judgment thereon and shall state the text
      of any special resolution to be submitted to the meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.6 </TD>
    <TD>
      <P align=justify><B><U>List of Shareholders Entitled to Notice </U></B>-
      For every meeting of shareholders, the Corporation shall prepare within
      the time specified by the Act a list of shareholders entitled to receive
      notice of the meeting, arranged in alphabetical order and showing the
      number of shares held by each shareholder. If a record date for notice is
      fixed pursuant to Section 10.7, the shareholders
      listed shall be those registered at the close of business on such record
      date. If no record date for notice is so fixed, the shareholders listed
      shall be those registered (a) at the close of business on the day
      immediately preceding the day on which notice of the meeting is given, or
      (b) on the day on which the meeting is held where no such notice is given.
      The list shall be available for examination by any shareholder during
      usual business hours at the registered office of the Corporation or at the
      place where the central securities register is maintained and at the
      meeting for which the list was prepared.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.7 </TD>
    <TD>
      <P align=justify><B><U>Record Date for Notice </U></B>The Board may fix in
      advance a date, preceding the date of any meeting of shareholders by not
      less than 30 days and not more than 60 days, as a record date for the
      determination of the shareholders entitled to notice of the meeting, and
      notice of any such record date shall be given not less than 7 days before
      such record date by newspaper advertisement and written notice in the
      manner provided by the Act. If no record date for notice is so fixed, the
      record date for the determination of the shareholders entitled to notice
      of the meeting shall be (a) at the close of business on the day
      immediately preceding the day on which notice of the meeting is given, or
      (b) on the day on which the meeting is held where no such notice is
      given.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.8 </TD>
    <TD>
      <P align=justify><B><U>Meetings without Notice </U></B>- A meeting of
      shareholders may be held at any time and place permitted by the Act
      without notice or on shorter notice than that provided for herein, and
      proceedings thereat shall not be invalidated (a) if all the shareholders
      entitled to vote thereat are present in person or represented by proxy
      (other than as expressly to object that the meeting is not lawfully
      called) or if those not present in person or represented by proxy waive
      notice before or after the meeting or the time prescribed for the notice
      thereof, in writing of such meeting being held, and (b) if the auditors
      and the directors are present or if those not present, waive notice of or
      otherwise consent to such meeting being held. At such a meeting any
      business may be transacted which the Corporation at a meeting of
      shareholders may transact. If the meeting is held at a place outside Ontario, shareholders not present
      in person or represented by proxy, but who have waived notice of such
      meeting, shall also be deemed to have consented to the meeting being held
      at such place.</P></TD></TR></TABLE>
<P align=center>B-13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_56></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10.9 </TD>
    <TD>
      <P align=justify><B><U>Chair, Secretary and Scrutineers </U></B>- The
      chair of any meeting of shareholders shall be the first mentioned of such
      of the following officers as have been appointed and who is present at the
      meeting: chair of the Board (if requested by the chief executive officer,
      or in the absence of the chief executive officer and president), chief
      executive officer, president, or a vice -president who is a director. If
      no such officer is present within 15 minutes from the time fixed for
      holding the meeting, the persons present and entitled to vote shall choose
      one of their number to be chair. If the secretary of the Corporation is
      absent, the chair shall appoint some person, who need not be a
      shareholder, to act as secretary of the meeting. If desired, one or more
      scrutineers, who need not be shareholders, may be appointed by a
      resolution or by the chair with the consent of the meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.10 </TD>
    <TD>
      <P align=justify><B><U>Persons Entitled to be Present </U></B>- The only
      persons entitled to attend a meeting of shareholders shall be those
      entitled to vote thereat, the directors and auditor of the Corporation and
      others who, although not entitled to vote, are entitled or required under
      the Act or the articles or by-laws to be present at the meeting. Any other
      person may be admitted only on the invitation of the chair of the meeting
      or with the consent of the meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.11 </TD>
    <TD>
      <P align=justify><B><U>Quorum </U></B>- Subject to the Act, a quorum for
      the transaction of business at any meeting of shareholders shall be two
      persons present in person, each being a shareholder entitled to vote
      thereat or a duly appointed representative or proxyholder for an absent
      shareholder so entitled. If a quorum is present at the opening of any
      meeting of shareholders, the shareholders present in person or represented
      by proxy may proceed with the business of the meeting notwithstanding that
      a quorum is not present throughout the meeting. If a quorum is not present
      at the opening of any meeting of shareholders, the shareholders present in
      person or represented by proxy may adjourn the meeting to a fixed time and
      place, but may not transact any other business.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.12 </TD>
    <TD>
      <P align=justify><B><U>Right to Vote </U></B>- Subject to the Act as to
      authorized representatives of any other body corporate or association, at
      any meeting of shareholders for which the Corporation must prepare a list
      referred to in Section 10.6, every person who is
      named in such list shall be entitled to vote the shares shown opposite
      such person's name.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.13 </TD>
    <TD>
      <P align=justify><B><U>Proxies </U></B>- Every shareholder entitled to
      vote at a meeting of shareholders may appoint a proxyholder, or one or
      more alternate proxyholders, who need not be shareholders, to attend and
      act at the meeting in the manner and to the extent authorized and with the
      authority conferred by the proxy. A proxy shall be in writing executed by
      the shareholder or such shareholder's attorney and shall conform with the
      Act. Every such shareholder which is a body corporate or association may
      by resolution of its directors or governing body authorize an individual
      who need not be a shareholder to represent it at a meeting of shareholders
      and such individual may exercise on the shareholder's behalf all the
      powers it could exercise if it were an individual shareholder. The
      authority of such an individual shall be established by depositing with
      the Corporation a certified copy of such resolution, or in such other
      manner as may be satisfactory to the secretary of the Corporation or the
      chair of the meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.14 </TD>
    <TD>
      <P align=justify><B><U>Time for Deposit of Proxies </U></B>- The Board may
      specify in a notice calling a meeting of shareholders a time, preceding
      the time of such meeting by not more than 48 hours exclusive of
      non-business days, before which time proxies to be used at such meeting
      must be deposited. A proxy shall be acted on only if, prior to the time so
      specified, it shall have been deposited with the Corporation or an agent
      thereof specified in such notice or, if no such time is specified in such
      notice, unless it has been received by the secretary of the Corporation or
      by the chair of the meeting or any adjournment thereof prior to the time
      of voting.</P></TD></TR></TABLE>
<P align=center>B-14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_57></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10.15 </TD>
    <TD>
      <P align=justify><B><U>Joint Shareholders </U></B>- If two or more persons
      hold shares jointly, one of them present in person or represented by proxy
      at a meeting of shareholders may, in the absence of the other or others,
      vote the shares; but if two or more of those persons are present in person
      or represented by proxy and vote, they shall vote as one on the shares
      jointly held by them.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.16 </TD>
    <TD>
      <P align=justify><B><U>Votes to Govern </U></B>- At any meeting of
      shareholders every question shall, unless otherwise required by the
      articles or by-laws or by law, be determined by a majority of the votes
      cast on the question. In case of an equality of votes either on a show of
      hands or on a ballot or on results of electronic voting, the chair of the
      meeting shall not be entitled to a second or casting vote.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.17 </TD>
    <TD>
      <P align=justify><B><U>Show of Hands </U></B>- Subject to the Act, any
      question at a meeting of shareholders shall be decided by a show of hands
      unless a ballot thereon is required or demanded as hereinafter provided.
      On a show of hands every person who is present and entitled to vote shall
      have one vote. Whenever a vote by show of hands shall have been taken on a
      question, unless a ballot thereon is so required or demanded, a
      declaration by the chair of the meeting that the vote on the question has
      been carried or carried by a particular majority or not carried and an
      entry to that effect in the minutes of the meeting shall be <I>prima facie
      </I>evidence of the fact without proof of the number or proportion of the
      votes recorded in favour of or against any resolution or other proceeding
      in respect of the question, and the result of the vote so taken shall be
      the decision of the shareholders on the question.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.18 </TD>
    <TD>
      <P align=justify><B><U>Ballots </U></B>- On any question proposed for
      consideration at a meeting of shareholders, and whether or not a show of
      hands has been taken thereon, the chair may require a ballot of any person
      present or any shareholder or proxyholder entitled to vote on such
      question at the meeting may demand a ballot. A ballot so demanded shall be
      taken in such manner as the chair shall direct. A demand for a ballot may
      be withdrawn at any time prior to the taking of the ballot. If a ballot is
      taken each person present shall be entitled, in respect of the shares
      which such person is entitled to vote at the meeting on the question, to
      that number of votes provided by the Act or the articles, and the result
      of the ballot so taken shall be the decision of the shareholders on the
      question.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.19 </TD>
    <TD>
      <P align=justify><B><U>Adjournment </U></B>- If a meeting of shareholders
      is adjourned by one or more adjournments for an aggregate of less than 30
      days it is not necessary to give notice of the adjourned meeting other
      than by announcement at the time of an adjournment. If a meeting of
      shareholders is adjourned by one or more adjournments for an aggregate of
      30 days or more but not more than 90 days, notice of the adjourned meeting
      shall be given as for an original meeting but the management of the
      Corporation shall not be required to send a form of proxy in the form
      provided by the Act to each shareholder who is entitled to receive notice
      of the meeting.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.20 </TD>
    <TD>
      <P align=justify><B><U>Resolution in Writing </U></B>- A resolution in
      writing signed by all the shareholders entitled to vote on that resolution
      at a meeting of shareholders is as valid as if it had been passed at a
      meeting of the shareholders unless a written statement with respect to the
      subject matter of the resolution is submitted by a director or the
      auditors in accordance with the Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10.21 </TD>
    <TD>
      <P align=justify><B><U>Only One Shareholder </U></B>- Where the
      Corporation has only one shareholder or only one holder of any class or
      series of shares, the shareholder present in person or by proxy
      constitutes a meeting.</P></TD></TR></TABLE>
<P align=center>B-15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_58></A>
<P align=center><B>SECTION 11</B><B> <BR>NOTICES </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11.1</TD>
    <TD>
      <P align=justify><B><U>Method of Giving Notices </U></B>- Any notice
      (which term includes any communication or document) to be given (which
      term includes sent, delivered or served) pursuant to the Act, the
      Regulations, the articles, the by-laws or otherwise to a shareholder,
      director, officer or member of a committee of the Board or to the auditors
      shall be sufficiently given if delivered personally to the person to whom
      it is to be given or if delivered to such person's recorded address or if
      mailed to such person at such person's recorded address by prepaid
      ordinary or air mail or if sent to such person at such person's recorded
      address by facsimile or if provided to such person by electronic means in
      accordance with the <I>Electronic Commerce Act, 2000 </I>(Ontario). A
      notice so delivered shall be deemed to have been given when it is
      delivered personally or to the recorded address as aforesaid; a notice so
      mailed shall be deemed to have been received by the addressee on the fifth
      day after mailing; and a notice so provided by electronic means (including
      by facsimile) shall be deemed to have been sent and received in the manner
      and at the time specified in the <I>Electronic Commerce Act, 2000
      </I>(Ontario). The secretary may change or cause to be changed the
      recorded address of any shareholder, director, officer, auditor or member
      of a committee of the Board in accordance with any information believed by
      the secretary to be reliable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.2 </TD>
    <TD>
      <P align=justify><B><U>Notice to Joint Shareholders </U></B>- If two or
      more persons are registered as joint holders of any share, any notice
      shall be addressed to all of such joint holders but notice to one of such
      persons shall be sufficient notice to all of them.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.3 </TD>
    <TD>
      <P align=justify><B><U>Computation of Time </U></B>- In computing the date
      when notice must be given under any provision requiring a specified number
      of days notice of any meeting or other event, the date of giving the
      notice shall be excluded and the date of the meeting or other event shall
      be included.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.4 </TD>
    <TD>
      <P align=justify><B><U>Undelivered Notices </U></B>- If any notice given
      to a shareholder pursuant to Section 11.1 is returned on three consecutive
      occasions because such shareholder cannot be found, the Corporation shall
      not be required to give any further notices to such shareholder until such
      shareholder informs the Corporation in writing of such shareholder's new
      address.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.5 </TD>
    <TD>
      <P align=justify><B><U>Omissions and Errors </U></B>- The accidental
      omission to give any notice to any shareholder, director, officer, auditor
      or member of a committee of the Board or the non-receipt of any notice by
      any such person or any error in any notice not affecting the substance
      thereof shall not invalidate any action taken at any meeting held pursuant
      to such notice or otherwise founded thereon.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.6 </TD>
    <TD>
      <P align=justify><B><U>Persons Entitled by Death or Operation of Law
      </U></B>- Every person who, by operation of law, transfer, death of a
      shareholder or any other means whatsoever, shall become entitled to any
      share, shall be bound by every notice in respect of such share which shall
      have been duly given to the shareholder from whom such person derives
      title to such share prior to such person's name and address being entered
      on the securities register (whether such notice was given before or after
      the happening of the event on which such person became so entitled) and
      prior to such person furnishing to the Corporation the proof of authority
      or evidence of entitlement provided by the Act.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11.7 </TD>
    <TD>
      <P align=justify><B><U>Waiver of Notice </U></B>- Any shareholder, (or
      such shareholder's duly appointed proxyholder), director, officer,
      auditors or member of a committee of the Board may at any time waive any
      notice, or waive or abridge the time for any notice, required to be given
      to such person under the Act, the Regulations, the articles, the by-laws
      or otherwise and such waiver or abridgement, whether given before or after the
meeting or other event of which notice is required to be given, shall cure any
default in the giving or in the time of such notice, as the case may be. Any
such waiver or abridgement shall be in writing or by electronic means in
accordance with the <I>Electronic Commerce Act, 2000</I> (Ontario) except a
waiver of notice of a meeting of shareholders or of the Board or of a committee
of the Board which may be given in any manner. </P></TD></TR></TABLE>
<P align=center>B-16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_59></A>
<P align=center><B>SECTION 12</B><B> <BR>EFFECTIVE DATE</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12.1 </TD>
    <TD>
      <P align=justify><B><U>Effective Date </U></B>- This by-law shall be
      effective when made by the Board.</P></TD></TR></TABLE>
<P align=justify>Enacted by the directors of the Corporation by resolution
effective the 23rd day of January, 2014. </P>
<P align=center>B-17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_60></A>
<P align=center><B>SCHEDULE </B><B>&#147;</B><B>C</B><B>&#148;</B><B> </B></P>
<P align=center><B><FONT size=4>BY-LAW AMENDMENT </FONT></B></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendment to By-Law to provide
for <BR>advance notice requirements for the nomination of directors
of<BR></B><B>Energy Fuels Inc. (the &#147;Corporation&#148;)</B><B> </B></P>
<P align=justify>By-Law No. 2 of the Corporation (or, if the repeal of By-law
No. 1A and the making of By-law No. 2 is not confirmed by shareholders, By-law
No. 1A) is hereby amended by adding the following Section 10A: </P>
<P align=justify><B>Section Ten A </B></P>
<P align=justify><B>NOMINATIONS OF DIRECTORS </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>10A.01 </TD>
    <TD width="95%" align=left>
      <P align=justify>Subject only to the Act and the articles, only persons
      who are nominated in accordance with the following procedures shall be
      eligible for election as directors of the Corporation. Nominations of
      persons for election to the board of directors of the Corporation may be
      made at any annual meeting of shareholders, or at any special meeting of
      shareholders if one of the purposes for which the special meeting was
      called was the election of directors. Such nominations may be made in the
      following manner: </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>by or at the direction of the board, including pursuant
      to a notice of meeting;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by or at the direction or request of one or more
      shareholders of the Corporation pursuant to a proposal made in accordance
      with the provisions of the Act, or a requisition of meeting of the
      shareholders of the Corporation made in accordance with the provisions of
      the Act; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>by any person (a &#147;<B>Nominating Shareholder&#148;</B>): (i)
      who, at the close of business on the date of the giving of the notice
      provided below in this Section 10A and on the record date for notice of
      such meeting, is entered in the securities register of the Corporation as
      a holder of one or more shares carrying the right to vote at such meeting
      or who beneficially owns shares that are entitled to be voted at such
      meeting; and (ii) who complies with the notice procedures set forth in
      this Section 10A.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>10A.02 </TD>
    <TD width="95%" align=left>
      <P align=justify>In addition to any other applicable requirements, for a
      nomination to be made by a Nominating Shareholder, the Nominating
      Shareholder must have given timely notice thereof in proper written form
      to the Secretary of the Corporation at the principal corporate office of
      the Corporation. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>10A.03 </TD>
    <TD width="95%" align=left>To be timely, a Nominating Shareholder&#146;s notice
      to the Secretary of the Corporation must be made: </TD></TR></TABLE>
<P align=center>C-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_61></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in the case of an annual meeting of shareholders, not
      less than 35 nor more than 65 days prior to the date of the annual meeting
      of shareholders; provided, however, that in the event that the annual
      meeting of shareholders is to be held on a date that is less than 50 days
      after the date on which the first public announcement (the &#147;<B>Notice
      Date&#148;</B>) of the date of the annual meeting was made, notice by the
      Nominating Shareholder may be made not later than the close of business on
      the tenth (10th) day following the Notice Date; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in the case of a special meeting (which is not also an
      annual meeting) of shareholders called for the purpose of electing
      directors (whether or not called for other purposes), not later than the
      close of business on the fifteenth (15th) day following the day on which
      the first public announcement of the date of the special meeting of
      shareholders was made.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>In no event shall any adjournment or postponement of a
      meeting of shareholders or the announcement thereof commence a new time
      period for the giving of a Nominating Shareholder&#146;s notice as described
above.</P></TD></TR>
  </TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>10A.04 </TD>
    <TD width="95%" align=left>To be in proper written form, a Nominating
      Shareholder&#146;s notice to the Secretary of the Corporation must set forth:
    </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>as to each person whom the Nominating Shareholder
      proposes to nominate for election as a director: (i) the name, age,
      business address and residential address of the person; (ii) the principal
      occupation or employment of the person; (iii) the class or series and
      number of shares in the capital of the Corporation which are controlled or
      which are owned beneficially or of record by the person as of the record
      date for the meeting of shareholders (if such date shall then have been
      made publicly available and shall have occurred) and as of the date of
      such notice; and (iv) any other information relating to the person that
      would be required to be disclosed in a dissident&#146;s proxy circular in
      connection with solicitations of proxies for election of directors
      pursuant to the Act and Applicable Securities Laws (as defined below);
      and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>as to the Nominating Shareholder giving the notice, any
      proxy, contract, arrangement, understanding or relationship pursuant to
      which such Nominating Shareholder has a right to vote any shares of the
      Corporation and any other information relating to such Nominating
      Shareholder that would be required to be made in a dissident&#146;s proxy
      circular in connection with solicitations of proxies for election of
      directors pursuant to the Act and Applicable Securities Laws (as defined
      below).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Corporation may require any
proposed director nominee to furnish such other information as may reasonably be
required by the Corporation to determine the eligibility of such proposed
director nominee to serve as an independent director of the Corporation or that
could be material to a reasonable shareholder of the Corporation&#146;s understanding
of the independence, or lack thereof, of such proposed director nominee. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>10A.05 </TD>
    <TD width="95%" align=left>
      <P align=justify>No person shall be eligible for election as a director of
      the Corporation unless nominated in accordance with the provisions of this
      Section 10A; provided, however, that nothing in this Section 10A shall be
      deemed to preclude discussion by a shareholder (as distinct from the
      nomination of directors) at a meeting of shareholders of the Corporation
      of any matter in respect of which it would have been entitled to submit a
      proposal pursuant to the provisions of the Act. The chair of the meeting
      shall have the power and duty to determine whether a nomination was made in accordance with the procedures
set forth in the foregoing provisions and, if any proposed nomination is not in
compliance with such foregoing provisions, to declare that such defective
nomination shall be disregarded.
  </P></TD></TR></TABLE>
<P align=center>C-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  align=left >10A.06 </TD>
    <TD width="95%" align=left>For purposes of this Section 10A:
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;<B>public announcement</B>&#148; shall mean disclosure in a
      press release reported by a national news service in Canada, or in a
      document publicly filed by the Corporation under its profile on the System
      of Electronic Document Analysis and Retrieval at <U>www.sedar.com</U>;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;<B>Applicable Securities Laws</B>&#148; means the applicable
      securities legislation of each relevant province of Canada, as amended
      from time to time, the rules, regulations and forms made or promulgated
      under any such statute and the published national instruments,
      multilateral instruments, policies, bulletins and notices of the
      securities commission and similar regulatory authority of each province of
      Canada.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >10A.07 </TD>
    <TD width="95%" align=left>
      <P align=justify>Notwithstanding any other provision of this Section 10A,
      notice given to the Secretary of the Corporation may only be given by
      personal delivery, facsimile transmission or by email (at such email
      address as is stipulated from time to time by the Secretary of the
      Corporation for purposes of this notice), and shall be deemed to have been
      given and made only at the time it is served by personal delivery, email
      (at the aforesaid address) or sent by facsimile transmission (provided
      that receipt of confirmation of such transmission has been received) to
      the Secretary of the Corporation at the address of the principal executive
      offices of the Corporation; provided that if such delivery or electronic
      communication is made on a day which is not a business day or later than
      5:00 p.m. (Toronto time) on a day which is a business day, then such
      delivery or electronic communication shall be deemed to have been made on
      the next subsequent day that is a business day. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >10A.08 </TD>
    <TD width="95%" align=left>Notwithstanding the foregoing, the Board may,
      in its sole discretion, waive any requirement in this Section 10A.
  </TD></TR></TABLE>
<P align=justify>This By-Law Amendment is enacted by the directors of the
Corporation on January 23, 2014 and is effective on such date. </P>
<P align=center>C-3 </P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><img border="0" src="exhibi1.jpg" width="185" height="107"> </P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=5>ENERGY FUELS INC.</FONT></B><B> </B></P>
<P align=center><B>PROXY FOR USE AT THE ANNUAL AND SPECIAL MEETING OF
SHAREHOLDERS <BR>TO BE HELD ON MAY 21, 2014 <BR>SOLICITED ON BEHALF OF
MANAGEMENT</B><B> </B></P>
<P align=justify>The undersigned shareholder of Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) hereby appoints Stephen P. Antony,President and Chief
Executive Officer, whom failing, Daniel G. Zang, Chief Financial Officer, or
instead of either of them, ___________________________&nbsp;, as nominee of the
undersigned, with the power of substitution, to attend, vote and act for and on
behalf of the undersigned at the annual and special meeting of shareholders of
the Corporation to be held on <B>May 21, 2014 </B>(the &#147;<B>Meeting</B>&#148;) and at
any adjournments thereof, and, without limiting the general authority and power
hereby given to such nominee, the shares represented by this proxy are
specifically directed to be voted as indicated below: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=justify style="text-align: justify" >
    <p style="margin-right: 12pt">1. [&nbsp; &nbsp;] VOTE FOR or [&nbsp;
      &nbsp;] WITHHOLD FROM VOTING with respect to the election of J. Birks
      Bovaird as director;</p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Stephen P. Antony as
      director;</p>
    <p style="margin-right: 12pt">[&nbsp; &nbsp;] VOTE FOR or [&nbsp; &nbsp;]
      WITHHOLD FROM VOTING with respect to the election of Paul A. Carroll as
      director; </p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Lawrence A. Goldberg
      as director; </p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Mark E. Goodman as
      director;</p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Bruce D. Hansen as
      director;</p>
    <p style="margin-right: 12pt">[&nbsp; &nbsp;] VOTE FOR or [&nbsp; &nbsp;]
      WITHHOLD FROM VOTING with respect to the election of Ron F. Hochstein as
      director; </p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Tae Hwan Kim as
      director; </p>
    <p style="margin-right: 12pt">[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ]
      WITHHOLD FROM VOTING with respect to the election of Richard J. Patricio
      as director; </TD>
    <TD width="50%" align=justify style="text-align: justify">2. [&nbsp; &nbsp;] VOTE FOR or [&nbsp; &nbsp;] WITHHOLD FROM VOTING with
      respect to the appointment of KPMG LLP, Chartered Accountants as auditors
      and to authorize the directors to fix the remuneration of the auditors;
    <p>3. [&nbsp; &nbsp;] VOTE FOR or [&nbsp; &nbsp;] VOTE AGAINST the ordinary
      resolution ratifying By-Law No. 2 of the Corporation, as described in the
      Management Information Circular; </p>
    4. [&nbsp; &nbsp;] VOTE FOR or [&nbsp; &nbsp;] VOTE AGAINST the ordinary
      resolution ratifying an amendment to the By-laws of the Corporation to add
      an advance notice requirement for nominations of directors by shareholders
      in certain circumstances, as described in the Management Information
      Circular;
      <P align=justify>5. IN HIS/HER DISCRETION with respect to amendments to
      the above matters and on such other business as may properly come before
      the meeting or any adjournment thereof. </P>
      <P align=justify>This proxy revokes and supersedes all proxies of earlier
      date. </P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify>Dated this________ day of _________ , 2014. </P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
  </TD></TR>

  <TR vAlign=top>
    <TD align=left nowrap >&nbsp;</TD>
    <TD width="50%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left nowrap >&nbsp;</TD>
    <TD width="50%" align=left style="border-top-style: solid; border-top-width: 1" nowrap>Signature of Shareholder
  </TD></TR>

  <TR vAlign=top>
    <TD align=left nowrap >&nbsp;</TD>
    <TD width="50%" align=left nowrap>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left nowrap >&nbsp;</TD>
    <TD width="50%" align=left style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" nowrap>&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left nowrap >&nbsp;</TD>
    <TD width="50%" align=left style="border-top-style: solid; border-top-width: 1" nowrap>Name of Shareholder (Print)
  </TD></TR>
  </TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A>
<P align=justify><B><U>Notes</U></B><B>: </B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Shareholders may vote at the Meeting either in person or
      by proxy. A proxy should be dated and signed by the shareholder or by the
      shareholder's attorney authorized in writing. If not dated, this proxy
      shall be deemed to bear the date on which it was mailed by management of
      the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2. </B></TD>
    <TD>
      <P align=justify><B>You have the right to appoint a person other than as
      designated herein to represent you at the Meeting either by striking out
      the names of the persons designated above and inserting such other
      person's name in the blank space provided or by completing another proper
      form of proxy and, in either case, delivering the completed proxy to CST
      Trust Company Inc. in the envelope provided.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The common shares represented by this proxy will be voted
      in accordance with the instructions of the shareholder on any ballot that
      may be called for. <B>In the absence of direction, this proxy will be
      voted for each of the matters referred to herein.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>A completed proxy must be delivered to CST Trust Company
      Inc. by mail at c/o Cover-All, P.O. Box 721, Agincourt, Ontario, Canada,
      M1S 0A1 or by fax to 1-866-781-3111 (toll free) or 416-368-2502, or by
      email to <font color="#0000FF"><u>proxy@canstockta.com</u></font> no later than 5:00 p.m.
      (Toronto time) on May 19, 2014, or if the Meeting is adjourned, no later
      than 10:00a.m. (Toronto time) on the last business day preceding the day
      to which the Meeting is adjourned .</P></TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD align=center valign="top" nowrap width="15%" >
    <img border="0" src="exhibi2.jpg" align="left" width="133" height="77"></TD>
    <TD width="70%" align=center valign="top" nowrap><B>ENERGY FUELS INC.</B>
    <p><B>NOTICE OF ANNUAL AND SPECIAL MEETING</B> </p>
    <B>OF SHAREHOLDERS TO BE HELD</B>
    <p><B>WEDNESDAY, MAY 21, 2014</B>
    </TD>
    <TD width="15%" align=center valign="top" nowrap>&nbsp;</TD></TR>
  </TABLE>
<P align=justify><B>TO THE HOLDERS OF COMMON SHARES:</B> </P>
<P align=justify>Notice is hereby given that an annual and special meeting (the
&#147;<B>Meeting</B>&#148;) of the holders of common shares of <B>Energy Fuels Inc.
</B>(the &#147;<B>Corporation</B>&#148;) will be held at the offices of Borden Ladner
Gervais LLP, 44<SUP>th</SUP> Floor, Scotia Plaza, 40 King Street West, Toronto,
Ontario, Canada, M5H 3Y4 on Wednesday, May 21, 2014 at 2:00 pm (Toronto time)
for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>to receive the audited consolidated financial statements
      of the Corporation for the fifteen months ended December 31, 2013,
      together with the report of the auditors thereon;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>to elect directors of the Corporation;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>to appoint the auditors of the Corporation and to
      authorize the directors to fix the remuneration of the auditors;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution ratifying By-Law No. 2 of the Corporation, as more particularly
      described under &#147;<I>Particulars of Matters to be Acted Upon at the Meeting
      </I><I>&#150; </I><I>Approval of By-Law No. 2 of the Corporation</I><I>&#148; </I>in
      the accompanying management information circular (the
      &#147;<B>Circular</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution ratifying an amendment to the By-laws of the Corporation to add
      an advance notice requirement for nominations of directors by shareholders
      in certain circumstances, as more particularly described under
      &#147;<I>Particulars of Matters to be Acted Upon at the Meeting </I><I>&#150;
      </I><I>Ratification of Advance Notice Amendment to By- Laws</I>&#148; in the
      Circular; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>to transact such other business as may properly be
      brought before the Meeting or any adjournment
thereof.</P></TD></TR></TABLE>
<P align=justify>The accompanying Circular provides additional information
relating to the matters to be dealt with at the Meeting and forms part of this
Notice. </P>
<P align=justify>The Corporation has elected to use the notice-and-access
provisions under National Instrument 54-101 &#150; <I>Communication with Beneficial
Owners of Securities of a Reporting Issuer</I> (the "<B>Notice-and-Access
Provisions</B>") for the Meeting. The Notice-and-Access Provisions are a new set
of rules developed by the Canadian Securities Administrators that reduce the
volume of materials that must be physically mailed to shareholders by allowing
the Corporation to post the Circular and any additional materials online.
Shareholders will still receive this Notice of Meeting and a form of proxy and
may choose to receive a paper copy of the Circular. The Corporation will not use
the procedure known as 'stratification' in relation to the use of
Notice-and-Access Provisions. Stratification occurs when a reporting issuer
using the Notice-and-Access Provisions provides a paper copy of the Circular to
some shareholders with this notice package. In relation to the Meeting, all
shareholders will receive the required documentation under the Notice-and-Access
Provisions, which will not include a paper copy of the Circular. </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=justify>Please review the Circular carefully and in full prior to
voting as the Circular has been prepared to help you make an informed decision
on the matters to be acted upon. The Circular is available on the website of the
Corporation&#146;s transfer agent, CST Trust Company, Inc. at
www.meetingdocuments.com/cst/EFR. and under the Corporation&#146;s SEDAR profile at
www.sedar.com. Any shareholder who wishes to receive a paper copy of the
Circular, should contact CST Trust Company, Inc., at 1-888-433-6443 or
fulfilment@canstockta.com by May 7, 2014. Shareholders may also use the
toll-free number noted above to obtain additional information about the
Notice-and-Access Provisions. </P>
<P align=justify>Shareholders who cannot attend the Meeting in person may vote
by proxy. Instructions on how to complete and return the proxy are provided with
the proxy form and are described in the Circular. To be valid, proxies must be
received by CST Trust Company, Inc. by mail at c/o Cover-All, P. O. Box 721,
Agincourt, Ontario, Canada, M1S 0A1 or by fax to 1-866-781-3111 (toll free) or
416-368-2502 or by email to proxy@canstockta.com, no later than 5:00 p.m.
(Toronto time) on May 19, 2014, or if the Meeting is adjourned, no later than
10:00 a.m. (Toronto time) on the last business day preceding the day to which
the Meeting is adjourned. </P>
<P align=justify>Dated at Lakewood, Colorado, USA this 26<SUP>th</SUP> day of
March, 2014. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>BY ORDER OF THE BOARD </B></P>
<P style="MARGIN-LEFT: 50%" align=justify><STRONG><BR></STRONG>(Signed) Stephen
P. Antony <BR>President and Chief Executive Officer</P>
<P align=center>2 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD align=center nowrap >
    <img border="0" src="exhibi1.jpg" align="left" width="185" height="107"></TD>
<TD width="50%" align=center nowrap>
<img src="exhibit99-4x1x2.jpg" border=0 align="right" width="172" height="74"></TD></TR></TABLE>

<P align=justify><B><font size="4">Notification of Availability of Investor Materials</font></B></P>
<P align=justify>Dear Investor: </P>
<P align=justify>Please find attached your form of voting instruction form for
the Annual and Special Meeting of shareholders of Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) to be held at the offices of Borden Ladner Gervais LLP,
44<SUP>th</SUP> Floor, Scotia Plaza, 40 King Street West, Toronto, Ontario
Canada M5H 3Y4 on Wednesday, May 21, 2014 at 2:00 pm (Toronto time) (the
&#147;<B>Meeting</B>&#148;).The following matters will be reviewed and voted upon at this
meeting: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  align=center width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Election of directors, as detailed on page 3 of
      the management information circular of the Corporation dated March 26,
      2014 (the &#147;<B>Management Information Circular</B>&#148;) </TD></TR>
  <TR vAlign=top>
    <TD  align=center width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Appointment of auditors, as detailed on page 9
      of the Management Information Circular </TD></TR>
  <TR vAlign=top>
    <TD  align=center width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Ratifying By-law No. 2 of the Corporation, as
      detailed on page 9 of the Management Information Circular </TD></TR>
  <TR vAlign=top>
    <TD  align=center width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Ratifying an amendment to the By-laws of the
      Corporation to add an advance notice requirement for nominations of
      directors by shareholders, as detailed on page 11 of the Management
      Information Circular </TD></TR>
  <TR vAlign=top>
    <TD  align=center width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Other business as may be properly brought
      before the meeting </TD></TR></TABLE>
<P align=justify>Under recent changes to Canadian securities rules, Canadian
companies are no longer required to distribute physical copies of certain annual
meeting related materials such as management information circulars and annual
financial statements to their investors. Instead, they may post electronic
versions of such material on a website for investor review. This process, known
as &#147;notice-and-access&#148;, directly benefits the Corporation through a substantial
reduction in both postage and material costs and also helps the environment
through a decrease in paper documents that are ultimately discarded.</P>
<P align=justify>Electronic copies of investor materials related to this meeting
may therefore be found at and downloaded from www.meetingdocuments.com/cst/EFR.
We have added features that will make searching for relevant sections and
specific items a much easier process than finding this information in the paper
versions of these documents.</P>
<P align=justify>You have a number of options to vote your proxy: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center nowrap width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Fax your signed proxy to 1-866-781-3111 </TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap width="8%" ><B>&#149;</B></TD>
    <TD width="90%" align=left>Return your signed proxy by mail using the
      enclosed business reply envelope </TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap width="8%" ><B>&#149; </B></TD>
    <TD width="90%" align=left>Scan and send your signed proxy to
      proxy@canstockta.com. </TD></TR></TABLE>
<P align=justify>However you choose to vote, we must receive your vote by no
later than 5:00 pm (Toronto time) on May 19, 2014, or if the Meeting is
adjourned, no later than 10:00 am. (Toronto time) on the last business day
preceding the day to which the Meeting is adjourned. We also strongly encourage
you to first review the matters under discussion for the meeting as described in
the Management Information Circular at <B>www.meetingdocuments.com/cst/EFR</B>.
</P>
<P align=justify>Should you wish to receive paper copies of investor materials
related to this meeting, or have any questions, please contact us at
1-888-433-6443 or fulfilment@canstockta.com prior to May 7, 2014 and we will
send them within three business days, giving you sufficient time to vote your
proxy. Following the Meeting, the documents will remain available at the website
listed above for a period of one year. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
