<SEC-DOCUMENT>0001062993-15-002518.txt : 20150511
<SEC-HEADER>0001062993-15-002518.hdr.sgml : 20150511
<ACCEPTANCE-DATETIME>20150508193442
ACCESSION NUMBER:		0001062993-15-002518
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20150508
FILED AS OF DATE:		20150511
DATE AS OF CHANGE:		20150508

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:		15848525

	BUSINESS ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</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>
</HEAD>

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

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<P align=center><B><FONT size=6><FONT size=5>UNITED STATES
</FONT></FONT></B><BR><B><FONT size=6><FONT size=5>SECURITIES AND EXCHANGE
COMMISSION </FONT></FONT></B><BR><B>Washington, D.C. 20549 </B><BR></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></B><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center>For the month of <B>May, 2015. </B></P>
<P align=center>Commission File Number <B>001-36204 </B></P>
<P align=center><B><FONT size=5>ENERGY FUELS INC. </FONT></B><BR>(Translation of
registrant&#146;s name into English) </P>
<P align=center><B>2 Toronto Street, Suite 500 </B><BR><B>Toronto, Ontario,
Canada </B><BR><B>M5C 2B6</B><BR>(Address of principal executive offices)
<BR></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;
Form 40-F [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>
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<!--$$/page=--><A name=page_2></A>
<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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD noWrap>&nbsp; </TD>
    <TD noWrap width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="50%"><U>&nbsp;/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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Date: May 8, 2015 </TD>
    <TD noWrap align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="50%">Senior Vice President, General Counsel
      &amp; Corporate Secretary </TD></TR></TABLE>
<P align=center>-2- </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center><B>INDEX TO EXHIBITS</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

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

</BODY>

</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>
   <META name="HandheldFriendly" content="true">
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<A name=page_1></A>
<P align=center><IMG
src="logo.jpg"
border=0 width="219" height="118"> </P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=4>ENERGY FUELS INC. </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>NOTICE OF ANNUAL AND SPECIAL MEETING OF
SHAREHOLDERS </FONT></B><BR><B><FONT size=3>TO BE HELD ON TUESDAY JUNE 16, 2015
</FONT></B><BR></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>MANAGEMENT INFORMATION CIRCULAR </FONT></B></P>
<P align=center><B><FONT size=3>May 6, 2015</FONT></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center  rowSpan=4>
    <IMG
      src="smlogo.jpg"
      border=0 width="154" height="92"></TD>
    <TD vAlign=center align=center width="50%" ><B>ENERGY FUELS
      INC. </B></TD>
    <TD align=center width="25%"  rowSpan=4></TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center width="50%" ><B>NOTICE OF
      ANNUAL AND SPECIAL MEETING </B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="50%" ><B>OF
      SHAREHOLDERS TO BE HELD </B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=center align=center width="50%" ><B>TUESDAY JUNE
      16, 2015 </B></TD></TR></TABLE>
<P align=justify><B><FONT size=3>TO THE HOLDERS OF COMMON SHARES:
</FONT></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, 48<SUP>th </SUP>Floor, Scotia Plaza, 40 King Street West, Toronto,
Ontario, Canada, M5H 3Y4 on Tuesday, June 16, 2015 at 10:00 am (Toronto time)
for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">1. </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%">2. </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%">3. </TD>
    <TD>
      <P align=justify>to consider and, if deemed appropriate, pass an ordinary
      resolution approving the extension of the Corporation&#146;s existing
      Shareholder Rights Plan for a further three-year term, as more
      particularly described under &#147;<I>Particulars of Matters to be Acted Upon
      at the Meeting &#150; Extension of Shareholder Rights Plan of the Corporation&#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%">4. </TD>
    <TD>
      <P align=justify>to consider and, if thought advisable, to pass an
      ordinary resolution ratifying and approving the Corporation&#146;s 2015 Omnibus
      Equity Incentive Compensation Plan and approving unallocated options and
      restricted shared units, as more particularly described under
      &#147;<I>Particulars of Matters to be Acted Upon at the Meeting &#150; Approval of
      2015 Omnibus Equity Incentive Compensation Plan</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%">5. </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 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=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 June
2, 2015. Shareholders may also use the toll-free number noted above to obtain
additional information about the Notice-and-Access Provisions. </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<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 June 12, 2015, 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 6th day of May, 2015.
</P>
<P style="MARGIN-LEFT: 50%" align=justify><B>BY ORDER OF THE BOARD </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 50%" align=justify>(Signed) Stephen P. Antony </P>
<P style="MARGIN-LEFT: 50%" align=justify>President and Chief Executive
Officer</P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center><B>MANAGEMENT INFORMATION CIRCULAR OF ENERGY FUELS INC.
</B><BR><B>(the &#147;Circular&#148;) </B><BR></P>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="555">

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">APPOINTMENT
      AND REVOCATION OF PROXIES </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >1 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">VOTING
      OF SHARES REPRESENTED BY MANAGEMENT PROXIES </TD>
    <TD align=right width="5%" height="15" >1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">VOTING
      BY NON-REGISTERED SHAREHOLDERS </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >2 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">DISTRIBUTION
      OF MEETING MATERIALS TO NON-OBJECTING BENEFICIAL OWNERS </TD>
    <TD align=right width="5%" height="15" >3 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">VOTING
      SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >3 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">PARTICULARS
      OF MATTERS TO BE ACTED UPON AT THE MEETING </TD>
    <TD align=right width="5%" height="15" >3 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">Election
      of Directors </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >3 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Cease
      Trade Orders and Bankruptcies </TD>
    <TD align=right width="5%" height="15" >8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">Appointment
      of Auditors </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >9 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">Extension
      of Shareholder Rights Plan </TD>
    <TD align=right width="5%" height="15" >9 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Purpose
      of the Rights Plan </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >9 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Summary
      of the Rights Plan </TD>
    <TD align=right width="5%" height="15" >10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Shareholder
      Approval </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >13 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">Approval
      of 2015 Omnibus Equity Incentive Compensation Plan </TD>
    <TD align=right width="5%" height="15" >14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Summary
      of Equity Incentive Plan </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >14 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Common
      Shares Issuable Pursuant to the Equity Incentive Plan </TD>
    <TD align=right width="5%" height="15" >14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Types
      of Awards </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >15 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Assignability </TD>
    <TD align=right width="5%" height="15" >17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Cessation
      of Awards </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >17 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Corporate
      Reorganization and Change of Control </TD>
    <TD align=right width="5%" height="15" >17 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amending
      the Equity Incentive Plan </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >18 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Awards
      Granted under the Equity Incentive Plan Prior to the Date hereof </TD>
    <TD align=right width="5%" height="15" >19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Shareholder
      Approval and Ratification of Equity Incentive Plan </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >19 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">EXECUTIVE
      COMPENSATION </TD>
    <TD align=right width="5%" height="15" >20 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">Compensation
      Governance </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >20 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">Compensation
      Discussion and Analysis </TD>
    <TD align=right width="5%" height="15" >21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Objectives
      of the Compensation Program </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >21 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Elements
      of Compensation </TD>
    <TD align=right width="5%" height="15" >21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Determination
      of Compensation </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >22 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Performance
      Goals </TD>
    <TD align=right width="5%" height="15" >23 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Performance
      Graph </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >24 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Equity
      Incentive Awards </TD>
    <TD align=right width="5%" height="15" >25 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">Summary
      Compensation Table </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >26 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">Incentive
      Plan Awards </TD>
    <TD align=right width="5%" height="15" >27 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Outstanding
      Share-Based Awards and Option-Based Awards </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >27 </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Incentive
      Plan Awards &#150; Value Vested or Earned </TD>
    <TD align=right width="5%" height="15" >28 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">Pension
      Plan Benefits and Deferred Compensation Plans </TD>
    <TD align=right width="5%" bgColor=#eeeeee height="15" >28 </TD></TR></TABLE>
<P align=center>i </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Termination
      and Change of Control Benefits </TD>
    <TD align=right width="5%" bgColor=#eeeeee >28 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Director
      Compensation </TD>
    <TD align=right width="5%" >30 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Director
      Compensation Table </TD>
    <TD align=right width="5%" bgColor=#eeeeee >30 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Retainer
      and Meeting Fees </TD>
    <TD align=right width="5%" >30 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Incentive
      Plan Awards </TD>
    <TD align=right width="5%" bgColor=#eeeeee >31 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Outstanding
      Share-Based Awards and Option-Based Awards as at December 31, 2014 </TD>
    <TD align=right width="5%" >31 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Incentive
      Plan Awards &#150; Value Vested or Earned During the 12-Month Period Ended
      December 31, 2014</TD>
    <TD align=right width="5%"  bgColor=#eeeeee >32</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share
      Ownership Requirement </TD>
    <TD align=right width="5%" >33 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Securities
      Authorized For Issuance under Equity Compensation Plans </TD>
    <TD align=right width="5%" bgColor=#eeeeee >33 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Existing
      Option Plan </TD>
    <TD align=right width="5%" >33 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Strathmore
      Replacement Options </TD>
    <TD align=right width="5%" bgColor=#eeeeee >35 </TD></TR>
  <TR vAlign=top>
    <TD align=left>AUDIT
      COMMITTEE DISCLOSURE </TD>
    <TD align=right width="5%" >35 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>CORPORATE
      GOVERNANCE DISCLOSURE </TD>
    <TD align=right width="5%" bgColor=#eeeeee >36 </TD></TR>
  <TR vAlign=top>
    <TD align=left>INTEREST
      OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON </TD>
    <TD align=right width="5%" >36 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>INTEREST
      OF INFORMED PERSONS IN MATERIAL TRANSACTIONS </TD>
    <TD align=right width="5%" bgColor=#eeeeee >36 </TD></TR>
  <TR vAlign=top>
    <TD align=left>INDEBTEDNESS
      OF DIRECTORS AND EXECUTIVE OFFICERS </TD>
    <TD align=right width="5%" >36 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>ADDITIONAL
      INFORMATION </TD>
    <TD align=right width="5%" bgColor=#eeeeee >36 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE
      &#147;A&#148; &#150; CORPORATE GOVERNANCE DISCLOSURE </TD></TR>
  <TR vAlign=top>
    <TD align=left>SCHEDULE
      &#147;B&#148; &#150; SHAREHOLDER RIGHTS PLAN AGREEMENT </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>SCHEDULE
      &#147;C&#148; &#150; 2015 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN </TD></TR></TABLE>
<P align=center>ii </P>
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<P align=center><IMG src="smlogo.jpg" border=0 width="154" height="92"></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>&#148;) 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, 48<SUP>th</SUP> Floor, Scotia Plaza, 40 King
Street West, Toronto, Ontario, Canada, M5H 3Y4 on Tuesday, June 16, 2015 at
10:00 am (Toronto time) (the &#147;<B>Meeting</B>&#148;), 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 May 6, 2015. </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 the
shareholder and on the shareholder&#146;s 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
the shareholder or the shareholder&#146;s 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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<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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <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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<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.</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 <B>www.meetingdocuments.com/cst/EFR</B>. 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;). All share information in this Circular for periods
prior to Consolidation have been adjusted to give effect to the Consolidation.
No fractional common shares were issued pursuant to the Consolidation. As of May
6, 2015, the Corporation had issued and outstanding 19,667,552 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 April 20, 2015 (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. </P>
<P align=justify>To the knowledge of the directors and senior officers of the
Corporation, as of May 6, 2015, 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 nine directors. At its
meeting on May 6, 2015, 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 nine directors, to eight directors.
Accordingly, eight directors will be elected at the </P>
<P align=center>3 </P>
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<A name=page_9></A>
<P align=justify>Meeting. As a result of this determination and change in the
size of the Board, Mr. Mark E. Goodman has decided not to stand for re-election
as a director, and will therefore not be nominated for re-election at the
Meeting. </P>
<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 Naju-si, 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. Joo Soo Park as
its nominee. </P>
<P align=justify>The Corporation has adopted an advance notice requirement in
its by-laws for nominations of directors by shareholders. 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. As of the date hereof, the Corporation has not received notice of any
director nominations in connection with the 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>. </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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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=6 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left vAlign=center bgcolor="#EEEEEE"><B>Name and Municipality of</B>
      <B>Residence</B> </TD>
    <TD width="19%" align=center vAlign=center bgcolor="#EEEEEE"><B>Office Held</B> </TD>
    <TD width="19%" align=center vAlign=center bgcolor="#EEEEEE"><B>Director
      Since<sup>(1)</sup></B> </TD>
    <TD width="19%" align=center vAlign=center bgcolor="#EEEEEE"><B>Principal Occupation,</B>
      <B>i<br>
      f different than Office Held</B> </TD>
    <TD width="19%" align=center vAlign=center bgcolor="#EEEEEE"><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</B><B><SUP>(2)</SUP></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird<SUP>(3)</SUP> <BR>Ontario, Canada </TD>
    <TD align=left width="19%">Chair and Director </TD>
    <TD align=left width="19%">2006 </TD>
    <TD align=left width="19%">Consultant, providing advisory services to
      natural resource companies </TD>
    <TD align=center width="19%">5,192 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony<SUP>(4)</SUP> <BR>Colorado, USA </TD>
    <TD align=left width="19%">President, CEO and Director </TD>
    <TD align=left width="19%">2009 </TD>
    <TD align=left width="19%">Same </TD>
    <TD align=center width="19%">16,957 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll<SUP>(5)<BR></SUP>Ontario, Canada </TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2010 </TD>
    <TD align=left width="19%">President of Carnarvon Capital Corporation;
      President &amp; CEO of World Wide Minerals Ltd. </TD>
    <TD align=center width="19%">2,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg<BR>Ontario, Canada<SUP>(5)</SUP> </TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2012 </TD>
    <TD align=left width="19%">Chief Financial Officer of JSN Jewellery Inc.
    </TD>
    <TD align=center width="19%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen<SUP>(3)(5)</SUP> <BR>Colorado, USA </TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2007 </TD>
    <TD align=left width="19%">CEO of General Moly Inc., a US based mineral
      company </TD>
    <TD align=center width="19%">2,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein<SUP>(4)(6)</SUP> <BR>British Columbia,
      Canada </TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2012 </TD>
    <TD align=left width="19%">President and CEO of Lundin Gold Inc. </TD>
    <TD align=center width="19%">23,368 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Joo Soo Park <BR>Seoul, Korea </TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2015<SUP>(7)</SUP> </TD>
    <TD align=left width="19%">General Manager, Overseas Resources Development
      Department, Korea Electric Power Corporation </TD>
    <TD align=center width="19%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard J. Patricio<SUP>(3)(6)</SUP> <BR>Ontario, Canada
</TD>
    <TD align=left width="19%">Director </TD>
    <TD align=left width="19%">2012 </TD>
    <TD align=left width="19%">CEO of Pinetree Capital Ltd. </TD>
    <TD align=center width="19%">7,720 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%" >Notes:</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of the Compensation Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Member of the Environment, Health and Safety
      Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Member of the Audit Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Member of the Governance and Nominating
  Committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Park was appointed a director by the Board on January
      28, 2015, as the designated nominee of KEPCO, to fill the vacancy created
      by the resignation of Mr. Tae Hwan Kim.</P></TD></TR></TABLE>
<P align=justify>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>
<P align=center>5 </P>
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<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. (TSX-V:GTA.V),
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., as well as of the Corporation </P>
<P align=center>6 </P>
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<P align=center><B><I>Lawrence A. Goldberg </I></B></P>
<P align=justify>Mr. Goldberg is a Chartered Professional Accountant (CPA, CA).
He is currently Chief Financial Officer of JSN Jewellery Inc. From May 2013 to
May 2014 he was Chief Financial Officer of Blue Goose Capital Corp., a private
organic food company. From May 2012 to May 2013 he was 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>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 Lundin Gold Inc., a position he has held since December 2014. Mr.
Hochstein is also currently Executive Chairman of Denison Mines Corp., and
previously served as its President and Chief Executive Officer since 2009. Prior
to this Mr. Hochstein served as President and Chief Operating Officer of Denison
Mines Corp. since 2006, when International Uranium Corporation ("IUC") 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) and Lundin Gold Inc. (TSX,
Nasdaq Stockholm). He is also a Director and serves on the Audit Committee of
Sprott Resource Corp. (TSX). </P>
<P align=center><B><I>Joo Soo Park </I></B></P>
<P align=justify>Since 2012, Mr. Park has been Team Leader and General Manager,
Overseas Resources Development Department for KEPCO, an international electric
power company headquartered in Korea. From 2007 to 2012, Mr. Park was Senior
Manager, Korea Electric Power Research Institute for KEPCO, and from 2002 to
2007, Mr. Park was Senior Manager, Kum-ho Nuclear Power Plant Construction
Division for KEPCO. Mr. Park has been with KEPCO for nearly twenty five years,
and has been involved in many domestic and overseas projects for KEPCO. Mr. Park
has a business degree from Chungnam National University, Korea, and a Masters of
Business Administration from Helsinki School of Economics, Finland. </P>
<P align=center>7 </P>
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<P align=center><B><I>Richard J. Patricio </I></B></P>
<P align=justify>Since March 2015, Mr. Patricio has been the Chief Executive
Officer and President of Mega Uranium Ltd., where he previously was, since 2005,
the Executive Vice President, Corporate Affairs. In addition, since February
2015, Mr. Patricio is the Chief Executive Officer of Pinetree Capital Ltd.,
where he previously was the Vice President of Corporate and Legal Affairs since
2005. 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,
TSX-Venture, AIM, ASX and New York exchanges. Mr. Patricio is a lawyer qualified
to practice in the Province of Ontario. Mr. Patricio is also a director of
Caledonia Mining Corp. (TSX, AIM, NASDAQ-OTCQX), Terreno Resources Corp.
(TSX-V), U3O8 Corp. (TSX, OTCQX), Mega Precious Metals Inc. (TSX-V), Macusani
Yellowcake Inc. (TSX-V), and Toro Energy Ltd. (ASX). He formerly served as a
Director for Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.), X-Terra
Resources Corporation, Dejour Enterprises Ltd., Titan Uranium Inc., Mooncor Oil
&amp; Gas Corp., Vesta Capital Corp. and Macarthur Minerals Ltd. (TSX). </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=justify>Mr. Bovaird was a director of HMZ Metals Inc. (&#147;<B>HMZ&#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=center>8 </P>
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<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.
</P>
<P align=justify>Mr. Hochstein was a director of Sirocco Mining Inc.
(&#147;<B>Sirocco</B>&#148;). Pursuant to a plan of arrangement completed on January 31,
2014, Canadian Lithium Corp. acquired Sirocco. The final step in the plan of
arrangement was the amalgamation of Canadian Lithium Corp. and Sirocco to form
RB Energy Inc (&#147;<B>RBI</B>&#148;). On October 13, 2014, RBI announced that, among
other things, the Board of Directors of RBI had approved a filing on October 14,
2014, for an Initial Order to commence proceedings under the Companies'
Creditors Arrangement Act (the "<B>CCAA</B>"). On October 15, 2014, RBI further
announced that the Quebec Superior Court had issued an Amended and Restated
Initial Order in respect of RBI and certain of its subsidiaries under the CCAA.
RBI is now under the protection of the Court. KPMG LLP has been appointed
monitor under the Court Order. The TSX de-listed RBI&#146;s common shares effective
at the close of business on November 24, 2014 for failure to meet the continued
listing requirements of the TSX. Since that time, RBI&#146;s common shares have been
suspended from trading.</P>
<P align=justify><B>Appointment of Auditors </B></P>
<P align=justify>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>Extension of Shareholder Rights Plan</B></P>
<P align=justify>At the Meeting, Shareholders will be asked to consider and, if
thought advisable, approve the extension of the Shareholder Rights Plan
Agreement dated February 2, 2009 (the &#147;<B>Rights Plan</B>&#148;) between the
Corporation and CST Trust Company (initially entered into with CIBC Mellon Trust
Company and later novated to CST Trust Company), as rights agent (the &#147;<B>Rights
Agreement</B>&#148;). A copy of the Rights Agreement is attached as Schedule B to
this Circular. </P>
<P align=justify>The Rights Plan had an initial term until the date of the
Corporation&#146;s annual meeting of shareholders in 2012 unless further extended. On
February 10, 2012, at an annual and special meeting of shareholders, the Rights
Plan was extended for a further three years. The Rights Plan is currently in
effect but will expire at the conclusion of the Meeting, unless an amendment of
the definition of the Expiration Time of the Rights Plan is approved by
Shareholders at the Meeting. To be effective, the resolution approving the
extension of the Rights Plan must be passed by a majority of the votes cast at
the Meeting. The Rights Plan was not adopted by the Board in response to, or in
anticipation of, any offer or takeover bid, and the Board is not currently aware
of any pending offer or takeover bid for the Shares. The Board has determined
that extension of the Rights Plan for a further period of three years is in the
best interest of the Corporation and its Shareholders.</P>
<P align=justify><U>Purpose of the Rights Plan</U> </P>
<P align=justify>The Rights Plan is designed to give the Board and Shareholders
sufficient time to properly assess an unsolicited takeover bid without undue
pressure and to give the Board time to consider alternatives designed to allow
the Shareholders to receive full and fair value for the EFI Common Shares.
Additionally, the Rights Plan is designed to provide Shareholders with equal
treatment in a takeover bid. The desire to ensure that the Corporation is able
to address unsolicited takeover bids for its issued and outstanding EFI Common
Shares during the term of the Rights Plan stems from a concern that Canadian
takeover bid rules may provide too short a response time to companies that are
subject to unsolicited takeover bids to ensure that Shareholders are offered full and
fair value for their shares. Shareholders may also feel compelled to tender to a
takeover bid even if the shareholder is being left with illiquid or minority
discounted shares in the Corporation. This is particularly so in the case of a
partial bid for less than all of the EFI Common Shares of the Corporation where
the bidder wishes to obtain a control position but does not wish to acquire all
of the EFI Common Shares. In addition, while existing securities legislation has
addressed many concerns related to unequal treatment of shareholders, there
remains the possibility that control of a company may be acquired pursuant to
private agreements in which a small group of shareholder may dispose of shares
at a premium to the market price, which premium is not shared with the other
shareholders. </P>
<P align=center>9 </P>
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<P align=justify>The Rights Plan encourages a potential acquirer who makes a
takeover bid to proceed either by way of a Permitted Bid (described below),
which generally requires a takeover bid to satisfy certain minimum standards
designed to promote fairness, or with the concurrence of the Board. If a
takeover bid fails to meet these minimum standards and the Rights Plan is not
waived by the Board, the Rights Plan provides that holders of EFI Common Shares,
other than the Acquiring Person (defined below), will be able to purchase
additional Common Shares at a significant discount to market, thus exposing the
Acquiring Person to substantial dilution of its holdings. Even where a takeover
bid does not meet the Permitted Bid criteria, the Board is always bound to
consider any bid for the Corporation and consider whether or not it should waive
the application of the Rights Plan in respect of such bid. In discharging such
responsibility, the Board is obligated to act honestly and in good faith with a
view to the best interest of the Corporation. </P>
<P align=justify>A number of recent decisions rendered by the Canadian
securities regulators relating to shareholder rights plans have concluded that a
board of directors faced with an unsolicited takeover bid will not be permitted
to maintain a shareholder rights plan indefinitely to prevent the successful
completion of the bid, but only for so long as the board of directors is
actively seeking alternatives to the bid and there is a reasonably possibility
that, given additional time, a value maximizing alternative will be developed.</P>
<P align=justify>The Rights Plan does not preclude any shareholder from
utilizing the proxy mechanism of the <I>Business Corporations Act</I> (Ontario),
to promote a change in the management or direction of the Corporation, and will
have no effect on the rights of holders of the EFI Common Shares to requisition
a meeting of shareholders in accordance with the provisions of applicable
legislation. </P>
<P align=justify>The Rights Plan is not expected to interfere with the
day-to-day operations of the Corporation, nor in any way alter the financial
condition of the Corporation, impede its business plans, or alter its financial
statements. In addition, the Rights Plan is initially not dilutive. However, if
a &#147;Flip-in Event&#148; (described below) occurs and the Rights separate from the EFI
Common Shares, reported earnings per share and reported cash flow per share on a
fully-diluted or non-diluted basis may be affected. In addition, holders of
Rights not exercising their Rights after a Flip-in Event may suffer substantial
dilution. </P>
<P align=justify><U>Summary of the Rights Plan</U> </P>
<P align=justify>The following is a summary of the principal terms of the Rights
Plan, which is qualified in its entirety by reference to the text of the Rights
Plan Agreement.</P>
<P align=justify><U>Effective Date</U> </P>
<P align=justify>The effective date of the Rights Plan is February 3, 2009. </P>
<P align=justify><U>Term</U> </P>
<P align=justify>If the extension of the Rights Plan is not approved by
Shareholder at the Meeting, the Rights Plan will terminate at the conclusion of
the Meeting. If the extension of the Rights Plan is approved by shareholders,
the Rights Plan will terminate as of 5:00 p.m. (Toronto time) on the date of the
Corporation&#146;s annual meeting of shareholders held in 2018, at which time the
Rights will expire, unless prior to that date, the Rights are terminated, redeemed, or
exchanged by the Board. </P>
<P align=center>10 </P>
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<P align=justify><U>Issue of Rights</U> </P>
<P align=justify>To implement the Rights Plan, the Board authorized the issuance
of share purchase rights (&#147;Rights&#148;) to the current shareholders of the
Corporation at the rate of one Right for each EFI Common Share outstanding as at
5:00 p.m. (Toronto time) on February 3, 2009 (the &#147;Record Time&#148;). In addition,
one Right has been and will be issued with each Common Share issued after the
Record Time and prior to the earlier of the Separation Time (as defined below)
and the redemption or expiration of the Rights.</P>
<P align=justify><U>Rights Exercise Privilege</U> </P>
<P align=justify>The Rights will trigger (i.e. separate from the Common Shares)
(the &#147;Separation Time&#148;) and will become exercisable 10 Business Days after a
person (an &#147;Acquiring Person&#148;) becomes the beneficial owner of 20% or more of,
or commences or announces a takeover bid for, the Corporation&#146;s outstanding
Common Shares, other than by an acquisition pursuant to a Permitted Bid or a
Competing Permitted Bid (each as defined below) or pursuant to certain other
transactions as described in the Rights Plan. The acquisition by an Acquiring
Person of 20% or more of the Common Shares is referred to as a &#147;Flip-in Event.&#148;
</P>
<P align=justify>Any Rights held by an Acquiring Person will become void upon the occurrence of a
Flip-in Event. By making any takeover bid other than a Permitted Bid or a
Competing Permitted Bid prohibitively expensive for an Acquiring Person, the
Rights Plan is designed to require any person interested in acquiring more that
20% of the Common Shares to do so by way of a Permitted Bid or Competing
Permitted Bid or to make a takeover bid which the Board considers to represent
the full and fair value of the EFI Common Shares. </P>
<P align=justify>Prior to the rights being triggered, they will have no value
and no dilutive effect on the EFI Common Shares. </P>
<P align=justify><U>Flip-In Event</U> </P>
<P align=justify>A Flip-in Event is triggered in the event that a transaction
occurs pursuant to which a person becomes an Acquiring Person. Upon the
occurrence of a Flip-in Event, each Right (except for Rights beneficially owned
by the Acquiring Person and certain other persons specified below) shall
thereafter constitute the right to purchase from the Corporation upon exercise
thereof in accordance with the terms of the Rights Plan that number of EFI
Common Shares having an aggregate Market Price (as defined in the Rights Plan)
on the date of the consummation or occurrence of such Flip-in Even equal to
twice the Exercise Price (as defined in the Rights Plan and equal to $10.00) for
an amount in cash equal to the Exercise Price. Accordingly, if one assumes a
market price of $2.00 per share, each Right allows a shareholder to purchase 10
Common Shares for $10.00, effectively allowing the exercising holders of Rights
to acquire the EFI Common Shares at a 50% discount to the then prevailing market
price and resulting in the issue of 10 EFI Common Shares for each Right, thus
creating substantial dilution. </P>
<P align=justify>The Rights Plan provides that, upon the occurrence of a Flip-in
Event, Rights that are beneficially owned by: (i) an Acquiring Person or any
affiliate or associate of an Acquiring Person, or any Person acting jointly or
in concert with an Acquiring Person, or any affiliate or associate of such
Acquiring Person; or (ii) a transferee or other successor in title of Rights of
an Acquiring Person (or and affiliate or associate of an Acquiring Person or of
any person acting jointly or in concert with an Acquiring Person) who becomes a
transferee or successor in title concurrently with or subsequent to the
Acquiring Person becoming an Acquiring Person; shall become null and void
without any further action and any holder of such Rights (including transferees
or successors in title) shall not have any right whatsoever to exercise such
Rights under any provision of the Rights Plan. </P>
<P align=justify><U>Acquiring Person</U></P>
<P align=justify>An Acquiring Person is a person who Beneficially Owns (as
defined in the Rights Plan) 20% or more of the EFI Common Shares. An Acquiring Person does not, however,
include the Corporation or any subsidiary of the Corporation, or any person who
becomes the Beneficial Owner of 20% or more of the outstanding EFI Common Shares
as a result of Permitted Bid, Competing Permitted Bids and certain other exempt
transactions. </P>
<P align=center>11 </P>
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<P align=justify><U>Permitted Bids and Competing Permitted Bids</U></P>
<P align=justify>A &#147;Permitted Bid&#148; is a takeover bid made by takeover bid
circular in compliance with the following additional provisions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Bid must be made to all holders of record of EFI
      Common Shares;</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>The bid must be open for a minimum of 60 days following
      the date that the bid circular is sent to shareholders and no EFI Common
      Shares may be taken up prior to completion of such 60-day
period;</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>Take-up and payment for the EFI Common Shares may not
      occur unless the bid is accepted by persons holding more than fifty
      percent (50%) of the outstanding EFI Common Shares, exclusive of Common
      Shares held be the person responsible for triggering the Flip-in Event or
      any person who has announced a current intention to make, or who is
      making, a takeover bid for the EFI Common Shares of the Corporation and
      the respective affiliates and associates of such persons and persons
      acting jointly or in concert with such persons;</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>EFI Common Shares may be deposited into or withdrawn from
      the bid at any time prior to the takeup date; and</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>If the bid is accepted by the requisite percentage
      specified in (3) above, the bidder must extend the bid for a period of 10
      business days to allow other shareholders to tender into the bid should
      they so choose and must make a public announcement to such
  effect.</P></TD></TR></TABLE>
<P align=justify>A &#147;Competing Permitted Bid&#148; is a takeover bid that satisfies
all of the criteria of a Permitted Bid except that since it is made after a
Permitted Bid has been made, the minimum deposit period and the time period for
the takeup of and payment for EFI Common Shares tendered under a Competing
Permitted Bid is not 60 days, but is instead the greater of 35 days (the minimum
permitted by law) and the earliest date on which Common Shares may be taken up
under the prior Permitted Bid then in existence. </P>
<P align=justify>Neither a Permitted Bid nor a Competing Permitted Bid need be
approved by the Board and may be taken directly to the shareholder of the
Corporation. Acquisitions of EFI Common Shares made pursuant to a Permitted Bid
or a Competing Permitted Bid do not give rise to a Flip-in Event. </P>
<P align=justify><U>Lock-up Agreements</U></P>
<P align=justify>A &#147;Lock-up Agreement&#148; is an agreement between an Offeror (as
defined in the Rights Plan) and a person (the &#147;Locked-up Person&#148;) whereby the
Locked-up Person agrees to deposit or tender Common Shares to the Offeror&#146;s
takeover bid. Entering into a Lock-up Agreement will not constitute a Flin-in
Event provided that the Lock-up Agreement permits the Locked-up Person to
withdraw its EFI Common Shares from the Lock-up Agreement in order to tender or
deposit the Common Shares to another takeover bid or to support another
transaction, where (i) the price per EFI Common Share offered under the other
bid or transaction is higher than the Lockup Agreement; or (ii) the number of
EFI Common Shares to be purchased under the other bid or transaction is higher
than the number of EFI Common Shares proposed to be purchased in the offer to be
made pursuant to the Lock-up Agreement and the price per EFI Common Share offered in such alternative bid or transaction is
not less than the price contained in or proposed to be contained in the offer to
be made pursuant to the Lock-up Agreement.</P>
<P align=center>12 </P>
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<P align=justify><U>Certificates and Transferability</U></P>
<P align=justify>Prior to separation, the Rights will be evidenced by the EFI
Common Share certificates and will not be transferable separately from the
Common Shares. EFI Common Share certificates do not need to be exchanged to
entitle a shareholder to these Rights. A legend referring to the Rights Plan
will be placed on all new share certificates for EFI Common Shares issued by the
Corporation following the Effective Date. From and after separation, the Rights
will be evidenced by Rights certificates and will be transferable and traded
separately from the EFI Common Shares. </P>
<P align=justify><U>Redemption and Waiver</U></P>
<P align=justify>The Board may, at any time prior to the occurrence of a Flip-in
Event, and subject to shareholder approval, elect to redeem all but not less
than all of the Rights at a redemption price of $0.0005 per Right (the
&#147;Redemption Price&#148;), which has been adjusted to take into account the
Consolidation, and which may be further appropriately adjusted in certain events
in the future. Rights will be deemed to automatically be redeemed at the
Redemption Price where a person who has made a Permitted Bid, a Competing
Permitted Bid or a takeover bid otherwise exempted by the Board, takes up and
pays for the EFI Common Shares under the terms of the bid. If the Board elects
or is deemed to have elected to redeem the Rights, the right to exercise the
Rights will terminate and each Right will, after redemption, be null and void
and the only right thereafter of the holders of Rights shall be to receive the
Redemption Price. Under the Rights Plan, the Board has discretion to waive
application of the Rights Plan to a takeover bid made by way of a takeover bid
circular, subject to an automatic waiver with respect to all other takeover bids
made while the waived takeover bid is outstanding. The Board may also waive the
application of the Rights Plan to a Flip-in Event which occurs through
inadvertence, subject to the &#147;inadvertent&#148; Acquiring Person reducing its holding
of the Common Shares within an agreed upon time. Other waivers of the Rights
Plan will require shareholder approval.</P>
<P align=justify><U>Amendment</U></P>
<P align=justify>The Rights Plan provides that prior to ratification by
shareholders, the Board may in its sole discretion supplement or amend the
Rights Plan. Once the Rights Plan has been ratified by the shareholders,
however, any amendments or supplements to the terms of the Rights Plan (other
than for clerical errors or to maintain the Rights Plan&#146;s validity and
effectiveness as a result of changes in applicable legislation or regulatory
requirements) will require prior shareholder approval. Changes arising from
changes in applicable legislation will require subsequent shareholder
ratification. </P>
<P align=justify><U>Shareholder Approval</U> </P>
<P align=justify>At the Meeting, shareholders will be asked to extend the
Shareholder Rights Plan by a majority of the votes cast thereon.</P>
<P align=justify>Shareholders will be asked to consider and, if deemed
advisable, to approve, with or without amendment, the following resolution: </P>
<P align=justify><B>BE IT RESOLVED </B>that<B>: </B></P>
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top align=center width="5%">1. </TD>
    <TD>
      <P align=justify>The Shareholder Rights Plan Agreement dated February 2,
      2009 (the &#147;Rights Plan&#148;) between the Corporation and CST Trust Company, as
      rights agent (the &#147;Rights Agreement&#148;), in the form attached as Schedule B
      to the management information circular of the Corporation dated May 6,
      2015, be and is hereby extended such that the Rights
Planwill terminate as of 5:00 p.m. (Toronto time) on the date
      of the Corporation&#146;s annual meeting of shareholders held in 2018, at which
      time the Rights issued thereunder will expire, unless prior to that date,
      the Rights are terminated, redeemed, or exchanged by the Board, and the
      definition of &#147;Expiration Time&#148; in the Rights Agreement shall be amended
      accordingly; and</P></TD></TR></TABLE>
<P align=center>13 </P>
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  <TR>
    <TD vAlign=top align=center width="5%">&nbsp;</TD>
    <TD vAlign=top align=center width="5%">2. </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><B>The Board recommends a vote FOR the resolution to extend the
Rights Plan.</B> </P>
<P align=justify><B>Approval of 2015 Omnibus Equity Incentive Compensation Plan
</B></P>
<P align=justify>On January 28, 2015, the Board approved the 2015 Omnibus Equity
Incentive Compensation Plan (the &#147;<B>Equity Incentive Plan</B>&#148;), which
supersedes and replaces the Company&#146;s existing stock option plan (the
&#147;<B>Existing Option Plan</B>&#148;). The Board has determined that it is in the best
interest of the Corporation to approve the Equity Incentive Plan, as it will
provide the Corporation with the ability to grant a broader range of equity
incentive awards, consistent with the practices of similar public companies.
</P>
<P align=justify>At the Meeting, shareholders will be asked to consider and
approve the Equity Incentive Plan. The Equity Incentive Plan is also subject to
approval by the TSX.</P>
<P align=justify>After January 28, 2015, and up to the time of the next meeting
of shareholders of the Corporation, no further grants of stock options shall be
made pursuant to the Existing Option Plan. Upon ratification of the Equity
Incentive Plan by the shareholders of the Corporation and receipt of TSX
approval, the Existing Option Plan shall be terminated, and all stock options
previously granted pursuant to the Existing Option Plan which are then
outstanding shall be incorporated into the Equity Incentive Plan and treated as
Awards under the Equity Incentive Plan. Until such time as the shareholders of
the Corporation ratify the Equity Incentive Plan and TSX approval is received,
the Existing Option Plan shall continue in full force and effect. </P>
<P align=justify><U>Summary of Equity Incentive Plan</U> </P>
<P align=justify>The following is a summary of the principal terms of the Equity
Incentive Plan, which is qualified in its entirety by reference to the text of
the Equity Incentive Plan, a copy of which is attached at Appendix &#147;C&#148;.</P>
<P align=justify>Employees, directors and consultants of the Corporation and its
affiliates are eligible to participate in the Equity Incentive Plan (the
&#147;<B>Eligible Participants</B>&#148; and, following the grant of an award (an
&#147;<B>Award</B>&#148;) pursuant to the Equity Incentive Plan, the
&#147;<B>Participants</B>&#148;). The Board or a committee authorized by the Board (the
&#147;<B>Committee</B>&#148;) will be responsible for administering the Equity Incentive
Plan.</P>
<P align=justify>The Equity Incentive Plan will permit the Committee to grant
Awards for non-qualified stock options (&#147;<B>NQSOs</B>&#148;), incentive stock options
(&#147;<B>ISOs</B>&#148; and together with NQSOs, &#147;<B>Options</B>&#148;), stock appreciation
rights (&#147;<B>SARs</B>&#148;) restricted stock (&#147;<B>Restricted Stock</B>&#148;), deferred
share units (&#147;<B>DSUs</B>&#148;),<B> </B>restricted stock units (&#147;<B>RSUs</B>&#148;),
performance shares (&#147;<B>Performance Shares</B>&#148;), performance units
(&#147;<B>Performance Units</B>&#148;) and stock-based awards (&#147;<B>SBAs</B>&#148;) to Eligible
Participants. </P>
<P align=justify><U>Common Shares Issuable Pursuant to the Equity Incentive
Plan</U></P>
<P align=justify>The number of EFI Common Shares reserved for issuance under the
Equity Incentive Plan shall not exceed 10% of the then issued and outstanding
EFI Common Shares from time to time. Subject to applicable law, the requirements
of the TSX or the NYSE and any shareholder or other approval which may be
required, the Board may in its discretion amend the Plan to increase such limit
without notice to any Participants.</P>
<P align=center>14 </P>
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<P align=justify>The number of EFI Common Shares reserved for issuance to
insiders of the Corporation pursuant to the Equity Incentive Plan together with
all other share compensation arrangements shall not exceed 10% of the
outstanding EFI Common Shares. Within any one-year period, the number of EFI
Common Shares issued to insiders pursuant to the Equity Incentive Plan and all
other share compensation arrangements of the Corporation will not exceed an
aggregate of 10% of the outstanding EFI Common Shares.</P>
<P align=justify><U>Ongoing Shareholder Approval of the Equity Incentive
Plan</U> </P>
<P align=justify>Pursuant to the rules of the TSX, since the Equity Incentive
Plan provides for a maximum number of EFI Common Shares issuable thereunder
based on a percentage of the outstanding EFI Common Shares from time to time,
the Equity Incentive Plan must be renewed by approval of the shareholders of EFI
every three years. </P>
<P align=justify><U>Types of Awards</U></P>
<P align=justify><I>Options </I></P>
<P align=justify>The Committee may grant Options to any Eligible Participant at
any time, in such number and on such terms as will be determined by the
Committee in its discretion. ISOs may be granted only to employees of the
Corporation or a parent subsidiary corporation of the Corporation within the
meaning of Section 424 of the U.S. Internal Revenue Code of 1986 (the
&#147;<B>Code</B>&#148;). The exercise price for any Option granted pursuant to the Equity
Incentive Plan will be determined by the Committee and specified in the Award
Agreement, provided however, that the price will not be less than the fair
market value (the &#147;<B>FMV</B>&#148;) of the EFI Common Shares on the day of grant
(which cannot be less than the greater of (a) the volume weighted average
trading price of the Common Shares on the TSX or the NYSE for the five trading
days immediately prior to the grant date; or (b) the closing price of the EFI
Common Shares on the TSX or the NYSE on the trading day immediately prior to the
grant date), provided further, that the exercise price for an ISO granted to a
holder of 10% or more of the EFI Common Shares (a &#147;<B>Significant
Stockholder</B>&#148;)<B> </B>shall not be less than 110% of the FMV.</P>
<P align=justify>Options will vest and become exercisable at such times and on
the occurrence of such events, and be subject to such restrictions and
conditions, as the Committee in each instance approves. </P>
<P align=justify>Options will expire at such time as the Committee determines at
the time of grant; provided, however that no Option will be exercisable later
than the tenth anniversary date of its grant and, provided further, that no ISO
granted to a Significant Stockholder shall be exercisable after the expiration
of five years from the date of grant, except where the expiry date of any NQSO
would occur in a blackout period or within five days of the end of a blackout
period, in which case the expiry date will be automatically extended to the
tenth business day following the last day of a blackout period. </P>
<P align=justify><I>Stock Appreciation Rights </I></P>
<P align=justify>A stock appreciation right or a SAR entitles the holder to
receive the difference between the FMV of an EFI Common Share on the date of
exercise and the grant price. The Committee may grant SARs to any Eligible
Participant at any time and on such terms as will be determined by the Committee
and may grant SARs in tandem with Options or as standalone SARs. The grant price
of a SAR will be determined by the Committee and specified in the Award
Agreement. The price will not be less than the FMV of the EFI Common Shares on
the day of grant. The grant price of an SAR granted in tandem with an Option
will be equal to the price of the related Option. SARs will vest and become
exercisable upon whatever terms and conditions the Committee, in its discretion,
imposes. Additionally, tandem SARs will only be exercisable upon the surrender of the right to receive EFI
Common Shares under the related Options. SARs will expire at such time as the
Committee determines and, except as determined otherwise by the Committee and
specified in the Award Agreement, no SAR will be exercisable later than the
tenth anniversary date of its grant.</P>
<P align=center>15 </P>
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<P align=justify>Upon the exercise of an SAR, a Participant shall be entitled to
receive payment from the Corporation in an amount representing the difference
between the FMV of the underlying EFI Common Shares on the date of exercise over
the grant price. At the discretion of the Committee, the payment may be in cash,
EFI Common Shares or some combination thereof. </P>
<P align=justify><I>Restricted Stock and Restricted Stock Units</I>.</P>
<P align=justify>Restricted Stock are awards of common shares that are subject
to forfeiture based on the passage of time, the achievement of performance
criteria, and/or upon the occurrence of other events, over a period of time, as
determined by the Committee. Restricted Stock Units are similar to Restricted
Stock, but provide a right to receive common shares or cash or a combination of
the two upon settlement. The Committee may grant Restricted Stock and/or RSUs to
any Eligible Participant at any time and on such terms as the Committee
determines. The specific terms, including the number of Restricted Stock or RSUs
awarded, the restriction period, the settlement date and any other restrictions
or conditions that the Committee determines to impose on any Restricted Stock or
RSU shall be set out in an Award Agreement. </P>
<P align=justify>To the extent required by law, holders of Restricted Stock
shall have voting rights during the restricted period, however, holders of RSUs
shall have no voting rights until and unless EFI Common Shares are issued on the
settlement of such RSUs.</P>
<P align=justify>Unless otherwise determined by the Committee or as set out in
any Award Agreement, no RSU will vest later than three years after the date of
grant.</P>
<P align=justify><I>Deferred Share Units. </I></P>
<P align=justify>DSUs are awards denominated in units that provide the holder
with a right to receive common shares or cash or a combination of the two upon
settlement. The Committee may grant DSUs to any Eligible Participant at any
time, in such number and on such terms as will be determined by the Committee in
its discretion and as will be set out in the applicable Award Agreement.</P>
<P align=justify><I>Performance Shares and Performance Share Units.</I></P>
<P align=justify>Performance Shares are awards, denominated in EFI Common
Shares, the value of which at the time it is payable is determined as a function
of the extent to which corresponding performance criteria have been achieved.
Performance Units are equivalent to Performance Shares but are denominated in
units. The Committee may grant Performance Shares and/or Performance Units to
any Eligible Participant at any time, in such number and on such terms as may be
determined by the Committee in its discretion. Each Performance Share and
Performance Unit will have an initial value equal to the FMV of an EFI Common
Share on the date of grant. The Committee will set performance criteria for a
Performance Share or Performance Unit in its discretion and the period of time
during which the performance criteria must be met. The extent to which the
performance criteria is met will determine the ultimate value and/or number of
Performance Shares or Performance Units that will be paid to the
Participant.</P>
<P align=justify>The Committee may pay earned Performance Shares or Performance
Units in the form of cash or EFI Common Shares equal to the value of the
Performance Share or Performance Unit at the end of the performance period. The
Committee may determine that holders of Performance Shares or Performance Units
be credited with consideration equivalent to dividends declared by the Board and
paid on outstanding EFI Common Shares.</P>
<P align=justify><I>Stock-Based Awards. </I></P>
<P align=justify>The Committee may, to the extent permitted by the TSX, grant
other types of equity-based or equity-related Awards not otherwise described by the terms of the
Equity Incentive Plan in such amounts and subject to such terms and conditions
as the Committee determines. Such SBAs may involve the transfer of actual EFI
Common Shares to Participants, or payment in cash or otherwise of amounts based
on the value of EFI Common Shares. </P>
<P align=center>16 </P>
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<P align=justify><U>Assignability</U></P>
<P align=justify>Other than Restricted Stock and RSUs, Awards will be
non-transferable and non-assignable except as provided in an Award Agreement, by
will or by the law of descent and distribution. Such Awards will be exercisable
during the Participant&#146;s lifetime only by the Participant. Restricted Stock and
RSUs will be non-transferable and non-assignable until the end of the applicable
period of restriction specified in the Award Agreement (and in the case of RSUs
until the date of settlement through delivery or other payment), or upon earlier
satisfaction of any other conditions, as specified by the Committee.<B> </B></P>
<P align=justify><U>Cessation of Awards</U></P>
<P align=justify><I>Death.</I></P>
<P align=justify>If a Participant dies while an employee, officer or director
of, or consultant to, the Corporation or an Affiliate: (i) any Options held by
the Participant that are exercisable at the date of death continue to be
exercisable by the executor or administrator of the Participant&#146;s estate until
the earlier of twelve months after the date of death and the date on which the
exercise period of the particular Option expires and any Options that are not
exercisable at the date of death shall immediately expire; (ii) any RSUs held
that have vested as at the date of death will be paid to the Participant's
estate, and any RSUs that have not vested as at the date of death will be
immediately cancelled; and (iii) the treatment for all other types of Awards
shall be as set out in the applicable Award Agreement. </P>
<P align=justify><I>Termination other than Death.</I></P>
<P align=justify>Upon termination of the Participant&#146;s employment or term of
office or engagement with the Corporation for any reason other than death: (i)
any of the Options held by the Participant that are exercisable on the
termination date continue to be exercisable until the earlier of three months
(six months in the case of a voluntary retirement) after the termination date
and the date on which the exercise period of the Option expires, and any Options
that have not vested at the termination date shall immediately expire; (ii) any
RSUs held by a Participant that have vested at the termination date will be paid
to the Participant and any RSUs that have not at the termination date will be
immediately cancelled; and (iii) the treatment for all other types of Awards
shall be as set out in the applicable Award Agreement.</P>
<P align=justify><U>Corporate Reorganization and Change of Control</U> </P>
<P align=justify><I>Corporate Reorganization.</I></P>
<P align=justify>In the event of any merger, arrangement, amalgamation,
consolidation, reorganization, recapitalization, separation, stock dividend,
extraordinary dividend, stock split, reverse stock split, split up, spin-off or
other distribution of stock or property of the Corporation, combination of
securities, exchange of securities, dividend in kind, or other like change in
capital structure or distribution to stockholders of the Corporation, or any
similar corporate event or transaction (a &#147;<B>Corporate Reorganization</B>&#148;),
the Committee will make or provide for such adjustments or substitutions as are
equitably necessary in: (i) the number and kind of securities that may be issued
under the Equity Incentive Plan, (ii) the number and kind of securities subject
to outstanding Awards, (iii) the price applicable to outstanding Awards, (iv)
the award limits, (v) the limit on issuing Awards except as provided for in the
Equity Incentive Plan, and (vi) any other value determinations applicable to
outstanding Awards or to the Equity Incentive Plan. </P>
<P align=justify>In connection with a
Corporate Reorganization, the Committee will have the discretion to permit a
holder of Options to purchase, and the holder shall be required to accept, on
the exercise of such Option, in lieu of the EFI Common Shares, securities or
other property that the holder would have been entitled to receive as a result of the Corporate Reorganization if that
holder had owned all EFI Common Shares that were subject to the Option. </P>
<P align=center>17 </P>
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<P align=justify><I>Change of Control. </I></P>
<P align=justify>In the event of a Change of Control (as defined in the Equity
Incentive Plan), subject to applicable laws and rules and regulations of a
national exchange or market on which EFI Common Shares are listed or as
otherwise provided in any Award Agreement, (a) all Options and SARs shall be
accelerated to become immediately exercisable; (b) all restrictions imposed on
Restricted Stock and RSUs shall lapse and RSUs shall be immediately settled and
payable; (c) target payout opportunities attainable under all outstanding Awards
of performance-based Restricted Stock, performance-based Restricted Stock Units,
Performance Units and Performance Shares shall be deemed to have been fully
earned; (d) unless otherwise specifically provided in a written agreement
entered into between the Participant and the Corporation or an Affiliate, the
Committee shall immediately cause all other Stock-Based Awards to vest and be
paid out as determined by the Committee, and (e) the Committee will have
discretion to cancel all outstanding Awards, and the value of such Awards will
be paid in cash based on the change of control price.  </P>
<P align=justify>Notwithstanding the above,
no acceleration of vesting, cancellation, lapsing of restrictions, payment of an
Award, cash settlement or other payment will occur with respect to an Award if
the Committee determines, in good faith, that the Award will be honoured,
assumed or substituted by a successor corporation, provided that such honoured,
assumed or substituted Award must: (a) be based on stock which is traded on the
TSX and/or an established securities market in the United States; (b) provide
such Participant with rights and entitlements substantially equivalent to or
better than the rights, terms and conditions applicable under such Award; (c)
recognize, for the purpose of vesting provisions, the time that the Award has
been held prior to the Change of Control; (d) have substantially equivalent
economic value to such Award; and (e) have terms and conditions which provide
that in the event a Participant&#146;s employment with the Corporation, and Affiliate
or a successor Corporation is involuntarily terminated or constructively
terminated at any time within twelve months of the Change of Control, any
conditions on a Participant&#146;s rights under, or any restrictions on transfer or
exercisability applicable to such alternative Award shall be waived or shall
lapse, as the case may be.</P>
<P align=justify><U>Amending the Equity Incentive Plan</U><B><I> </I></B></P>
<P align=justify>Except as set out below, and as otherwise provided by law or
stock exchange rules, the Equity Incentive Plan may be amended, altered
modified, suspended or terminated by the Committee at any time, without notice
or approval from shareholders, including but not limited to for the purposes of:
</P>
<TABLE
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  <TR>
    <TD vAlign=top align=center width="5%">(a) </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">(b) </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">(c) </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Corporation for the protection of Participants;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">(d) </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">(e) </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE>
<P align=justify>Amendments requiring the prior approval of the Corporation&#146;s
shareholders are: (i) a reduction in the price of a previously granted Option or SAR benefitting an
insider; (ii) an increase in the total number of Common Shares available under
the Equity Incentive Plan or the total number of EFI Common Shares available for
ISOs; (iii) an increase to the limit on the number of Common Shares issued or
issuable to insiders; (iv) an extension of the expiry date of an Option or SAR
other than in relation to a blackout period; and (v) any amendment to the
amendment provisions of the Equity Incentive Plan.</P>
<P align=center>18 </P>
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<P align=justify><U>Awards Granted under the Equity Incentive Plan Prior to the
Date hereof</U> </P>
<P align=justify>Since the Equity Incentive Plan was adopted by the Board on
January 28, 2015, a total of 153,850 RSUs have been awarded to Participants, all
of which were awarded on January 28, 2015, as follows: 82,450 RSUs were awarded
to the CEO and three other executive officers of the Corporation, a total of
13,250 RSUs were granted to two officers of the Corporation&#146;s subsidiaries, a
total of 23,350 RSUs were granted to four senior managers of the Corporation&#146;s
subsidiaries, and a total of 34,800 RSUs were granted to eight non-executive
directors of the Corporation. Such Awards will vest as to 50% on January 28,
2016, as to a further 25% on January 28, 2017, and as to the remaining 25% on
January 28, 2018. These Awards cannot be exercised until such time that
shareholders of the Corporation have approved and ratified the Equity Incentive
Plan and the grants. Should shareholders fail to approve the Equity Incentive
Plan, these Awards will be cancelled forthwith. </P>
<P align=justify><U>Shareholder Approval and Ratification of Equity Incentive
Plan</U></P>
<P align=justify>At the Meeting, Shareholders will be asked to approve the
Equity Incentive Plan adopted by the Board on January 28, 2015. Shareholders
will be asked to consider and, if deemed advisable, to approve, with or without
amendment, the following resolution which ratification shall require the
affirmative vote of a majority of votes cast on the matter, excluding any votes
attached to shares beneficially owned by persons entitled to participate in the
Equity Incentive Plan:</P>
<P align=justify><B>BE IT RESOLVED </B>that<B>:</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=center width="5%">1. </TD>
    <TD>
      <P align=justify>The 2015 Omnibus Equity Incentive Compensation Plan (the
      &#147;Equity Incentive Plan&#148;) in the form attached as Schedule C to the
      management information circular of the Corporation dated May 6, 2015 (the
      &#147;Circular&#148;) pursuant to which EFI Common Shares representing up to 10% of
      the then issued and outstanding EFI Common Shares from time to time may be
      issued, is hereby ratified and approved, subject to any changes that may
      be required to comply with the rules of the TSX or the NYSE;</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">2. </TD>
    <TD>
      <P align=justify>The 153,850 Restricted Stock Units granted under the
      Equity Incentive Plan on January 28, 2015, as described under the
      subheading &#147;Awards Granted Under the Equity Incentive Plan Prior to the
      Date hereof&#148; in the Circular, are hereby ratified, approved and
      authorized; and</P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center 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><B>The Board recommends a vote FOR the resolution to ratify,
approve and confirm the Equity Incentive Plan as well as the RSUs awarded
thereunder on January 28, 2015.</B> </P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=center><B>EXECUTIVE COMPENSATION </B></P>
<P align=justify><B>Compensation Governance </B></P>
<P align=justify>Until May 21, 2014, 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. On May 21, 2014, Mr. Dengler decided not to stand for
re-election to the Board, and thereafter the Compensation Committee was made up
of the three remaining directors on the committee, being J. Birks Bovaird, Bruce
D. Hansen, and Richard J. Patricio, each of whom is independent. Each of Messrs.
Bovaird, 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=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 for executive
compensation in 2014. The compensation survey data utilized in the Harlon
Group&#146;s review was 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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Uranium Energy Corp. </B>(NYSE MKT: UEC) a US-based
      uranium mining and exploration company </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Powertech Uranium Corp. </B>(TSX: PWE) a uranium
      company with advanced properties in South Dakota and Colorado </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>UR-Energy Inc. </B>&#150; (NYSE MKT: URG) a junior uranium
      mining company </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>General Moly Inc. </B>&#150; (NYSE MKT: GMO) a US-based
      mineral company engaged in the exploration, development and mining of
      molybdenum </P></TD></TR></TABLE>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Uranerz Energy Corporation </B>&#150; (NYSE MKT: URZ) - a
      US mining company focused on near term commercial in-situ recovery uranium
      production </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Uranium Resources Inc. </B>- (NASDAQ MKT: URRE) -
      exploring, developing and mining uranium </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Denison Mines Corp. </B>- (NYSE MKT: DNN) - engaging
      in the exploration, development, mining, and milling of uranium in Canada,
      Zambia, and Mongolia </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Hallador Energy Inc. </B>&#150; (NASDAQ MKT: HNRG) -
      primary focus in coal and oil and gas production </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><B>Peninsula Energy Ltd. </B>&#150; (ASX MKT: PEN) - an
      emerging uranium company with assets in Wyoming, USA and Karoo, South
      Africa </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><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. </P></TD></TR></TABLE>
<P align=justify>In December 2014 and January 2015, the Corporation again
engaged the Harlon Group to conduct a compensation study for employees, the
executive team and the Board, and to provide data on equity incentive 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 for executive compensation in 2015, and resulted in
the Board adopting the Equity Incentive Plan, discussed above, to replace the
Existing Option Plan.</P>
<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;NEOs&#148;</B>) and directors for each of the two most recently completed
financial years. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#B8CCE4"><B>Year</B> <BR></TD>
    <TD width="33%" align=center bgcolor="#B8CCE4"><B>Executive Compensation-Related</B>
      <BR>
      <B>Fees</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="33%" align=center bgcolor="#B8CCE4"><B>All Other Fees</B><B><SUP>(2)</SUP></B>
    <BR></TD></TR>
  <TR vAlign=top>
    <TD align=center>Financial Year Ended December 31, 2014 </TD>
    <TD align=center width="33%">US$11,940 </TD>
    <TD align=center width="33%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=center>15-Month Period Ended December 31, 2013 </TD>
    <TD align=center width="33%">US$17,176 </TD>
    <TD align=center width="33%">Nil </TD></TR></TABLE></DIV>
<P align=justify>Notes: <BR>(1) 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.
<BR>(2) 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;. </P>
<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 the Corporation&#146;s compensation programs are
to attract and retain the best possible executives and to motivate the
executives to achieve goals consistent with the Corporation&#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 the
Corporation. During fiscal 2014, 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 six NEOs during
fiscal 2014: Stephen P. Antony; Graham G. Moylan; Daniel G. Zang;
Harold R. Roberts; David C. Frydenlund and Gary R. Steele.<B> </B> </P>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<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 the
Corporation overall, the Corporation&#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 the Corporation overall, the Corporation&#146;s projects and the
particular individual&#146;s contributions.</P>
<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 the Corporation 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 the Corporation&#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 the Corporation
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>In 2014, the Corporation relied on the grant of stock options
(&#147;<B>EFI Options</B>&#148;) to align management&#146;s interests with shareholder value.
Grant ranges were established independently each time grants of EFI Options were
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 Existing Option Plan, an exercise
price not less than the fair market value of a common share on the date of
grant. For more information on the Existing Option Plan see &#147;<I>Securities
Authorized for Issuance under Equity Compensation Plans</I>&#148; below. </P>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<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>Under the Equity Incentive Plan, which was approved by the
Board on January 28, 2015, and is subject to ratification by shareholders at the
Meeting as discussed above, the Board may, in its discretion, commencing in
2015, grant from time to time, Options, Stock Appreciation Rights (SARs),
Restricted Stock and Restricted Stock Units, Deferred Share Units, Performance
Shares and Performance Units, and Stock-Based Units to employees, directors,
officers and consultants of the Corporation and its affiliates. </P>
<P align=justify> <U>Performance
Goals</U> </P>
<P align=justify>Performance goals apply in determining base salary increases, bonus
awards, and the equity incentive awards for each NEO. These goals are subjective
and, therefore, subject to discretion by the Compensation Committee and the
Board. The Corporation believes shareholder value is primarily driven by
results, both in terms of financial strength and operating measures such as
production, production capability, and mineral reserve and resource growth, as
well as protection of public health, safety and the environment and good
corporate governance. As such, individual and Corporation performance goals are
used when determining individual compensation and are based on these and other
measures through the setting of short and long-term performance objectives.
These objectives include, for example: implementing the Corporation&#146;s strategic
goals and objectives; managing the Corporation&#146;s business and budget; meeting
safety and environmental protection goals; increasing mineral reserves and
resources; maintaining the ability to increase production commensurate with
increases in commodity prices; satisfying contractual uranium supply
obligations; continuing to meet permitting objectives required to progress
projects and achieve targeted milestones; identifying and engaging strategic
financial partners; maintaining strong internal controls; executing public and
private market capital raising initiatives; ensuring continued compliance with
corporate governance requirements; entering into uranium supply contracts as
required; and continuing to develop the Corporation&#146;s marketing plan to expand
awareness of the Corporation&#146;s production profile and capabilities, domestically
and internationally. Many of these objectives are directly tied to the
Corporation&#146;s annual budget and long-term business plan, which are approved by
the Board. Each executive&#146;s performance is also evaluated against expectations
for fulfilling the executive&#146;s individual responsibilities and goals within his
or her particular employment functions and areas of expertise, which also
reflects on the executive&#146;s contribution to the Corporation&#146;s success in meeting
its objectives.</P>
<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=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<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, 2009 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>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=center><IMG
src="chart.jpg"
border=0 width="638" height="438"></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE" ><BR></TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>October 1,</B> <BR>
      <B>2009</B> </TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>September</B> <BR>
      <B>30, 2010</B> </TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>September</B> <BR>
      <B>30, 2011</B> </TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>September</B> <BR>
      <B>30, 2012</B> </TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>December</B> <BR>
      <B>31,
      2013</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="12%" align=center bgcolor="#EEEEEE"><B>December</B> <BR>
    <B>31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Energy Fuels Inc.</B><B><SUP>(2)</SUP></B>
    </TD>
    <TD vAlign=bottom align=center width="12%">$17.50 </TD>
    <TD vAlign=bottom align=center width="12%">$18.00 </TD>
    <TD vAlign=bottom align=center width="12%">$12.50 </TD>
    <TD vAlign=bottom align=center width="12%">$10.00 </TD>
    <TD vAlign=bottom align=center width="12%">$8.00 </TD>
    <TD vAlign=bottom align=center width="12%">$7.14 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Value of C$100 Investment </TD>
    <TD vAlign=bottom align=center width="12%">$100.00 </TD>
    <TD vAlign=bottom align=center width="12%">$102.86 </TD>
    <TD vAlign=bottom align=center width="12%">$71.43 </TD>
    <TD vAlign=bottom align=center width="12%">$57.14 </TD>
    <TD vAlign=bottom align=center width="12%">$45.71 </TD>
    <TD vAlign=bottom align=center width="12%">$40.80 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>S&amp;P/TSX Composite GIC</B>
      <BR>(Diversified Metals &amp; Mining) </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$7,649.65 </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$10,117.50 </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$7,485.06 </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$7,945.13 </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$7,360.75 </TD>
    <TD vAlign=bottom align=center width="12%"><BR>$6,076.31 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Value of C$100 Investment </TD>
    <TD vAlign=bottom align=center width="12%">$100.00 </TD>
    <TD vAlign=bottom align=center width="12%">$132.26 </TD>
    <TD vAlign=bottom align=center width="12%">$97.85 </TD>
    <TD vAlign=bottom align=center width="12%">$103.86 </TD>
    <TD vAlign=bottom align=center width="12%">$96.22 </TD>
    <TD vAlign=bottom align=center width="12%">$79.43
</TD></TR></TABLE></DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%" >Note:</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Reflects the 15-month period resulting from the change in
      the Corporation&#146;s year-end from September 30 to December 31.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Reflects the Consolidation of common shares of the
      Corporation.</P></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=justify><U>Equity Incentive Awards</U> </P>
<P align=justify>The Existing Option Plan has been used to provide EFI Options,
and if ratified by the shareholders at the Meeting, the Equity Incentive Plan
will, at the discretion of the Board, be used to provide Options, Stock
Appreciation Rights, Restricted Stock and Restricted Stock Units, Deferred Share
Units, Performance Shares and Performance Units, and Stock-Based Units,which have
and will be 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 equity incentive awards to be
granted to the executive officers, the Board takes into account the number or
value of such awards, if any, previously granted to each executive officer, and
the exercise price or value of any outstanding options or other equity incentive
awards 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=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify>All equity incentive 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 Corporation&#146;s
financial year ended December 31, 2013 being a 15-month financial period. 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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left vAlign=bottom bgcolor="#EEEEEE"
      ><BR>
      <BR><BR><BR><B>Name and</B> <BR><B>Principal
      Position</B> </TD>
    <TD width="5%" rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"
      ><BR>
      <BR><BR><BR><BR><B>Year</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="10%"
      rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><BR><B>Salary</B> <BR><B>(US$)</B> </TD>
    <TD width="10%"
      rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Share-Based </B><BR><B>Awards</B>
      <BR><B>(US$)</B> </TD>
    <TD width="10%"
      rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><STRONG>Option- Based</STRONG> <BR><B>Awards</B>
      <BR><B>(US$)</B><B><SUP>(2)</SUP></B> </TD>
    <TD colspan="2" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Non-Equity Incentive</B>
      <BR>
      <B>Plan Compensation ($)</B> <BR></TD>
    <TD width="10%"
      rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><STRONG>Pension</STRONG> <BR><B>Value</B>
      <BR><B>(US$)</B> </TD>
    <TD width="10%" rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>All
      Other</B> <BR><B>Compensation </B><BR><B>(US$)</B><B><SUP>(3)</SUP></B></TD>
    <TD width="10%"
      rowSpan=2 align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Total</B> <BR><STRONG>Compensation</STRONG>
      <BR><B>(US$)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Annual</B>
      <BR>
      <B>Incentive</B> <BR><B>Plans</B> </TD>
    <TD
      width="10%" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Long-Term</B><BR>
    <B>Incentive</B> <BR><B>Plans</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stephen P. Antony <BR>President &amp; CEO
    <BR></TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">360,000 <BR>454,209 <BR>253,205 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">212,616 <BR>94,462 <BR>362,168 </TD>
    <TD align=center width="10%">75,000 <BR>75,000 <BR>125,000 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">10,400 <BR>21,817 <BR>7,596 </TD>
    <TD align=center width="10%">658,016 <BR>646,489 <BR>747,969 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Graham G. Moylan<SUP>(4)(5)(6)</SUP> <BR>CFO
      <BR></TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">36,204 <BR>293,485 <BR>21,179 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>87,552 <BR>176,921 </TD>
    <TD align=center width="10%">62,593 <BR>25,158 <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">8,357 <BR>20,442 <BR>Nil </TD>
    <TD align=center width="10%">107,154 <BR>426,637 <BR>198,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Daniel G. Zang<SUP>(7)</SUP> <BR><BR></TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">196,250 <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">106,308 <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">20,500 <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">8,670 <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">331,728 <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Harold R. Roberts<SUP>(8)</SUP> <BR>Executive
      VP &amp; COO <BR></TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">235,000 <BR>303,542 <BR>229,092 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">106,308 <BR>59,664 <BR>74,211 </TD>
    <TD align=center width="10%">7,500 <BR>32,500 <BR>37,100 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">6,567 <BR>7,246 <BR>4,421 </TD>
    <TD align=center width="10%">355,375 <BR>402,952 <BR>344,824 </TD></TR>
  <TR vAlign=top>
    <TD align=left >David C. Frydenlund<SUP>(8)</SUP> <BR>Sr. VP,
      General Counsel <BR>and Corporate Secretary </TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">230,000 <BR>297,084 <BR>225,245 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">106,308 <BR>47,731 <BR>43,606 </TD>
    <TD align=center width="10%">25,000 <BR>22,500 <BR>38,100 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">361,308 <BR>367,315 <BR>306,951 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Gary R. Steele<SUP>(9)</SUP> <BR>Sr. VP
      Marketing and <BR>Sales </TD>
    <TD align=center width="5%" >2014 <BR>2013 <BR>2012 </TD>
    <TD align=center width="10%">118,500 <BR>239,082 <BR>139,307 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">53,154 <BR>23,866 <BR>155,986 </TD>
    <TD align=center width="10%">7,500 <BR>10,000 <BR>25,000 </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="10%">27,800 <BR>7,581 <BR>4,179 </TD>
  <TD align=center width="10%">206,955 <BR>280,529 <BR>324,472</TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%" >
      <P align=justify>Notes: </P></TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <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 2014 and 2012 represent the
      12-month financial years ended on December 31, 2014 and September 30,
      2012, respectively.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <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 18 &#150; Share-Based Payments&#148; to EFI&#146;s financial statements for
      financial year ended December 31, 2014. 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$0.9054 for the financial period ended
      December 31, 2014; (ii) Cdn$1 to US$0.9782 for the financial period ended
      December 31, 2013; and (iii) Cdn$1 to US$1.0074 for the fiscal year ended
      September 30, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>These amounts represent retirement savings benefits
      contributed by the Corporation.</P></TD></TR></TABLE>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <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$0.9054 for the financial period ended December 31, 2014;
      (ii) C$1 to US$0.9782 for the financial period ended December 31, 2013;
      and (iii) C$1 to US$1.0074 for the fiscal year ended September 30,
      2012.</P></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 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 vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. Zang was appointed as CFO of the Corporation
      effective February 15, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </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>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Mr. Steele resigned as Sr. VP Marketing and Sales of the
      Corporation effective September 30, 2014. Consulting fees paid to Mr.
      Steele after his retirement totaled $12,384, which are not included in the
      table.</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, 2014 based on the last trade of EFI
Common Shares on the TSX prior to the close of business on December 31, 2014 of
C$7.14. </P>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards</U>
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD
      rowSpan=2 align=left vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Option-Based Awards</B> </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Share-Based Awards</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD width="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><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="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Option</B>
      <BR><B>Exercise</B> <BR><B>Price</B>
      <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><BR><BR><B>Option
      Expiration</B> <BR><B>Date</B> </TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Value of</B>
      <BR><B>Unexercised In-the-</B> <BR><B>Money Options</B> <BR><B>(C$)</B></TD>
    <TD width="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><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="14%" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Market or</B> <BR>
      <B>Payout
      Value of</B> <BR><B>Share-Based</B> <BR><B>Awards that</B> <BR><B>Have
      Not</B> <BR><B>Vested</B> <BR><B>(C$)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony <BR><BR><BR><BR><BR></TD>
    <TD align=center width="14%">6,000 <BR>6,000 <BR>19,200 <BR>20,000
      <BR>16,000 <BR>40,000 </TD>
    <TD align=center width="14%">10.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="14%">7/13/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Graham G. Moylan<SUP>(3)</SUP> </TD>
    <TD align=center width="14%">Nil </TD>
    <TD align=center width="14%">-- </TD>
    <TD align=center width="14%">-- </TD>
    <TD align=center width="14%">Nil </TD>
    <TD align=center width="14%">Nil </TD>
    <TD align=center width="14%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel G. Zang<B><SUP>(4)</SUP></B> <BR><BR></TD>
    <TD align=center width="14%">6,000 <BR>6,000 <BR>20,000 </TD>
    <TD align=center width="14%">8.00 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="14%">5/10/2018 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts <BR><BR></TD>
    <TD align=center width="14%">12,000 <BR>10,000 <BR>20,000 </TD>
    <TD align=center width="14%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="14%">8/13/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. <BR>Frydenlund <BR></TD>
    <TD align=center width="14%">7,000 <BR>8,000 <BR>20,000 </TD>
    <TD align=center width="14%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="14%">8/13/2017 <BR>7/16/2018 <BR>1/13/2019 </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gary R. Steele<B><SUP>(5)</SUP></B> <BR><BR><BR><BR><BR></TD>
    <TD align=center width="14%">2,000 <BR>2,400 <BR>6,000 <BR>12,000
      <BR>4,000 <BR>10,000 </TD>
    <TD align=center width="14%">10.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="14%">7/13/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="14%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD></TR></TABLE>
</DIV>
<P align=justify>Notes: </P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P align=justify>(1) The number of EFI Options and the exercise price of EFI
Options have been adjusted to take into account the Consolidation.<BR>(2) EFI
Options were granted and are reported in Canadian dollars. <BR>(3) Mr. Moylan
resigned as Chief Financial Officer on February 15, 2014. <BR>(4) Mr. Zang was
appointed as Chief Financial Officer on February 15, 2014. <BR>(5) Mr. Steele
resigned as Sr. VP Marketing and Sales of the Corporation effective September
30, 2014. Mr. Steele has performed services as a consultant to the Corporation
since that date. </P>
<P align=justify><U>Incentive Plan Awards &#150; Value Vested or Earned</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Name</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Option-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B> <BR><B>($)</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Share-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B><SUP>(1)</SUP> <BR><B>($)</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Non-Equity Incentive Plan</B>
      <BR>
      <B>Compensation &#150; Value Earned</B> <BR><B>During the Year</B>
      <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">75,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Graham G. Moylan<SUP>(1)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">62,593 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel G. Zang<SUP>(2)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">20,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">7,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David C. Frydenlund </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">25,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gary R. Steele<SUP>(3)</SUP> </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">7,500 </TD></TR></TABLE><BR></DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >Notes:</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </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 vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Mr. Zang was appointed as CFO of the Corporation
      effective February 15, 2014.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Steele resigned as Sr. VP Marketing and Sales of the
      Corporation effective September 30, 2014.</P></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. </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 annual 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=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<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, 2014 is US$1,552,000. </P>
<P align=justify><U>Daniel G. Zang</U> </P>
<P align=justify>In the event of a change of control, Mr. Zang may elect to
terminate his employment with EFI unilaterally within thirty days of the
occurrence of the change of control. In such case, EFI would be required to pay
Mr. Zang all outstanding base salary and vacation pay accrued to the effective
date of termination and provide a lump sum payment equal to one times his annual
base salary plus one times the amount of the highest annual performance bonus
paid to him. The estimated additional payment to Mr. Zang in the case of
termination upon a change of control, assuming that the triggering event took
place on December 31, 2014, was $277,500.</P>
<P align=justify><U>Harold R. Roberts</U> </P>
<P align=justify>In the event Mr. Roberts&#146; employment is terminated by EFI, he
will be entitled to severance pay in an amount equal to his annual base salary
at the time of termination plus the greater of (a) one times any bonus received
between July 1, 2012 and the time of termination, or (b) 15% of his current
annual base salary at the time of termination. The estimated additional payment
to Mr. Roberts in the case of a termination, assuming that the triggering event
took place on December 31, 2014 is $279,100. </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 annual 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 December 31, 2014, is
US$433,650. </P>
<P align=justify><U>David C. Frydenlund</U> </P>
<P align=justify>In the event Mr. Frydenlund&#146;s employment is terminated by EFI,
he will be entitled to severance pay in an amount equal to three months of his
base salary at the time of termination. The estimated additional payment to Mr.
Frydenlund in the case of a termination, assuming that the termination took
place on December 31, 2014, is US$60,000. 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 annual 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, 2014, is US$299,600.</P>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<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. 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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left valign="bottom" bgcolor="#EEEEEE" ><BR>
      <BR><BR><B>Name</B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><BR>
      <B>Fees</B> <BR><B>Earned</B>
      <BR><B>($)</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><B>Share-</B> <BR>
      <B>Based</B>
      <BR><B>Awards</B> <BR><B>($)</B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><B>Option-</B> <BR>
      <B>Based</B>
      <BR><B>Awards</B> <BR><B>($)</B><B><SUP>(2)</SUP></B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><B>Non-Equity</B> <BR>
      <B>Incentive Plan</B>
      <BR><B>Compensation</B> <BR><B>($)</B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><B>Pensio</B><B>n</B> <BR>
      <B>Value</B>
      <BR><B>($)</B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><BR>
      <B>All Other</B> <BR><B>Compensation</B>
      <BR><B>($)</B> </TD>
    <TD width="12%" align=center valign="bottom" bgcolor="#EEEEEE"><BR>
    <BR><B>Total</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >J. Birks Bovaird </TD>
    <TD align=center width="12%">45,156 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">98,310 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Paul A. Carroll </TD>
    <TD align=center width="12%">27,841 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">80,995 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eun Ho Cheong<SUP>(3)</SUP> </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >W. Robert Dengler<SUP>(4)</SUP> </TD>
    <TD align=center width="12%">11,148 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">64,302 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Lawrence A. Goldberg </TD>
    <TD align=center width="12%">38,366 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">91,520 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark E. Goodman </TD>
    <TD align=center width="12%">21,729 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">74,883 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Bruce D. Hansen </TD>
    <TD align=center width="12%">28,859 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">82,013 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Ron F. Hochstein </TD>
    <TD align=center width="12%">31,918 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">85,072 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stephen N. Khan<SUP>(5)</SUP> </TD>
    <TD align=center width="12%">5,452 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">58,606 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tae Hwan Kim<SUP>(6)</SUP> </TD>
    <TD align=center width="12%">20,541 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">73,695 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Richard Patricio </TD>
    <TD align=center width="12%">31,238 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">53,154 </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">Nil </TD>
    <TD align=center width="12%">84,392 </TD></TR></TABLE><BR></DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%" >Notes:&nbsp;&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <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$0.9054 for the financial period
      ended December 31, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <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 18 &#150; Share-Based Payments&#148; to EFI&#146;s financial statements for the
      12-month period ended December 31, 2014. Option fair values were
      calculated in Canadian dollars and converted into US dollars using an
      average annual exchange rate of C$1 to US$0.9054 for the financial period
      ended December 31, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned as a director effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Dengler did not stand for re-election and was no
      longer a director of the Corporation as of May 21, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Khan resigned as a director, effective March 31,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Kim was appointed as a director by the Board
      effective January 23, 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 2014, directors&#146; compensation, which is paid only to non-employee
directors, consisted of: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>annual retainer for board member of C$15,000; </P>
  <LI>
  <P>annual retainer for committee (other than Audit Committee) Chairs of
  C$18,750; </P>
  <LI>
  <P>annual retainer for audit committee Chair of C$30,000; </P></LI></UL>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>annual retainer for Chair of the Board of C$37,500; </P>
  <LI>
  <P>meeting fee of C$1,125 per meeting for any and all Board and committee
  meetings if attended in person or telephonically; and </P>
  <LI>
  <P>reimbursement of related travel and out-of-pocket expenses. </P></LI></UL>
<P align=justify>Effective January 1, 2015, the directors&#146; compensation, which
is paid only to non-employee directors, consists of: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>annual retainer for each board member of C$45,000; </P>
  <LI>
  <P>annual retainer for committee chairs (other than audit committee chairman)
  of C$50,000; </P>
  <LI>
  <P>annual retainer for audit committee chairman of C$55,000; </P>
  <LI>
  <P>annual retainer for chairman of the board of C$60,000; </P>
  <LI>
  <P>reimbursement of related travel and out-of-pocket expenses; and </P>
  <LI>
  <P>no additional fees for attendance at Board or committee meetings.
</P></LI></UL>
<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, 2014 based on the last
trade of the EFI Common Shares on the TSX prior to the close of business on
December 31, 2014 of C$7.14. </P>
<P align=justify><U>Outstanding Share-Based Awards and Option-Based Awards as at
December 31, 2014</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=2 align=left vAlign=bottom bgcolor="#EEEEEE" ><B>Name</B> </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Option-Based Awards</B> </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Share-Based Awards</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><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="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Option</B>
      <BR><B>Exercise</B> <BR><B>Price</B>
      <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><BR><B>Option</B>
      <BR><B>Expiration</B> <BR><B>Date</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><B>Value of</B>
      <BR><B>Unexercised</B> <BR><B>In-the-Money</B> <BR><B>Options</B>
      <BR><B>($)</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <B>Number of</B>
      <BR><B>Shares or Units</B> <BR><B>of Shares that</B> <BR><B>Have Not</B>
      <BR><B>Vested</B> <BR><B>($)</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Market or</B> <BR>
      <B>Payout
      Value</B> <BR><B>of Share-Based</B> <BR><B>Awards that</B> <BR><B>Have
      Not</B> <BR><B>Vested</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >J. Birks Bovaird <BR>(Chair)
    <BR><BR><BR><BR></TD>
    <TD align=center width="13%">3,000 <BR>2,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="13%">8/5/2015 <BR>4/1/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">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><BR></TD>
    <TD align=center width="13%">3,000 <BR>4,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="13%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Eun Ho Cheong<SUP>(3)</SUP> </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">NA </TD>
    <TD align=center width="13%">NA </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >W. Robert Dengler<SUP>(4)</SUP> </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Lawrence A. Goldberg <BR><BR><BR></TD>
    <TD align=center width="13%">7,200 <BR>20,000 <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.50 <BR>11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="13%">3/7/2017 <BR>8/27/2017 <BR>7/16/2018
      <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil </TD>
  <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil</TD></TR></TABLE>
</DIV>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#EEEEEE" >&nbsp; </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Option-Based Awards</B> </TD>
    <TD colspan="3" align=center vAlign=bottom bgcolor="#EEEEEE"> <B>Share-Based Awards</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom bgcolor="#EEEEEE"
      ><BR>
      <BR><BR><BR><BR><BR><B>Name</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><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="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Option</B>
      <BR><B>Exercise</B> <BR><B>Price</B>
      <BR><B>(C$)</B><B><SUP>(1)(2)</SUP></B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><BR><BR><B>Option</B>
      <BR><B>Expiration</B> <BR><B>Date</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <BR><B>Value of</B>
      <BR><B>Unexercised</B> <BR><B>In-the-Money</B> <BR><B>Options</B>
      <BR><B>($)</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><BR>
      <B>Number of</B>
      <BR><B>Shares or Units</B> <BR><B>of Shares that</B> <BR><B>Have Not</B>
      <BR><B>Vested</B> <BR><B>($)</B> </TD>
    <TD width="13%" align=center vAlign=bottom bgcolor="#EEEEEE"><B>Market or</B> <BR>
      <B>Payout
      Value</B> <BR><B>of Share-Based</B> <BR><B>Awards that</B> <BR><B>Have
      Not</B> <BR><B>Vested</B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mark E. Goodman <BR><BR><BR><BR><BR></TD>
    <TD align=center width="13%">3,000 <BR>2,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="13%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>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 align=center width="13%">3,000 <BR>2,000 <BR>7,200 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.00 <BR>25.50 <BR>15.50 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="13%">8/5/2015 <BR>4/13/2016 <BR>3/7/2017
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD></TR>
  <TR vAlign=top>
    <TD align=left >Ron F. Hochstein <BR><BR></TD>
    <TD align=center width="13%">20,000 <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">11.50 <BR>8.75 <BR>9.05 </TD>
    <TD align=center width="13%">8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Steven N. Khan<SUP>(5)</SUP> </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tae Hwan Kim<SUP>(6)</SUP> </TD>
    <TD align=center width="13%">10,000 </TD>
    <TD align=center width="13%">9.05 </TD>
    <TD align=center width="13%">1/23/2019 </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD>
    <TD align=center width="13%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left >Richard Patricio <BR><BR><BR><BR><BR></TD>
    <TD align=center width="13%">7,200 <BR>2,720 <BR>3,400 <BR>20,000
      <BR>10,000 <BR>10,000 </TD>
    <TD align=center width="13%">15.50 <BR>19.50 <BR>43.00 <BR>11.50 <BR>8.75
      <BR>9.05 </TD>
    <TD align=center width="13%">3/7/2017 <BR>3/7/2015 <BR>3/7/2016
      <BR>8/27/2017 <BR>7/16/2018 <BR>1/23/2019 </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD>
    <TD align=center width="13%">Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil <BR>Nil    </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%" >
      <P align=justify>Notes: </P></TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The number of options and the exercise price of the
      options has been adjusted to take into account the
Consolidation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The options were granted and are reported in Canadian
      dollars.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned as a director effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Dengler did not stand for re-election and was no
      longer a director as of May, 21, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Khan resigned as a director effective March 31,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Kim was appointed as a director by the Board
      effective January 23, 2014.</P></TD></TR></TABLE>
<P align=justify><U>Incentive Plan Awards &#150; Value Vested or Earned During the
12-Month Period Ended December 31, 2014</U> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Name</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Option-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B> <BR><B>($)</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Share-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B>
    </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Non-Equity Incentive Plan</B>
      <BR>
      <B>Compensation &#150; Value</B> <BR><B>Earned During the
      Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Eun Ho Cheong </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Robert Dengler </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR></TABLE></DIV>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=6 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Name</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Option-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B> <BR><B>($)</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Share-Based Awards &#150;</B> <BR>
      <B>Value
      Vested During the</B> <BR><B>Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B>
    </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Non-Equity Incentive Plan</B>
      <BR>
      <B>Compensation &#150; Value</B> <BR><B>Earned During the
      Year</B><B><SUP>(1)</SUP></B> <BR><B>($)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Steven N. Khan </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Patricio </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD>
    <TD align=center width="25%">Nil </TD></TR></TABLE></DIV>
<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. Park, as the nominee
of KEPCO, which has a contractual right to designate a nominee for election as a
director. Although not required to demonstrate compliance with this policy until
the later of five years from the commencement of their directorships or January
23, 2014, a majority of the directors of the Corporation are currently in
compliance with this policy. </P>
<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,
2014, concerning options outstanding pursuant to the Existing Option Plan, which
has been approved by shareholders: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=6 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center bgcolor="#EEEEEE"><BR>
      <BR><BR><B>Plan Category</B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><BR>
      <B>Number of Common Shares</B> <BR><B>to
      be issued upon exercise</B> <BR><B>of outstanding
      options</B><B><SUP>(1)</SUP></B> </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Weighted-average</B> <BR>
      <B>exercise price
      of</B> <BR><B>outstanding options</B> <BR><B>(C$)</B><B><SUP>(1)</SUP></B>
    </TD>
    <TD width="25%" align=center bgcolor="#EEEEEE"><B>Number of Common Shares</B>
      <BR>
      <B>remaining available for future</B> <BR><B>issuance under the
      Existing Option</B> <BR><B>Plan</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Existing Option Plan </TD>
    <TD align=center width="25%">902,620 </TD>
    <TD align=center width="25%">$11.59 </TD>
    <TD align=center width="25%">1,065,135<B><SUP>(2)</SUP></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Strathmore Replacement Options </TD>
    <TD align=center width="25%">2,793 </TD>
    <TD align=center width="25%">32.35 </TD>
    <TD align=center width="25%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD align=center width="25%">905,413 </TD>
    <TD align=center width="25%">11.66 </TD>
    <TD align=center width="25%">1,065,135 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >Notes:</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>If the Equity Incentive Plan is approved by shareholders
      at the Meeting, EFI will not issue any Options under the Existing Option
      Plan.</P></TD></TR></TABLE>
<P align=justify><U>Existing Option Plan</U> </P>
<P align=justify>The Existing Option Plan, which replaced a prior option plan,
was approved by the Board on January 25, 2013 and ratified by shareholders on
March 6, 2013. The Board adopted the Equity Incentive Plan on January 28, 2015.
The Equity Incentive Plan is subject to TSX approval and approval of the
shareholders at the Meeting. See &#147;<I>Approval of 2015 Omnibus Equity Incentive
Compensation Plan&#148;, </I>above. If the Equity Incentive Plan is approved by
shareholders at the Meeting, the Board will not issue any further Options under
the Existing Option Plan. There are currently 974,980 outstanding Options that
were issued under the Existing Option Plan. </P>
<P align=center>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<P align=justify><I>Shares Issuable Under Existing Option Plan. </I>The Existing
Option Plan provides that the maximum number of EFI Common Shares issuable
thereunder shall not exceed the number which represents 10% of the issued and
outstanding EFI Common Shares. The Existing Option Plan limits the number of EFI
Common Shares that may be issued at any time to insiders of EFI, together with
all security-based compensation arrangements of the EFI, to an amount that may
not exceed 10% of the issued and outstanding EFI Common Shares as of the date of
the grant, and the number of EFI Common Shares which may be issued to such
insiders within any one year period to an amount that may not exceed 10% of the
issued and outstanding EFI Common Shares.</P>
<P align=justify><I>Administration. </I>The Existing Option Plan is administered
by the Board, or a committee of the Board. The Board or a committee of the Board
is authorized to determine the participants to whom grants of options to
purchase EFI Common Shares may be made and, consistent with the provisions of
the Existing Option Plan, the terms and conditions of such grants. </P>
<P align=justify><I>Specific Terms of Stock Options. </I>The key features of the
options available for grant under the Existing Option Plan are as follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>options may be granted to employees, directors, officers and consultants of
  EFI and its affiliates, as well as any other person engaged to provide
  services to EFI or an affiliate other than services provided in relation to a
  distribution of securities of EFI or an affiliate; </P>
  <LI>
  <P>all options outstanding under the plan have a maximum term of 10 years from
  the date of grant, provided that if an option would expire during or
  immediately after a black out period during which EFI has imposed trading
  restrictions on its insiders then the expiry of such options shall be extended
  for 10 business days following the expiry of the blackout period; </P>
  <LI>
  <P>the vesting schedule for any option shall be determined by the Board or the
  committee acting in its sole discretion, and shall be stated in the option
  agreement to be entered into between each optionee and EFI; and </P>
  <LI>
  <P>the exercise price of all options issued under the plan shall be determined
  by the committee or the Board, but in any event may not be less than the
  volume weighted average trading price of the EFI Common Shares on the TSX for
  the five trading days immediately preceding the date of grant. </P></LI></UL>
<P align=justify><I>Amendments. </I>The Board has the discretion to terminate,
suspend, or make amendments to the Existing Option Plan, or amend awards granted
under it, without notice or shareholder approval, for the following purposes:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>amendments to the general vesting provisions of each option or to the
  general term of each option, provided that no option held by an insider may be
  extended beyond its original expiry date and no option may be exercised after
  the tenth anniversary of the date of grant; </P>
  <LI>
  <P>amendments to the provisions of the plan relating to the treatment of
  options upon a termination of employment; </P>
  <LI>
  <P>amendments to add covenants of EFI for the protection of participants; </P>
  <LI>
  <P>amendments not inconsistent with the plan as may be necessary or desirable
  with respect to matters or questions which, in the good faith opinion of the
  Board, it may be expedient to make, including amendments that are desirable as
  a result of changes in law or as a &#147;housekeeping&#148; matter; or </P></LI></UL>
<P align=center>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<UL style="TEXT-ALIGN: justify">
  <LI>making such changes or corrections which are required for the purpose of
  curing or correcting any ambiguity or defect or inconsistent provision or
  clerical omission or mistake or manifest error. </LI></UL>
<P align=justify>The Existing Option Plan provides that the approval of the TSX
and shareholders of EFI will be required for the following amendments: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>amendments which would increase the number of EFI Common Shares issuable
  under the plan, or which would increase the number of EFI Common Shares
  issuable to insiders; </P>
  <LI>
  <P>amendments which would extend the period of time during which any option
  held by insiders granted under the plan may be exercised; </P>
  <LI>
  <P>amendments which would reduce the exercise price of any options held by
  insiders; </P>
  <LI>
  <P>amendments which would add any form of financial assistance to an eligible
  participant; and </P>
  <LI>
  <P>amendments which would entitle the Board to amend any of the foregoing
  provisions without shareholder approval. </P></LI></UL>
<P align=justify><I>Adjustments. </I>In the event of certain events affecting
the capitalization of EFI, including a stock dividend, or certain other
corporate transactions, the Board may adjust the number of shares that may be
acquired on the exercise of any outstanding options, and the exercise price of
any outstanding options. <I>Assignability. </I>Options may not be assigned or
transferred, with the exception of an assignment made to an executor or
administrator of a deceased participant&#146;s estate. </P>
<P align=justify><I>Cessation. </I>Unless the Board or a committee of the Board
decides otherwise, the right to exercise options granted under the Existing
Option Plan terminates on the earlier of the expiry date and (i) the date that
is 12 months after the optionee&#146;s death; and (ii) 90 days after the optionee&#146;s
resignation or termination for any reason other than death. Any options held by
the optionee that are not yet vested as at such date immediately expire and are
cancelled and forfeited to EFI on that date. The Board or the Committee may,
however, in its discretion, at any time prior to or following the foregoing
events, permit the exercise of any or all options held by an optionee or permit
the acceleration of vesting of any or all options. </P>
<P align=justify><I>Change in Control. </I>In the event of a &#147;change in
control&#148;, as defined in the Existing Option Plan, unless otherwise determined by
the committee of the Board or the Board, any options outstanding immediately
prior to the occurrence of a change in control event shall immediately vest and
become fully exercisable. The committee and the Board also have the discretion
to modify the terms of the options in the event of a change in control to cash
settle any outstanding options or to convert or exchange any outstanding options
into or for other rights or securities. </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. As of the date hereof, there are 882 stock options outstanding
under the Strathmore Option Plan. 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>The Corporation 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. Prior to May
21, 2014, Ron F. Hochstein was also a member of the Audit Committee. Lawrence A.
Goldberg is the Chair of the Audit Committee. </P>
<P align=justify>Additional information regarding
the Corporation&#146;s Audit Committee, its members and charter, as well as
information concerning auditor compensation, is set out in the Corporation&#146;s
Annual Information Form which may be found on SEDAR at www.sedar.com. </P>
<P align=center>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_41></A>
<P align=center><B>CORPORATE GOVERNANCE DISCLOSURE </B></P>
<P align=justify>In accordance with National Instrument 58-101, information on
the Corporation&#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 the Corporation 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 the Corporation or
proposed nominee for election as director or any of their associates or
affiliates had any material interest in any transactions involving the
Corporation 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 the Corporation. </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 the Corporation, no proposed nominee for election as a
director of the Corporation 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 the Corporation 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 the Corporation or any of
its subsidiaries. </P>
<P align=center><B>ADDITIONAL INFORMATION </B></P>
<P align=justify>Additional information relating to the Corporation may be found
on SEDAR at www.sedar.com. Financial information is provided in the
Corporation&#146;s comparative financial statements and MDA for the 12-month period
ended December 31, 2014 which are available on SEDAR or can be received upon
written request to the Corporation at 225 Union Blvd., Suite 600, Lakewood,
Colorado, USA 80228. </P>
<P align=center>36 </P>
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<P align=justify>The board of directors of the Corporation has approved the
contents and the sending of this Circular. </P>
<P align=justify><B>DATED </B>at Lakewood, Colorado, USA this 6<SUP>th</SUP> day
of May, 2015. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>BY ORDER OF THE BOARD </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 50%" align=justify>(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>37 </P>
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<P align=center><B>SCHEDULE &#147;A&#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. (the<B> &#147;Corporation</B>&#148;) is currently comprised of nine 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 the Corporation. 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 May 6, 2014. </P>
<P align=justify>Seven of the nine 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 the Corporation. Mr. Park 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, Lawrence A. Goldberg, Mark E. Goodman, Bruce D.
Hansen, Ron F. Hochstein and Richard Patricio are independent directors of the
Corporation. Mr. Goodman is not standing for re-election at the Meeting. </P>
<P align=justify>A number of directors of the Corporation are also directors of
other reporting issuers. See &#147;<I>Particulars of Matters to be Acted Upon at the
Meeting &#150; Election of Directors</I>&#148; in the Corporation&#146;s Management Information
Circular dated May 6, 2015. </P>
<P align=justify>The Chair of the Board, 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 year ended December 31, 2014, the independent
directors held separate <I>in camera </I>sessions following four Board meetings,
and had informal discussions from time to time.</P>
<P align=justify>The Board held a total of 7 meetings during the year ended
December 31, 2014. The following table shows the number of Board meetings each
director attended during that period. </P>
<P align=center>A-1 </P>
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<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center valign="middle" bgcolor="#EEEEEE"><B>Name</B> <BR></TD>
    <TD width="33%" align=center valign="middle" 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="middle" bgcolor="#EEEEEE"><B>Number of Board</B> <BR>
      <B>Meetings
      Attended</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Eun Ho Cheong<SUP>(1)</SUP> </TD>
    <TD align=center width="33%">0 </TD>
    <TD align=center width="33%">0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>W. Robert Dengler<SUP>(2)</SUP> </TD>
    <TD align=center width="33%">3 </TD>
    <TD align=center width="33%">1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lawrence A. Goldberg </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark E. Goodman </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Steven N. Khan <SUP>(3)</SUP> </TD>
    <TD align=center width="33%">2 </TD>
    <TD align=center width="33%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tae Hwan Kim </TD>
    <TD align=center width="33%">6 </TD>
    <TD align=center width="33%">6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard J. Patricio </TD>
    <TD align=center width="33%">7 </TD>
    <TD align=center width="33%">7 </TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR>
    <TD vAlign=top width="5%" >Notes</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Mr. Cheong resigned from the Board effective January 13,
      2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Mr. Dengler did not stand for re-election, and ceased
      being a director effective May 21, 2014.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Khan resigned from the Board effective March 31,
      2014.</P></TD></TR></TABLE></DIV>
<P align=justify><B>Board Mandate </B></P>
<P align=justify>The Board&#146;s mandate is set out in the Corporation&#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 the Corporation. The Board seeks to ensure the viability
and long-term financial strength of the Corporation and the creation of enduring
shareholder value. In pursuing these objectives, the Board will have regard to
the best interests of shareholders and the Corporation and to the needs of its
other stakeholders, including the needs of the communities in which the
Corporation 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 the Corporation&#146;s President and
CEO and, through him or her, 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 the Corporation, and certain
other material public communications. The Board has implemented a Corporate
Disclosure Policy, which it reviews annually, to ensure effective communication
between the Corporation, its shareholders, prospective 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, the Corporation 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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<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 the Corporation&#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 the Corporation. 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 the Corporation&#146;s long term strategy,
and to ensure that the day-to day business affairs of the Corporation are
appropriately managed, including evaluation of the Corporation&#146;s operating
performance and initiating appropriate action where required. In order to
fulfill this role, the CEO is expected to ensure that the Corporation 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 the Corporation 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 the Corporation 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 the Corporation&#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 the Corporation and its management and are fully briefed by senior
management on the corporate organization and key current issues. The information
package includes contact information, the Corporation&#146;s organizational chart,
the Articles and By-Laws of the Corporation, the Corporation&#146;s Corporate
Governance Manual and certain key documents and plans such as the Corporation&#146;s
Stock Option Plan, Shareholder Rights Plan, Directors&#146; and Officers&#146; Insurance
Policy and Indemnity Agreement. The Corporation&#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 <B>and the
CEO, and includes copies of all of the Corporation&#146;s adopted codes and policies.
In addition,</B> new directors are introduced to the Corporation&#146;s website,
which includes the Corporation&#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 the Corporation&#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>
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<P align=justify>Although the Corporation 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 the
Corporation, which is contained in the Corporation&#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
the Corporation&#146;s website. In addition, at the time of each annual meeting of
shareholders, the directors and officers of the Corporation 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 the Corporation 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 the Corporation 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. The Corporation 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 the Corporation&#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 the Corporation&#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, the Corporation 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 year ended December 31, 2014 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>
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<P align=justify>The Corporation 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 the
Corporation&#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 the Corporation&#146;s disclosure
of its corporate governance practices in the Corporation&#146;s Circular each year.
</P>
<P align=justify>During the year ended December 31, 2014, 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>Term Limits </B></P>
<P align=justify>It is proposed that each of the persons elected as a Director
at the Meeting will serve until the close of the next annual meeting of the
Corporation or until his successor is elected or appointed. The Board has not
adopted a term limit for directors. The Board believes that the imposition of
director term limits on a board may discount the value of experience and
continuity amongst board members and runs the risk of excluding experienced and
potentially valuable board members. The Board relies on an annual director
assessment procedure in evaluating Board members and believes that it can best
strike the right balance between continuity and fresh perspectives without
mandated term limits. The Board has demonstrated the effectiveness of its
approach, as six of the nine current directors, or 67% of the Board, have been
appointed since 2010. </P>
<P align=justify><B>Board Diversity</B> </P>
<P align=justify>On January 28, 2015, the Board adopted a written diversity
policy that sets out the Corporation&#146;s approach to diversity, including gender,
on the Board and among the executive officers of the Corporation. The GN
Committee and the Board aim to attract and maintain a Board and an executive
team that have an appropriate mix of diversity, skill and expertise. All Board
and executive officer appointments will be based on merit, and the skill and
contribution that the candidate is expected to bring to the Board and the
executive team, with due consideration given to the benefits of diversity. </P>
<P align=justify>Pursuant to the diversity policy, when considering the
composition of, and individuals to nominate or hire to, the Board and the
executive team, the GN Committee and the Board, as applicable, shall consider
diversity from a number of aspects, including but not limited to gender, age,
ethnicity and cultural diversity. In addition, when assessing and identifying
potential new members to join the Board or the executive team, the GN Committee
and the Board, as applicable, consider the current level of diversity on the
Board and the executive team.</P>
<P align=center>A-5 </P>
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<P align=justify>The GN Committee and the Board are responsible for developing
measurable objectives to implement the diversity policy and to measure its
effectiveness. The GN Committee annually considers whether to set targets based
on diversity for the appointment of individuals to the Board or the executive
team, recognizing that notwithstanding any targets set in any given year, the
selection of diverse candidates will depend on the pool of available candidates
with the necessary skills, knowledge and experience. At this time, the GN has
not established a target regarding the number of women on the Board or the
executive management team, as the GN Committee intends to measure the
effectiveness of the policy by looking at the increase in female representation
over time. As at the date of this Circular, there are no female directors or
members of the executive team. </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 the Corporation 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 the Corporation, (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 the Corporation 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>The Corporation 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 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. 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=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
the Corporation&#146;s compensation policies and practices and the steps that may be
taken to mitigate any identified risks; (ii) reviewing executive compensation
disclosure before the Corporation 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=center>A-6 </P>
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<P align=justify>During the year ended December 31, 2014, the Compensation
Committee was responsible for administering the executive compensation program
of the Corporation. For further information regarding how the Board determines
the compensation for the Corporation&#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, the
Corporation 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 the Corporation and audits of
financial statements of the Corporation. </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. The Corporation 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 the Corporation and its subsidiaries carry 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-7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A>
<P align=justify><B>Assessments </B></P>
<P align=justify>The GN Committee distributes, receives and reviews the results
of written Board effectiveness assessments each year. 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 the Corporation&#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-8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P align=center><B>SCHEDULE &#147;B&#148;</B></P>
<P align=center>&nbsp;</P>
<P align=center><B>SHAREHOLDER RIGHTS PLAN AGREEMENT </B></P>
<P align=center><B>February 3, 2009 </B></P>
<P align=center><B>between </B></P>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>and </B></P>
<P align=center><B>CIBC MELLON TRUST COMPANY </B></P>
<P align=center><B>as Rights Agent </B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>Lang Michener LLP <BR>Brookfield Place <BR>181 Bay Street, Suite
2500<BR>P.O. Box 747 <BR>Toronto, Ontario M5J 2T7 <BR></P>
<P align=center>B-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=center><B>SHAREHOLDER RIGHTS PLAN AGREEMENT </B></P>
<P align=center><B>Table of Contents </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD colspan="3" bgColor=#eeeeee  ><A
      href="#page_55"><STRONG>ARTICLE
    1 INTERPRETATION</STRONG> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_55"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_55">1.1
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_55">Certain
      Definitions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_55">5
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_67">1.2
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_67">Holder
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_67">17
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_67">1.3
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_67">Acting
      Jointly or in Concert </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_67">17
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_67">1.4
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_67">Application
      of Statutes, Regulations and Rules </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_67">17
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_67">1.5
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_67">Currency
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_67">17
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_68">1.6
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_68">Headings
      and References </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_68">18
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_68">1.7
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_68">Singular,
      Plural, etc. </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_68">18
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_68">1.8
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_68">Generally
      Accepted Accounting Principles </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_68">18
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="3" bgColor=#eeeeee ><A
      href="#page_68"><STRONG>ARTICLE
    2 THE RIGHTS</STRONG> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_68"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_68">2.1
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_68">Issuance
      and Legend on Common Share Certificates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_68">18
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_69">2.2
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_69">Initial
      Exercise Price; Exercise of Rights; Detachment of Rights </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_69">19
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_72">2.3
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_72">Adjustments
      to Exercise Price, Number of Rights </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_72">22
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_77">2.4
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_77">Date
      on Which Exercise is Effective </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_77">27
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_77">2.5
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_77">Execution,
      Authentication, Delivery and Dating of Rights Certificates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_77">27
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_78">2.6
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_78">Registration,
      Registration of Transfer and Exchange </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_78">28
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_79">2.7
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_79">Mutilated,
      Destroyed, Lost and Stolen Rights Certificates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_79">29
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_79">2.8
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_79">Persons
      Deemed Owners </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_79">29
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_79">2.9
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_79">Delivery
      and Cancellation of Certificates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_79">29
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_80">2.10
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_80">Agreement
      of Rights Holders </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_80">30
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="3" bgColor=#eeeeee ><A
      href="#page_80"><STRONG>ARTICLE
      3 ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN</STRONG>
    <B>TRANSACTIONS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_80"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_80">3.1
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_80">Flip-in
      Event </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_80">30
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="3" bgColor=#eeeeee ><A
      href="#page_82"><STRONG>ARTICLE
    4 THE RIGHTS AGENT</STRONG> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_82"><B>32</B>
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_82">4.1
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_82">General
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_82">32
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_82">4.2
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_82">Merger
      or Amalgamation or Change of Name of Rights Agent </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_82">32
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_83">4.3
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_83">Duties
      of Rights Agent </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_83">33
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_85">4.4
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_85">Change
      of Rights Agent </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_85">35
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="3" bgColor=#eeeeee ><A
      href="#page_85"><STRONG>ARTICLE
    5 MISCELLANEOUS</STRONG> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_85"><B>35</B>
      </A></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_85">5.1
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_85">Redemption
      and Waiver </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_85">35
      </A></TD></TR></TABLE>
<P align=center>B-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_53></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_87">5.2 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_87">Expiration
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_87">37
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_87">5.3 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_87">Issuance of
      New Rights Certificates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_87">37
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_87">5.4 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_87">Supplements
      and Amendments </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_87">37
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_89">5.5 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_89">Fractional
      Rights and Fractional Common Shares </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_89">39
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_89">5.6 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_89">Rights of
      Action </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_89">39
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_89">5.7 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_89">Holder of
      Rights Not Deemed a Shareholder </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_89">39
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_90">5.8 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_90">Notice of
      Proposed Actions </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_90">40
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_90">5.9 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_90">Notices
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_90">40
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_91">5.10 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_91">Costs of
      Enforcement </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_91">41
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_91">5.11 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_91">Successors
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_91">41
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_91">5.12 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_91">Benefits of
      this Agreement </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_91">41
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.13 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_92">Governing
      Law </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.14 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_92">Counterparts
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.15 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_92">Severability
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.16 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_92">Determinations and Actions by the Board of Directors
    </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.17 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_92">Effective
      Date </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_92">5.18 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_92">Approval of
      Holders of Rights </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_92">42
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_93">5.19 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_93">Declaration
      as to Non-Canadian and Non-United States Holders </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_93">43
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_93">5.20 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_93">Regulatory
      Approvals </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_93">43
</A></TD></TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="85%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="5%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A href="#page_93">5.21 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_93">Time of the
      Essence </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_93">43
  </A></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Exhibit &#147;A&#148; </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Form of
      Rights Certificate </TD></TR></TABLE>
<P align=center>B-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_54></A>
<P align=center><B>SHAREHOLDER RIGHTS PLAN AGREEMENT </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT is made as of February 3, 2009. </P>
<P align=justify><B>B E T W E E N: </B></P>
<P style="MARGIN-LEFT: 10%" align=justify><B>ENERGY FUELS INC.</B> <BR>a
corporation existing under the laws of the Province of Ontario <BR>(the
&#147;<B>Corporation</B>&#148;) </P>
<P style="MARGIN-LEFT: 10%" align=justify>- and - </P>
<P style="MARGIN-LEFT: 10%" align=justify><B>CIBC MELLON TRUST COMPANY</B> <BR>a
trust company existing under the laws of Canada <BR>(the &#147;<B>Rights Agent</B>&#148;)
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>
the board of directors of the Corporation have determined that it is advisable
and in the best interests of the Corporation to adopt a shareholder rights plan
agreement (the &#147;<B>Rights Plan</B>&#148;); </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND
WHEREAS</B> in implementation of the Rights Plan, the board of directors of the
Corporation: (a) authorized and declared a distribution of one (1) right
(&#147;<B>Right</B>&#148;) in respect of each Common Share (as hereinafter defined)
outstanding as of 5:00 p.m. (Toronto time) on February 3, 2009 (the &#147;<B>Record
Time</B>&#148;) to each holder of record of Common Shares at the Record Time; and (b)
authorized the issuance of one (1) Right (subject to adjustment as hereinafter
provided) in respect of each Common Share issued after the Record Time and prior
to the earlier of the Separation Time and the Expiration Time (each as
hereinafter defined);</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND
WHEREAS</B>, each Right entitles the holder thereof, after the Separation Time,
to purchase securities of the Corporation pursuant to the terms and subject to
the conditions set forth herein; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AND
WHEREAS</B>, the Rights Agent has agreed with the Corporation to act on behalf
of the Corporation in connection with the issuance, transfer, exchange and
replacement of Rights Certificates (as hereinafter defined), the exercise of
Rights and other matters referred to herein;</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, in consideration of the premises and respective agreements set
forth herein, the parties hereby agree as follows: </P>
<P align=center>B-4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_55></A>
<P align=center><B>ARTICLE 1</B><B> </B><BR><B>INTERPRETATION </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>1.1</B> </TD>
    <TD>
      <P align=justify><B>Certain Definitions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In this Agreement, unless the context otherwise
      requires:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&#147;<B>Acquiring Person</B>&#148; means any Person who is the
      Beneficial Owner of 20% or more of the outstanding Common Shares;
      <I>provided, however</I>, that the term &#147;<B>Acquiring Person</B>&#148; shall
      not include:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>the Corporation or any Subsidiary of the
    Corporation;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>an underwriter or member of a banking or selling group
      that acquires Common Shares from the Corporation in connection with a
      distribution by the Corporation to the public of securities;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>any Person who becomes the Beneficial Owner of 20% or
      more of the outstanding Common Shares solely as a result of one or any
      combination of:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>a Common Share Reduction;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>a Permitted Bid Acquisition;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>an Exempt Acquisition;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>a Pro-Rata Acquisition; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>a Convertible Security Acquisition,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>in each such case, until such time thereafter as such
      Person shall become the Beneficial Owner (otherwise than pursuant to any
      one or more of a Common Share Reduction, a Permitted Bid Acquisition, an
      Exempt Acquisition, a Pro- Rata Acquisition, or a Convertible Security
      Acquisition) of additional Common Shares constituting more than 1% of the
      Common Shares then outstanding, in which event such Person shall become an
      Acquiring Person as of the date and time of acquisition of such additional
      Common Shares;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>for a period of 10 days after the Disqualification Date
      (as hereinafter defined), any Person who becomes the Beneficial Owner of
      20% or more of the outstanding Common Shares as a result of such Person
      becoming disqualified from relying on clause (iii) C of the definition of
      Beneficial Owner. In this definition, &#147;<B>Disqualification Date</B>&#148; means
      the first date of public announcement of facts indicating that such Person
      has or is making or has announced an intention to make a Take-over Bid
      alone or by acting jointly or in concert with any other Person;
  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%">(v) </TD>
    <TD>
      <P align=justify>any Person (a &#147;<B>Grandfathered Person</B>&#148;) who is the
      Beneficial Owner of 20% or more of the Common Shares determined as at the
      Record Time, provided, however, that this exception shall not, and shall
      cease to, apply if, after the Record Time the
  Grandfathered Person: (A) ceases to own 20% or more
of the outstanding Common Shares; or (B) becomes the Beneficial Owner of more
than 1% of the number of outstanding Common Shares then outstanding in addition
to those Common Shares such Person already holds other than pursuant to a Common
Share Reduction, a Permitted Bid Acquisition, an Exempt Acquisition, a Pro Rata
Acquisition, or a Convertible Security Acquisition or any combination thereof. </P></TD></TR></TABLE>
<P align=center>B-5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_56></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Affiliate</B>&#148;, when used to
indicate a relationship with a specified Person, means a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such specified Person and a body corporate
shall be deemed to be an Affiliate of another body corporate if one of them is
the Subsidiary of the other or if both are Subsidiaries of the same body
corporate or if each of them is controlled by the same Person. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Associate</B>&#148;, when used to
indicate a relationship with a specified Person, means (i) a spouse of such
specified Person, (ii) any Person of either sex with whom such specified Person
is living in a conjugal relationship outside marriage, or (iii) any relative of
such specified Person or of a Person mentioned in clauses (i) or (ii) of this
definition if that relative has the same residence as the specified Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A Person shall be deemed the
&#147;<B>Beneficial Owner</B>&#148; and to have &#147;<B>Beneficial Ownership</B>&#148; of and to
&#147;<B>Beneficially Own</B>&#148;:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any securities of which such Person or any of such
      Person&#146;s Affiliates or Associates is the owner at law or in
  equity;</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%">(ii) </TD>
    <TD>
      <P align=justify>any securities of which such Person or any of such
      Person&#146;s Affiliates or Associates has the right to become the owner at law
      or in equity within 60 days (where such right is exercisable immediately
      or within a period of 60 days, whether or not upon the condition or
      occurrence of any contingency or the making of one or more payments) upon
      the exercise of any conversion right, exchange right, share purchase right
      (other than the Rights) or pursuant to any agreement, arrangement, pledge
      or understanding, whether or not in writing, other
than:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>customary agreements with and between underwriters and
      banking group or selling group members with respect to a distribution of
      securities; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>pledges of securities in the ordinary course of the
      pledgee&#146;s business; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>any securities that are Beneficially Owned within the
      meaning of clauses (i) or (ii) of this definition by any other Person with
      which such Person is acting jointly or in concert, provided that a Person
      shall not be deemed the &#147;<B>Beneficial Owner</B>&#148; of, or to have
      &#147;<B>Beneficial Ownership</B>&#148; of, or to &#147;<B>Beneficially Own</B>&#148;, any
      security solely because:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the holder of such security has agreed to deposit or
      tender such security to a Take-over Bid made by such Person or any of such
      Person&#146;s Affiliates or Associates or any other Person referred to in
      clause (iii) of this definition pursuant to a Permitted Lock-up
      Agreement;</P></TD></TR></TABLE>
<P align=center>B-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD colSpan=2>
      <P align=justify>such security has been deposited or tendered pursuant to
      a Take-over Bid made by such Person or any of such Person&#146;s Affiliates or
      Associates or made by any other Person acting jointly or in concert with
      such Person until such deposited or tendered security has been taken up or
      paid for, whichever shall first occur;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD colSpan=2>
      <P align=justify>such Person, any Affiliate or Associate of such Person or
      any other Person acting jointly or in concert with such Person holds such
      security where:</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the ordinary business of such Person (the &#147;<B>Portfolio
      Manager</B>&#148;) includes the management or administration of investment
      funds or mutual funds for other Persons and such security is held by the
      Portfolio Manager in the ordinary course of such business in the
      performance of the Portfolio Manager&#146;s duties for the account of any other
      Person (a &#147;<B>Client</B>&#148;) including non- discretionary accounts held on
      behalf of a Client by a broker or dealer or broker-dealer registered under
      applicable law;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Trust Company</B>&#148;) is licensed to
      carry on the business of a trust company under applicable law and, as
      such, acts as trustee or administrator or in a similar capacity in
      relation to the estates of deceased or incompetent Persons (each, an
      &#147;<B>Estate Account</B>&#148;) or in relation to other accounts (each, an
      &#147;<B>Other Account</B>&#148;) and holds such security in the ordinary course of
      and for the purposes of the activities of such Estate Accounts or for such
      Other Accounts;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Crown Agent</B>&#148;) is established by
      statute for purposes that include, and the ordinary business or activity
      of such Person includes, the management of investment funds for employee
      benefit plans, pension plans, insurance plans, or various public bodies
      and the Crown Agent holds such security in the ordinary course of and for
      the purposes of its activities as such;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>such Person (in this definition, a &#147;<B>Statutory
      Body</B>&#148;) is established by statute for purposes that include the
      management of investment funds for employee benefit plans, pension plans
      and insurance plans (other than insurance plans administered by insurance
      companies) of various public bodies, if such security is held by the
      Statutory Body for the purposes of its activities as Statutory Body;
    or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>such Person (the &#147;<B>Plan Administrator</B>&#148;) is the
      administrator or the trustee of one or more pension funds or plans
      registered under the laws of Canada or the United States of America or any
      province or state thereof (each, a &#147;<B>Plan</B>&#148;) or is a Plan and such
      security is Beneficially Owned or held by the Person in the ordinary
      course of and for the purposes of its activities as
such;</P></TD></TR></TABLE>
<P align=center>B-7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_58></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>provided, however, that in any of the foregoing cases,
      the Portfolio Manager, the Trust Company, the Crown Agent, the Statutory
      Body, the Plan Administrator or the Plan, as the case may be, is not then
      making or has not then announced an intention to make a Take-over Bid,
      alone or by acting jointly or in concert with any other Person, other than
      an Offer to Acquire Common Shares or other securities pursuant to a
      distribution by the Corporation, a Permitted Bid or by means of ordinary
      market transactions (including pre-arranged trades entered into in the
      ordinary course of business of such Person) executed through the
      facilities of a stock exchange or organized over-the-counter market in
      respect of securities of the Corporation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>such Person is a Client of the same Portfolio Manager as
      another Person on whose account the Portfolio Manager holds such security,
      or because such Person is an Estate Account or an Other Account of the
      same Trust Company as another Person on whose account the Trust Company
      holds such security or because such Person is a Plan with the same Plan
      Administrator as another Plan on whose account the Plan Administrator
      holds such security;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>such Person is a Client of a Portfolio Manager and such
      security is owned at law or in equity by the Portfolio Manager or because
      such Person is an Estate Account or an Other Account of a Trust Company
      and such security is owned at law or in equity by the Trust Company or
      such Person is a Plan and such security is owned at law or in equity by
      the Plan Administrator of such Plan; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(F) </TD>
    <TD>
      <P align=justify>such Person is the registered holder of securities as a
      result of carrying on the business, or acting as a nominee, of a
      securities depositary.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For purposes of this Agreement, the
percentage of Common Shares Beneficially Owned by any Person at any time shall
be and be deemed to be the product determined by the formula:</P>
<P style="MARGIN-LEFT: 5%" align=justify>100 x <U>A</U>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left>where: </TD>
    <TD align=left width="10%"  >A= </TD>
    <TD align=left width="75%" >
      <P align=justify>the number of votes for the election of all directors
      generally attached to the Common Shares Beneficially Owned by such Person
      at such time; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="10%"  >&nbsp;</TD>
    <TD width="75%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left></TD>
    <TD align=left width="10%"  >B= </TD>
    <TD align=left width="75%" >
      <P align=justify>the number of votes for the election of all directors
      generally attaching to all Common Shares actually outstanding.
  </P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding the foregoing, where
any Person is deemed to Beneficially Own unissued Common Shares, such Common
Shares shall be deemed to be outstanding for the purpose of calculating the
percentage of Common Shares Beneficially Owned by such Person, but unissued
Common Shares which another Person may be deemed to Beneficially Own shall not
be included in the denominator of the above formula.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Board of Directors</B>&#148; means the
board of directors for the time being of the Corporation or any duly constituted
or empowered committee thereof. </P>
<P align=center>B-8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_59></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business Day</B>&#148; means any day
other than a Saturday, Sunday or, unless otherwise specified, a day on which
Canadian chartered banks in Toronto, Ontario, (or after the Separation Time, the
principal office of the Rights Agent in Toronto, Ontario) are generally
authorized or obligated by law to close. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Canadian-U.S. Exchange Rate</B>&#148;
means, on any date, the inverse of the U.S.-Canadian Exchange Rate.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Canadian Dollar Equivalent</B>&#148; of
any amount which is expressed in United States dollars means, on any date, the
Canadian dollar equivalent of such amount determined by reference to the
Canadian-U.S. Exchange Rate on such date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Close of Business</B>&#148; on any given
date means 5:00 p.m. (Toronto time, unless otherwise specified), on such date
<I>provided, however</I>, that if such date is not a Business Day, &#147;<B>Close of
Business</B>&#148; on such date shall mean 5:00 p.m., (Toronto time, unless otherwise
specified), on the next succeeding Business Day. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Shares</B>&#148; means the common
shares which the Corporation is authorized to issue, as such shares may be
subdivided, consolidated, reclassified or otherwise changed from time to time,
and &#147;common shares&#148; when used with reference to any Person other than the
Corporation means the class or classes of shares (or similar equity interests)
with the greatest per share voting power entitled to vote generally in the
election of all directors of such other Person or the equity securities or other
equity interest having power (whether or not exercised) to control or direct the
management of such other Person or, if such other Person is a Subsidiary of
another Person, of the Person or Persons (other than an individual) which
ultimately control such first mentioned other Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Common Share Reduction</B>&#148; means
an acquisition, redemption or cancellation by the Corporation of Common Shares
which by reducing the number of Common Shares outstanding, increases the
percentage of Common Shares Beneficially Owned by any Person to 20% or more of
the Common Shares then outstanding.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Competing Permitted Bid</B>&#148; means
a Take-over Bid that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>is made after a Permitted Bid or Competing Permitted Bid
      has been made and prior to the expiry of that Permitted Bid or Competing
      Permitted Bid (in this definition, the &#147;<B>Prior Bid</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>satisfies all components of the definition of a Permitted
      Bid other than the requirements set out in clauses (ii)(A), (B), and (D)
      of that definition; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>contains, and the taking up and payment for securities
      tendered or deposited thereunder are subject to, irrevocable and
      unqualified conditions that:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>no Common Shares shall be taken up or paid for pursuant
      to the Take- over Bid (x) prior to the Close of Business on a date that is
      not earlier than the later of 35 days after the date of such Take-over Bid
      and the earliest date on which Common Shares may be taken up or paid for
      under any Prior Bid in existence at the date of such Take-over Bid, and
      (y) then only if, at the time that such Common Shares are first taken up
      or paid for, more than 50% of the then outstanding Common Shares
    held by Independent Shareholders have been deposited or
      tendered pursuant to the Take-over Bid and not withdrawn;</P></TD></TR></TABLE>
<P align=center>B-9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Common Shares may be deposited pursuant to such Take-over
      Bid, unless the Take-over Bid is withdrawn, at any time prior to the Close
      of Business on the date that the Prior Bid described in clause (A) above
      expires; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>in the event that the requirement set forth in subclause
      (iii)(A)(y) of this definition is satisfied, the Offeror will make a
      public announcement of that fact and the Take-over Bid will remain open
      for deposits and tenders of Common Shares for not less than 10 days from
      the date of such public announcement.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>provided always that a Competing
Permitted Bid will cease to be a Competing Permitted Bid at any time when such
bid ceases to meet any of the provisions of this definition and provided that,
at such time, any acquisition of Common Shares made pursuant to such Competing
Permitted Bid, including any acquisition of Common Shares theretofore made, will
cease to be a Permitted Bid Acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>controlled</B>&#148;: a Person shall be
deemed to be &#147;controlled&#148; by another Person or two or more Persons if:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>securities entitled to vote in the election of directors
      (including, for Persons other than corporations, the administrators,
      managers, trustees or other persons performing similar functions in
      respect of any such Person) carrying more than 50% of the votes for the
      election of directors are held, directly or indirectly, by or for the
      benefit of the other Person or Persons; 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%">(ii) </TD>
    <TD>
      <P align=justify>the votes carried by such securities are entitled, if
      exercised, to elect, appoint or designate a majority of the board of
      directors of such corporation or other Person;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and &#147;<B>controls</B>&#148;,
&#147;<B>controlling</B>&#148; and &#147;<B>under common control with</B>&#148; shall be interpreted
accordingly.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Convertible Securities</B>&#148; means
at any time any securities issued by the Corporation from time to time (other
than the Rights) carrying any exercise, conversion, or exchange right pursuant
to which the holder thereof may acquire Common Shares or other securities which
are convertible into or exercisable or exchangeable for Common Shares.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Convertible Security
Acquisition</B>&#148; means the acquisition of Common Shares upon the exercise of
Convertible Securities received by a Person pursuant to a Permitted Bid
Acquisition, an Exempt Acquisition or a Pro-Rata Acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Effective Date</B>&#148; is the date as
defined in Section 5.17. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exempt Acquisition</B>&#148; means a
Share acquisition: (i) in respect of which the Board of Directors has waived the
application of Section 3.1 pursuant to the provisions of subsections 5.1(c), (d)
or (e) hereof; (ii) pursuant to a regular dividend reinvestment or other plan of
the Corporation made available by it to all holders of Common Shares of a class
or series or Common Shares where such plan permits the holder to direct that
dividends paid in respect of such Common Shares be applied to the purchase from the
Corporation of further securities of the Corporation; (iii) pursuant to a
distribution of Common Shares, or securities convertible into or exchangeable
for Common Shares made by the Corporation pursuant to a prospectus or a
securities exchange take-over bid or by way of a private placement, provided
that the Person does not acquire a greater percentage of the securities offered
in the distribution than the percentage of Common Shares Beneficially Owned by
that Person immediately prior to the distribution, or (iv) pursuant to an
amalgamation, merger or other statutory procedure requiring shareholder
approval.</P>
<P align=center>B-10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_61></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Exercise Price</B>&#148; means, as of
any date, the price at which a holder may purchase the securities issuable upon
exercise of one (1) whole Right. Until adjustment thereof in accordance with the
terms hereof, the Exercise Price shall equal $10.00. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Expansion Factor</B>&#148; has the
meaning ascribed to such term in subsection 2.3(a) hereof. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Expiration Time</B>&#148; means the
earliest of: (i) the Termination Time; (ii) the Close of Business on the date of
the Corporation&#146;s annual meeting of shareholders in 2012; and (iii) the time
this Agreement becomes void pursuant to the provisions of Section 5.17.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Fiduciary</B>&#148; means, when acting
in that capacity, a trust company registered under the trust company legislation
of Canada or any province thereof, a trust company organized under the laws of
any state of the United States, a portfolio manager registered under the
securities legislation of one or more provinces of Canada or an investment
adviser registered under the United States <I>Investment Advisers Act of
1940</I>, as amended, or any other securities legislation of the United States
or any state of the United States.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Flip-in Event</B>&#148; means a
transaction or event that results in a Person becoming an Acquiring Person. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Independent Shareholders</B>&#148; means
all holders of Common Shares other than (i) any Acquiring Person, (ii) any
Offeror, (iii) any Affiliate or Associate of any Acquiring Person or Offeror,
(iv) any Person acting jointly or in concert with any Person referred to in
clauses (i), (ii) or (iii) above, and (v) any employee benefit plan, deferred
profit sharing plan, stock participation plan or trust for the benefit of
employees of the Corporation or a wholly-owned Subsidiary of the Corporation,
unless the beneficiaries of such plan or trust direct the manner in which such
Common Shares are to be voted or direct whether the Common Shares are to be
tendered to a Take-over Bid, in which case the plan or trust shall be considered
to be an Independent Shareholder. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Market Price</B>&#148; per security of
any securities on any date means the average of the daily closing prices per
security of such securities (determined as described below) on each of the 20
consecutive Trading Days through and including the Trading Day immediately
preceding such date; <I>provided, however</I>, that if an event of a type
analogous to any of the events described in Section 2.3 hereof shall have caused
the closing prices used to determine the Market Price on any Trading Days not to
be fully comparable with the closing price on such date (or, if such date is not
a Trading Day, on the immediately preceding Trading Day), each such closing
price so used shall be appropriately adjusted in a manner analogous to the
applicable adjustment provided for in Section 2.3 hereof in order to make it
fully comparable with the closing price on such date (or, if such date is not a
Trading Day, on the immediately preceding Trading Day). The closing price per
security of any securities on any date shall be: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the closing board lot sale price on such date or, if such
      price is not available, the average of the closing bid and asked prices
      per security, as reported by the principal stock exchange or securities quotation system in Canada on
      which such securities are listed or admitted to trading (based on the
      volume of securities traded during the most recently completed financial
      year), or if for any reason neither of such prices is available on such
      day or the securities are not listed or admitted to trading on a stock
      exchange or securities quotation system in Canada, the closing board lot
      sale price or, if such price is not available, the average of the closing
      bid and asked prices, for such securities as reported by such other
      securities exchange on which such securities are listed or admitted for
      trading;</P></TD></TR></TABLE>
<P align=center>B-11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_62></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if, for any reason, none of such prices is available on
      such date or the securities are not listed or admitted to trading on a
      stock exchange or other securities exchange or securities quotation system
      in Canada, the last sale price, or in case no sale takes place on such
      date, the average of the high bid and low asked prices for such securities
      in the over-the- counter market, as quoted by any reporting system then in
      use (as selected by the Board of Directors); 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%">(iii) </TD>
    <TD>
      <P align=justify>if the securities are not listed or admitted to trading
      as contemplated in clauses (i) or (ii) above, the average of the closing
      bid and asked prices as furnished by a professional market maker making a
      market in the securities selected by the Board of Directors;</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 width="5%"></TD>
    <TD>
      <P align=justify><I>provided, however</I>, that if on any such date the
      closing price per security cannot be determined in accordance with the
      foregoing, the closing price per security of such securities on such date
      shall mean the fair value per security of such securities on such date as
      determined by the Board of Directors, after consultation with an
      internationally recognized investment banking firm as to the fair value
      per security of such securities. The Market Price shall be expressed in
      Canadian dollars and if initially determined in respect of any day forming
      part of the 20 consecutive Trading Day period in question in United States
      dollars, such amount shall be translated into Canadian dollars at the
      Canadian Dollar Equivalent thereof.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Offer to Acquire</B>&#148; includes:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an offer to purchase, or a solicitation of an offer to
      sell, Common Shares or Convertible Securities; 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%">(ii) </TD>
    <TD>
      <P align=justify>an acceptance of an offer to sell Common Shares or
      Convertible Securities, whether or not such offer to sell has been
      solicited;</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 width="5%"></TD>
    <TD>
      <P align=justify>or any combination thereof, and the Person accepting an
      offer to sell shall be deemed to be making an Offer to Acquire to the
      Person that made the offer to sell.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Offeror</B>&#148; means a Person who is
making or has announced a current intention to make a Take-over Bid (including a
Permitted Bid or Competing Permitted Bid but excluding an ordinary market
transaction (including a prearranged trade in the ordinary course of business)
contemplated in clause (iii)(C) of the definition of Beneficial Owner) but only
so long as the Take-over Bid so announced or made has not been withdrawn or
terminated or has not expired.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Bid</B>&#148; means a
Take-over Bid which is made by means of a Take-over Bid circular and which also
complies with the following additional provisions:</P>
<P align=center>B-12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>the Take-over Bid is made to all holders of record of
      Common Shares, other than the Offeror;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>the Take-over Bid shall contain, and the take-up and
      payment for securities tendered or deposited thereunder shall be subject
      to, irrevocable and unqualified conditions that:</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>no Common Shares shall be taken up or paid for pursuant
      to the Take- over Bid (x) prior to the Close of Business (Toronto time) on
      a date which is not earlier than 60 days following the date the Take-over
      Bid circular is sent to shareholders of the Corporation and (y) then only
      if, at the Close of Business on the date Common Shares are first taken up
      or paid for under the Take-over Bid, more than 50% of the then outstanding
      Common Shares held by Independent Shareholders have been deposited or
      tendered pursuant to the Take-over Bid and not withdrawn;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Common Shares may be deposited pursuant to such Take-over
      Bid, unless such Take-over Bid is withdrawn, at any time prior to the
      Close of Business on the date Common Shares are first taken up or paid for
      under the Take-over Bid;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>any Common Shares deposited or tendered pursuant to the
      Take-over Bid may be withdrawn until taken up and paid for; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>in the event that the requirement set forth in subclause
      (A)(y) of this definition is satisfied, the Offeror will make a public
      announcement of that fact and the Take-over Bid will remain open for
      deposits and tender of Common Shares for not less than 10 days from the
      date of such public announcement;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>provided always that a Permitted Bid
will cease to be a Permitted Bid at any time when such bid ceases to meet any of
the provisions of this definition and any acquisitions of Common Shares made
pursuant to such Permitted Bid, including any acquisition of Common Shares
theretofore made, will cease to be a Permitted Bid Acquisition.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Bid Acquisition</B>&#148;
means a Share acquisition made pursuant to a Permitted Bid or Competing
Permitted Bid.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Permitted Lock-Up Agreement</B>&#148;
means an agreement between a Person and one or more holders of Common Shares
(each, a &#147;<B>Locked-up Person</B>&#148;) (the terms of which are publicly disclosed
and a copy of which is made available to the public, including the Corporation,
not later than the date of the Lock-up Bid (as defined below) or, if the Lockup
Bid has been made prior to the date on which such agreement is entered into, not
later than the date of such agreement and if such date is not a Business Day,
the next Business Day) pursuant to which each such Locked-up Person agrees to
deposit or tender Common Shares to a Take-over Bid (the &#147;<B>Lock-up Bid</B>&#148;)
made or to be made by the Person, any of such Person's Affiliates or Associates
or any other Person acting jointly or in concert with such Person, provided
that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the agreement permits any Locked-up Person to terminate
      its obligation to deposit or tender to or not to withdraw Common Shares
      from the Lock-up Bid in order to tender or deposit the Common
Shares to another Take-over Bid or support another transaction:</P></TD></TR></TABLE>
<P align=center>B-13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_64></A>
<BR><TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>where the price or value per Common Share offered under
      such other Take-over Bid or transaction is higher than the price or value
      per Common Share offered under the Lock-up Bid; or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>if:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD align=left>
      <P align=justify>the price or value per Common Share offered under the
      other Take-over Bid or transaction exceeds by as much as or more than a
      specified amount (the &#147;<B>Specified Amount</B>&#148;) the price or value per
      Common Share offered under the Lock-up Bid, provided that such Specified
      Amount is not greater than 7% of the price or value per Common Share
      offered under the Lock-up Bid; or</P></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>
      <P align=justify>&nbsp;</P></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD align=left>
      <P align=justify>the number of Common Shares to be purchased under the
      other Take-over Bid or transaction exceeds by as much as or more than a
      specified number (the &#147;<B>Specified Number</B>&#148;) the number of Common
      Shares that the Offeror has offered to purchase under the Lock-up Bid at a
      price or value per Common Share that is not less than the price or value
      per Common Share offered under the Lock-up Bid, provided that the
      Specified Number is not greater than 7% of the number of Common Shares
      offered to be purchased under the Lockup Bid,</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>and, for greater clarity, the agreement may contain a
      right of first refusal or require a period of delay to give such Person an
      opportunity to match a higher price in another Take-over Bid or
      transaction or other similar limitation on a Locked-up Person's right to
      withdraw Common Shares from the agreement, so long as the limitation does
      not preclude the exercise by the Locked-up Person of the right to withdraw
      Common Shares during the period of the other Take-over Bid or transaction;
      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%">(ii) </TD>
    <TD>
      <P align=justify>no &#147;break-up&#148; fees, &#147;top-up&#148; fees, penalties, expenses or
      other amounts that exceed in the aggregate the greater
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the cash equivalent of 2.5% of the price or value of the
      consideration payable under the Lock-up Bid to a Locked-up Person;
    and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>50% of the amount by which the price or value of the
      consideration payable under another Take-over Bid or transaction to a
      Locked-up Person exceeds the price or value of the consideration that such
      Locked- up Person would have received under the Lock-up
  Bid,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>shall be payable by a Locked-up Person
pursuant to the agreement in the event a Locked-up Bid is not successfully
concluded or if any Locked-up Person fails to deposit or tender Common Shares to
the Lock-up Bid or withdraws Common Shares in order to accept the other
Take-over Bid or support another transaction. </P>
<P align=center>B-14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_65></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Person</B>&#148; includes any
individual, firm, partnership, association, trust, body corporate, joint
venture, syndicate or other form of unincorporated organization, government and
its agencies and instrumentalities or other entity or group (whether or not
having legal personality) and any successor (by merger, statutory amalgamation
or arrangement, or otherwise) thereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Pro-Rata Acquisition</B>&#148; means the
acquisition of Common Shares (i) as a result of a stock dividend, stock split or
other event pursuant to which a Person receives or acquires Common Shares or
securities convertible into or exchangeable for Common Shares on the same
pro-rata basis as all other holders of Common Shares of the same class or
series, or (ii) pursuant to a regular dividend reinvestment plan or other plan
of the Corporation made available by the Corporation to the holders of Common
Shares where such plan permits the holder to direct that the dividends paid in
respect of such Common Shares be applied to the purchase from the Corporation of
further securities of the Corporation, or (iii) pursuant to the receipt and/or
exercise of rights (other than the Rights) issued by the Corporation on a
pro-rata basis to all holders of a class or series of Common Shares to subscribe
for or purchase Common Shares or securities convertible into or exchangeable for
Common Shares provided that the Person does not acquire a greater percentage of
the securities issuable on exercise of such rights than the percentage of Common
Shares Beneficially Owned by that Person immediately prior to the commencement
of the offering of the rights and that such rights are acquired directly from
the Corporation and not from any other Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Record Time</B>&#148; has the meaning
ascribed to that term in the second recital hereto. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Redemption Price</B>&#148; has the
meaning ascribed to that term in subsection 5.1(b) hereof. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Regular Periodic Cash
Dividends</B>&#148; means cash dividends paid at regular intervals in any fiscal year
of the Corporation to the extent that such cash dividends do not exceed, in the
aggregate, the greatest of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>200% of the aggregate amount of cash dividends declared
      payable by the Corporation on its Common Shares in its immediately
      preceding fiscal year;</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%">(ii) </TD>
    <TD>
      <P align=justify>300% of the arithmetic mean of the aggregate amounts of
      cash dividends declared payable by the Corporation on its Common Shares in
      its three immediately preceding fiscal years; 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%">(iii) </TD>
    <TD>
      <P align=justify>100% of the aggregate consolidated net income of the
      Corporation, before extraordinary items, for its immediately preceding
      fiscal year.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Rights</B>&#148; means the herein
described rights to purchase securities pursuant to the terms and subject to the
conditions set forth herein;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Rights Agent</B>&#148; means CIBC Mellon
Trust Company, a trust company existing under the laws of Canada, and any
successor Rights Agent appointed pursuant to the provisions hereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Rights Certificate</B>&#148; has the
meaning ascribed to that term in subsection 2.2(c) hereof. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Rights Register</B>&#148; and &#147;<B>Rights
Registrar</B>&#148; shall have the respective meanings ascribed thereto in subsection
2.6(a) hereof. </P>
<P align=center>B-15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B><I>Securities Act</I></B><B>
(Ontario)</B>&#148; means the <I>Securities Act</I>, R.S.O. 1990, c.S.5, as amended,
and the regulations thereunder, unless otherwise specified, as the same exist on
the date hereof.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Separation Time</B>&#148; means the
Close of Business (Toronto time) on the tenth Business Day after the earliest
of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Stock Acquisition Date;</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%">(ii) </TD>
    <TD>
      <P align=justify>the date of the commencement of, or first public
      announcement of the intent of any Person (other than the Corporation or
      any Subsidiary of the Corporation) to commence, a Take-over Bid (other
      than a Permitted Bid or a Competing Permitted Bid, as the case may be);
      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%">(iii) </TD>
    <TD>
      <P align=justify>the date upon which a Permitted Bid or Competing
      Permitted Bid ceases to be such;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>or such later date as may be determined
by the Board of Directors in good faith, provided that: (x) if the foregoing
results in a Separation Time being prior to the Record Time, the Separation Time
shall (subject to any determination of the Board of Directors as aforesaid) be
the Record Time, (y) if any such Take-over Bid expires, is cancelled, is
terminated or is otherwise withdrawn prior to the Separation Time without
securities deposited thereunder being taken up and paid for, then such Take-over
Bid shall be deemed, for purposes of this definition never to have been made,
and (z) if the Board of Directors determines, pursuant to Section 5.1, to waive
the application of Section 3.1 to a Flip-In Event, then the Separation Time in
respect of such Flip-In Event shall be deemed never to have occurred. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Shares</B>&#148; means shares in the
capital of the Corporation.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Stock Acquisition Date</B>&#148; means
the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 102.1 or
102.2 of the <I>Securities Act</I> (Ontario) or National Instrument 62-103, each
as amended from time to time and any provision substituted therefor) by the
Corporation or an Acquiring Person of facts indicating that a Person has become
an Acquiring Person.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Subsidiary</B>&#148;: </P>
<P style="MARGIN-LEFT: 5%" align=justify>A body corporate is a Subsidiary of
another body corporate if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>it is controlled by (A) that other, or (B) that other and
      one or more bodies corporate, each of which is controlled by that other,
      or (C) two or more bodies corporate, each of which is controlled by that
      other, 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%">(ii) </TD>
    <TD>
      <P align=justify>it is a Subsidiary of a body corporate that is that
      other&#146;s Subsidiary.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Take-over Bid</B>&#148; means an Offer
to Acquire Common Shares or Convertible Securities (or both), where the
securities subject to the Offer to Acquire, together with the Common Shares, if
any, into which the securities subject to the Offer to Acquire are convertible
and the Common Shares Beneficially Owned by the Offeror at the date of the Offer
to Acquire constitute, in the aggregate, 20% or more of the then outstanding
Common Shares.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Termination Time</B>&#148; means the
time at which the right to exercise Rights shall terminate pursuant to Section
5.1 hereof.</P>
<P align=center>B-16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_67></A>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Trading Day</B>&#148;, when used with
respect to any securities, means a day on which the principal securities
exchange or securities quotation system in Canada on which such securities are
listed or admitted to trading is open for the transaction of business, or if the
securities are not listed or admitted to trading on any securities exchange or
securities quotation system in Canada, a Business Day.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S.-Canadian Exchange Rate</B>&#148;
means, on any date:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if on such date the Bank of Canada sets an average noon
      spot rate of exchange for the conversion of one (1) United States dollar
      into Canadian dollars, such rate; 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%">(ii) </TD>
    <TD>
      <P align=justify>in any other case, the rate for such date for the
      conversion of one (1) United States dollar into Canadian dollars
      calculated in the manner which shall be determined by the Board of
      Directors from time to time.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S. Dollar Equivalent</B>&#148; of any
amount which is expressed in Canadian dollars means, on any date, the United
States dollar equivalent of such amount determined by reference to the
U.S.-Canadian Exchange Rate on such date.</P>
<P align=justify><B>1.2&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Holder
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, unless the context otherwise requires, the term
&#147;<B>holder</B>&#148; when used with reference to Rights, means the registered holder
of such Rights or, prior to the Separation Time, the associated Common
Shares.</P>
<P align=justify><B>1.3</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Acting
Jointly or in Concert </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, it is a question of fact whether a Person is acting
jointly or in concert with another Person but a Person shall be deemed to be
acting jointly or in concert with every other Person who (i) is an Associate or
Affiliate of such first mentioned Person; or (ii) who is a party to any
agreement, commitment or understanding, whether formal or informal, with the
first mentioned Person or any Associate or Affiliate thereof, to acquire Common
Shares (other than customary agreements with and between underwriters and/or
members of banking groups and/or selling group members with respect to a
distribution of securities pursuant to a prospectus or by way of private
placement and other than pursuant to pledges of securities in the ordinary
course of business). </P>
<P align=justify><B>1.4</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Application
of Statutes, Regulations and Rules </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the context otherwise requires, any reference to a specific section, subsection,
clause or rule of any act or regulation shall be deemed to refer to the same as
it may be amended, re-enacted or replaced or, if repealed and there shall be no
replacement therefor, to the same as it is in effect on the date of this
Agreement. </P>
<P align=justify><B>1.5&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Currency
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
sums of money which are referred to in this Agreement are expressed in lawful
money of Canada, unless otherwise specified. </P>
<P align=center>B-17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_68></A>
<P align=justify><B>1.6</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Headings and
References </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
headings of the Articles and Sections of this Agreement and the Table of
Contents are inserted for convenience of reference only and shall not affect the
construction or interpretation of this Agreement. All references to Articles,
Sections and Exhibits are to articles and sections of and exhibits to, and
forming part of, this Agreement. The words &#147;<B>hereto</B>&#148;, &#147;<B>herein</B>&#148;,
&#147;<B>hereof</B>&#148;, &#147;<B>hereunder</B>&#148;, &#147;<B>this Agreement</B>&#148;, &#147;<B>the Rights
Agreement</B>&#148; and similar expressions refer to this Agreement including the
Exhibits, as the same may be amended, modified or supplemented at any time or
from time to time. </P>
<P align=justify><B>1.7&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Singular,
Plural, etc. </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this Agreement, where the context so admits, words importing the singular number
include the plural and vice versa and words importing gender include the
masculine, feminine and neuter genders.</P>
<P align=justify><B>1.8</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Generally
Accepted Accounting Principles </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wherever
in this Agreement reference is made to generally accepted accounting principles,
such reference shall be deemed to be the recommendations at the relevant time of
the Canadian Institute of Chartered Accountants, or any successor institute,
applicable on a consolidated basis (unless otherwise specifically provided
herein to be applicable on an unconsolidated basis) as at the date on which a
calculation is made or required to be made in accordance with generally accepted
accounting principles. Where the character or amount of any asset or liability
or item of revenue or expense is required to be determined, or any consolidation
or other accounting computation is required to be made for the purpose of this
Agreement or any document, such determination or calculation shall, to the
extent applicable and except as otherwise specified herein or as otherwise
agreed in writing by the parties, be made in accordance with generally accepted
accounting principles applied on a consistent basis. </P>
<P align=center><B>ARTICLE 2</B><B> </B><BR><B>THE RIGHTS </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>2.1</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Issuance and Legend on Common Share
      Certificates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>One (1) right in respect of each Common Share outstanding
      at the Record Time and each Common Share that may be issued after the
      Record Time and prior to the earlier of the Separation Time and the
      Expiration Time shall be issued in accordance with the terms
  hereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Certificates for Common Shares issued after the Record
      Time hereof but prior to the Separation Time (and whether upon the
      conversion of Convertible Securities or otherwise) shall evidence one (1)
      Right for each Common Share represented thereby and shall have impressed,
      printed, or written thereon or otherwise affixed thereto a legend in
      substantially the following form:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>&#147;Until the Separation Time (as such
term is defined in the Rights Agreement referred to below), this certificate
also evidences and entitles the holder hereof to certain Rights as set forth in
a Rights Agreement, made as of February 3, 2009, (the &#147;<B>Rights
Agreement</B>&#148;), between Energy Fuels Inc. (the &#147;<B>Corporation</B>&#148;) and CIBC
Mellon Trust Company, as Rights Agent, the terms of which are hereby
incorporated herein by reference and a copy of which is on file and may be
inspected during normal business hours at the principal executive offices of the
Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended or
redeemed, may expire, may become void (if, in certain circumstances, they are
&#147;Beneficially Owned&#148; by a &#147;Person&#148; who is or becomes an &#147;Acquiring Person&#148; or
any Person acting jointly or in concert with an Acquiring Person or with an
&#147;Affiliate&#148; or &#147;Associate&#148; of an &#147;Acquiring Person&#148;, as such terms are defined
in the Rights Agreement, or a transferee thereof), or may be evidenced by
separate certificates and may no longer be evidenced by this certificate. The
Corporation will mail or arrange for the mailing of a copy of the Rights
Agreement to the holder of this certificate without charge within five days
after the receipt of a written request therefor.&#148;
</P>
<P align=center>B-18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_69></A>
<P style="MARGIN-LEFT: 10%" align=justify>Failure to legend any certificate
representing Common Shares shall not affect the validity of this Agreement or
the Rights issued hereunder. </P>
<P style="MARGIN-LEFT: 10%" align=justify>Certificates representing Common
Shares that are issued and outstanding at the Record Time shall evidence one (1)
Right for each Common Share evidenced thereby notwithstanding the absence of a
legend in substantially the foregoing form until the earlier of the Separation
Time and the Expiration Time. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>2.2</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Initial Exercise Price; Exercise of Rights; Detachment
      of Rights</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Subject to adjustment as herein set forth, each Right
      will entitle the holder thereof, after the Separation Time and prior to
      the Expiration Time, to purchase, for the Exercise Price (or its U.S.
      Dollar Equivalent on the Business Day immediately preceding the date of
      exercise of the Right), one (1) Common Share. Notwithstanding any other
      provision of this Agreement, any Rights held by the Corporation or any of
      its Subsidiaries shall be void.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Until the Separation Time:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Rights shall not be exercisable and no Right may be
      exercised; 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%">(ii) </TD>
    <TD>
      <P align=justify>for administrative purposes, each Right shall be
      evidenced by the certificate for the associated Common Share registered in
      the name of the holder thereof (which certificate shall be deemed to
      represent a Rights Certificate) and shall be transferable only together
      with, and shall be transferred by a transfer of, such associated Common
      Share.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>From and after the Separation Time and prior to the
      Expiration Time, the Rights (i) may be exercised and (ii) shall be
      registered and transferable independent of Common Shares. Promptly
      following the Separation Time, the Corporation shall prepare and the
      Rights Agent shall mail to each holder of record of Common Shares as of
      the Separation Time (other than an Acquiring Person, any other Person
      whose Rights are or become void pursuant to the provisions of subsection
      3.1(b) hereof and, in respect of any Rights Beneficially Owned by such
      Acquiring Person which are not held of record by such Acquiring Person,
      the holder of record of such Rights), at such holder&#146;s address as shown in
      the records of the Corporation (the Corporation hereby agreeing to furnish
      copies of such records to the Rights Agent for this purpose):</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a certificate (a &#147;<B>Rights Certificate</B>&#148;) in
      substantially the form of Exhibit &#147;A&#148; hereto appropriately completed and
      registered in such holder&#146;s name, representing the number of Rights held
      by such holder at the Separation Time and having such marks of identification or designation
      and such legends, summaries or endorsements printed thereon as the
      Corporation may deem appropriate and as are not inconsistent with the
      provisions of this Agreement, or as may be required to comply with any
      applicable law or with any rule or regulation made pursuant thereto or
      with any rule or regulation of any stock exchange or quotation system on
      which the Rights may from time to time be listed or traded, or to conform
      to usage; and</P></TD></TR></TABLE>
<P align=center>B-19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_70></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a disclosure statement describing the
  Rights.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>Rights may be exercised in whole at any time or in part
      from time to time on any Business Day (or other day that is not a bank
      holiday at the place of exercise) after the Separation Time and prior to
      the Expiration Time by submitting to the Rights Agent at its office in the
      City of Toronto, Ontario or at any other office of the Rights Agent in the
      cities specified in the Rights Certificate or designated from time to time
      for that purpose by the Corporation after consultation with the Rights
      Agent:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Rights Certificate evidencing such Rights with an
      Election to Exercise (an &#147;<B>Election to Exercise</B>&#148;) substantially in
      the form attached to the Rights Certificate, appropriately completed and
      duly executed by the holder or his executors or administrators or other
      personal representatives or his legal attorney duly appointed by
      instrument in writing in form and executed in a manner satisfactory to the
      Rights Agent; 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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>payment by certified cheque or money order payable to the
      order of the Rights Agent, of a sum equal to the Exercise Price multiplied
      by the number of Rights being exercised and a sum sufficient to cover any
      transfer tax or charge which may be payable in respect of any transfer
      involved in the issuance, transfer or delivery of Rights Certificates or
      the issuance, transfer or delivery of certificates for Common Shares in a
      name other than that of the holder of the Rights being
exercised.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>Upon receipt of a Rights Certificate accompanied by a
      duly completed and executed Election to Exercise which does not indicate
      that Rights evidenced by such Rights Certificate have become void pursuant
      to subsection 3.1(b) hereof and payment as set forth in subsection 2.2(d)
      above, the Rights Agent (unless otherwise instructed by the Corporation)
      shall thereupon promptly:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>requisition from a transfer agent of the Common Shares
      certificates for the number of Common Shares to be purchased (the
      Corporation hereby irrevocably authorizing its transfer agents to comply
      with all such requisitions);</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>after receipt of such certificates referred to in Section
      2.2(e)(i) above, deliver such certificates to or upon the order of the
      registered holder of such Rights Certificate, registered in such name or
      names as may be designated by such holder;</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>when appropriate, requisition from the Corporation the
      amount of cash to be paid in lieu of issuing fractional Common
    Shares;</P></TD></TR></TABLE>
<P align=center>B-20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_71></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>after receipt of such certificates, deliver the same to
      or upon the order of the registered holder of such Rights Certificate,
      registered in such name or names as may be designated by such holder
      together with, where applicable, any cash payment in lieu of a fractional
      interest; 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%">(v) </TD>
    <TD>
      <P align=justify>tender to the Corporation all payments received on
      exercise of the Rights.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>In case the holder of any Rights shall exercise less than
      all the Rights evidenced by such holder&#146;s Rights Certificate, a new Rights
      Certificate evidencing (subject to the provisions of subsection 5.5(a)
      hereof) the Rights remaining unexercised will be issued by the Rights
      Agent to such holder or to such holder&#146;s duly authorized
assigns.</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%">(g) </TD>
    <TD>
      <P align=justify>The Corporation covenants and agrees to:</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%">(h) </TD>
    <TD>
      <P align=justify>take all such action as may be necessary on its part and
      within its powers to ensure that all Shares delivered upon exercise of
      Rights shall, at the time of delivery of the certificates evidencing such
      Shares (subject to payment of the Exercise Price), be duly and validly
      authorized, executed, issued and delivered and be fully paid and non-
      assessable;</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%">(i) </TD>
    <TD>
      <P align=justify>take all reasonable action as may be necessary on its
      part and within its power to comply with any applicable requirements of
      the <I>Business Corporations Act </I>(Ontario), the <I>Securities Act
      </I>(Ontario) or comparable legislation of each of the provinces and
      territories of Canada and of the United States of America, and the rules
      and regulations thereunder, and any other applicable law, rule or
      regulation, in connection with the issuance and delivery of Rights
      Certificates and of any securities of the Corporation upon exercise of
      Rights;</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%">(j) </TD>
    <TD>
      <P align=justify>use its reasonable efforts to cause all Shares of the
      Corporation issued upon exercise of Rights to be listed upon The Toronto
      Stock Exchange or such other stock exchange and/or securities quotation
      system on which the Common Shares are listed at that time;</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%">(k) </TD>
    <TD>
      <P align=justify>pay when due and payable any and all Canadian federal,
      provincial transfer taxes (not including any taxes referable to the income
      or profit of the holder or exercising Person or any liability of the
      Corporation to withhold tax) and charges which may be payable in respect
      of the original issuance or delivery of the Rights Certificates or of any
      Shares of the Corporation issued upon the exercise of Rights, provided
      that the Corporation shall not be required to pay any transfer tax or
      charge which may be payable in respect of any transfer involved in the
      transfer or delivery of Rights Certificates or the issuance or delivery of
      certificates for securities in a name other than that of the holder of the
      Rights being transferred or exercised;</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%">(l) </TD>
    <TD>
      <P align=justify>if necessary, cause to be reserved and kept available out
      of its authorized and unissued Common Shares the number of Common Shares
      that, as provided in this Agreement, will from time to time be sufficient
      to permit the exercise in full of all outstanding rights; 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%">(m) </TD>
    <TD>
      <P align=justify>after the Separation Time, except as permitted by Section
      5.1 or Section 5.4, not take (or permit any Subsidiary to take) any action
      if at the time such action is taken it is reasonably foreseeable that such
      action will diminish substantially or otherwise eliminate the benefits
      intended to be afforded by the Rights.</P></TD></TR></TABLE>
<P align=center>B-21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_72></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>2.3</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Adjustments to Exercise Price, Number of
    Rights</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Subject to Section 5.19, the Exercise Price, the number
      and kind of securities subject to purchase upon exercise of each Right and
      the number of Rights outstanding are subject to adjustment from time to
      time as provided in this Section 2.3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Expiration Time:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>declare or pay a dividend on Common Shares payable in
      Common Shares (or other Shares or securities exchangeable for or
      convertible into or giving a right to acquire Common Shares or other
      Shares) otherwise than pursuant to any optional share dividend program,
      dividend reinvestment plan or if the dividend payable is paid in Common
      Shares in lieu of a regular periodic cash dividend;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>subdivide or change the outstanding Common Shares into a
      greater number of Common Shares;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>consolidate or change the outstanding Common Shares into
      a smaller number of Common Shares; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>issue any Common Shares (or other Shares or securities
      exchangeable for or convertible into or giving a right to acquire Common
      Shares or other Shares) in respect of, in lieu of, or in exchange for,
      existing Common Shares in a reclassification or redesignation of Common
      Shares, an amalgamation or a statutory arrangement,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>the Exercise Price and the number of Rights outstanding,
      or, if the payment or effective date therefor shall occur after the
      Separation Time, the securities purchasable upon exercise of Rights shall
      be adjusted in the manner set forth below. If an event occurs which would
      require an adjustment under both this Section 2.3 and subsection 3.1(a),
      the adjustment provided for in this Section 2.3 shall be in addition to,
      and shall be made prior to, any adjustment required under subsection
      3.1(a). If the Exercise Price and number of Rights are to be
    adjusted:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the Exercise Price in effect after such adjustment shall
      be equal to the Exercise Price in effect immediately prior to such
      adjustment divided by the number of Common Shares (or other Shares of
      capital) (the &#147;<B>Expansion Factor</B>&#148;) that a holder of one (1) Common
      Share immediately prior to such dividend, subdivision, change,
      consolidation or issuance would hold immediately thereafter as a result
      thereof (assuming the exercise of all such exchange or conversion rights,
      if any); and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>each Right held prior to such adjustment shall become
      that number of Rights equal to the Expansion Factor, and the adjusted
      number of Rights shall be deemed to be distributed among the Common Shares
      with respect to which the original Rights were associated (if they remain
      outstanding) and the Shares issued in respect of such dividend,
      subdivision, change, consolidation or issuance, so that each such Common
      Share (or other whole share or security exchangeable for
  or convertible into a whole Share of
capital) shall have exactly one (1) Right associated with it.</P></TD></TR></TABLE>
<P align=center>B-22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_73></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD 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%">(c) </TD>
    <TD>
      <P align=justify>If the securities purchasable upon exercise of Rights are
      to be adjusted, the securities purchasable upon exercise of each Right
      after such adjustment shall be the securities that a holder of the
      securities purchasable upon exercise of one (1) Right immediately prior to
      such dividend, subdivision, change, consolidation or issuance would hold
      immediately thereafter as a result thereof. To the extent that any such
      rights of purchase, exchange, conversion or acquisition are not exercised
      prior to the expiration thereof, the Exercise Price shall be readjusted to
      the Exercise Price which would then be in effect based upon the number of
      Common Shares (or securities convertible into or exchangeable for Common
      Shares) actually issued upon the exercise of such rights. If after the
      Record Time and prior to the Expiration Time the Corporation shall issue
      any shares of its authorized capital other than Common Shares in a
      transaction of a type described in the first sentence of this subsection
      2.3(a), such shares shall be treated herein as nearly equivalent to Common
      Shares as may be practicable and appropriate under the circumstances and
      the Corporation and the Rights Agent agree to amend this Agreement in
      order to effect such treatment.</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%">(d) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time issue any Common Shares otherwise
      than in a transaction referred to in the preceding paragraph, each such
      Common Share so issued shall automatically have one (1) new Right
      associated with it, which Right shall be evidenced by the certificate
      representing such Share.</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%">(e) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of rights or warrants
      entitling them (for a period expiring within 45 days after such record
      date) to subscribe for or purchase Common Shares (or securities
      convertible into or exchangeable for or carrying a right to purchase or
      subscribe for Common Shares) at a price per Common Share (or, in the case
      of a security convertible into or exchangeable for or carrying a right to
      purchase or subscribe for Common Shares, having a conversion, exchange or
      exercise price per share (including the price required to be paid to
      purchase such convertible or exchangeable security or right)) that is less
      than 90% of the Market Price per Common Share on such record date, the
      Exercise Price shall be adjusted. The Exercise Price in effect after such
      record date shall equal the Exercise Price in effect immediately prior to
      such record date multiplied by a fraction, of which the numerator shall be
      the number of Common Shares outstanding on such record date plus the
      number of Common Shares which the aggregate offering price of the total
      number of Common Shares so to be offered (and/or the aggregate initial
      conversion, exchange or exercise price of the convertible or exchangeable
      securities or rights so to be offered (including the price required to be
      paid to purchase such convertible or exchangeable securities or rights))
      would purchase at such Market Price and of which the denominator shall be
      the number of shares of Common Shares outstanding on such record date plus
      the number of additional Common Shares to be offered for subscription or
      purchase (or into which the convertible or exchangeable securities or
      rights so to be offered are initially convertible, exchangeable or
      exercisable). In case such subscription price may be paid in a form other
      than cash, the value of such non-cash consideration shall be as determined by the Board of
      Directors. To the extent that any such rights or warrants are not so
      issued or, if issued, are not exercised prior to the expiration thereof,
      the Exercise Price shall be readjusted to the Exercise Price which would
      then be in effect if such record date had not been fixed or to the
      Exercise Price which would then be in effect based upon the number of
      Common Shares (or securities convertible into or exchangeable for Common
      Shares) actually issued upon the exercise of such rights or warrants, as
      the case may be. For purposes of this Agreement, the granting of the right
      to purchase Common Shares (whether previously unissued, treasury shares or
      otherwise) pursuant to any optional dividend reinvestment plan and/or any
      Common Share purchase plan providing for the reinvestment of dividends
      payable on securities of the Corporation and/or employee stock option,
      stock purchase or other employee benefit plan (so long as such right to
      purchase is in no case evidenced by the delivery of rights or warrants)
      shall not be deemed to constitute an issue of rights or warrants by the
      Corporation; <I>provided, however</I>, that, in the case of any dividend
      reinvestment plan, the right to purchase Common Shares is at a price per
      share of not less than 90% of the then current market price per share
      (determined as provided in such plan) of the Common Shares.</P></TD></TR></TABLE>
<P align=center>B-23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_74></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>If the Corporation shall at any time after the Record
      Time and prior to the Separation Time fix a record date for the making of
      a distribution to all holders of Common Shares of evidences of
      indebtedness or assets (other than a Regular Periodic Cash Dividend or a
      dividend paid in Common Shares) or rights or warrants (excluding those
      referred to in subsection 2.3(a) or 2.3(b)), the Exercise Price shall be
      adjusted. The Exercise Price in effect after such record date shall,
      subject to adjustment as provided in the penultimate sentence of
      subsection 2.3(b), equal the Exercise Price in effect immediately prior to
      such record date less the fair market value (as determined by the Board of
      Directors) of the portion of the assets, evidences of indebtedness, rights
      or warrants so to be distributed applicable to the securities purchasable
      upon exercise of one (1) Right. Such adjustment shall be made
      successively/whenever such a record date is fixed.</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%">(g) </TD>
    <TD>
      <P align=justify>Each adjustment made pursuant to this Section 2.3 shall
      be made as of:</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%">(h) </TD>
    <TD>
      <P align=justify>the payment or effective date for the applicable
      dividend, subdivision, change, consolidation or issuance in the case of an
      adjustment made pursuant to subsection 2.3(a) above; 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%">(i) </TD>
    <TD>
      <P align=justify>the record date for the applicable dividend or
      distribution, in the case of an adjustment made pursuant to subsections
      2.3(b) or (c) above, subject to readjustment to reverse same is such
      distribution shall not be made.</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%">(j) </TD>
    <TD>
      <P align=justify>Subject to the prior consent of the holders of Common
      Shares or Rights obtained in accordance with the provisions of subsection
      5.4(b) or (c), as applicable, if the Corporation shall at any time after
      the Record Time and prior to the Expiration Time issue any Shares (other
      than Common Shares), or rights or warrants to subscribe for or purchase
      any such Shares, or securities convertible into or exchangeable for any
      such Shares, in a transaction referred to in clause (a)(i) or (a)(iv)
      above and if the Board of Directors determines that the adjustments
      contemplated by subsections 2.3(a), (b) and (d) above in connection with
      such transaction will not appropriately protect the interests
      of the holders of Rights, the Board of Directors may determine what other
      adjustments to the Exercise Price, number of Rights and/or securities
      purchasable upon exercise of Rights would be appropriate and,
      notwithstanding such clauses, such adjustments (rather than the
      adjustments contemplated by subsections 2.3(a), (b) and (d) above) shall
      be made and the Corporation and the Rights Agent shall amend or supplement
      this Agreement as appropriate to provide for such adjustments.</P></TD></TR></TABLE>
<P align=center>B-24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_75></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Notwithstanding anything herein to the contrary, no
      adjustment to the Exercise Price shall be required unless such adjustment
      would require an increase or decrease of at least 1% in such Exercise
      Price; <I>provided, however</I>, that any adjustments which by reason of
      this subsection 2.3(f) are not required to be made shall be carried
      forward and taken into account in any subsequent adjustment. Each
      adjustment made pursuant to this Section 2.3 shall be calculated to the
      nearest cent or to the nearest one one-hundredth of a Common Share or
      Right, as the case may be.</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%">(l) </TD>
    <TD>
      <P align=justify>If as a result of an adjustment made pursuant to Section
      3.1, the holder of any Right thereafter exercised shall become entitled to
      receive any securities other than Common Shares, thereafter the number of
      such other securities so receivable upon exercise of any Right and the
      applicable Exercise Price thereof shall be subject to adjustment from time
      to time in a manner and on terms as nearly equivalent as practicable to
      the provisions with respect to Common Shares contained in the provisions
      of this Section 2.3 and the provisions of this Agreement with respect to
      the Common Shares shall apply on like terms to any such other
      securities.</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%">(m) </TD>
    <TD>
      <P align=justify>All Rights originally issued by the Corporation
      subsequent to any adjustment made to an Exercise Price hereunder shall
      evidence the right to purchase, at the adjusted Exercise Price, the number
      of Common Shares purchasable from time to time hereunder upon exercise of
      the Rights, all subject to further adjustment as provided
herein.</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%">(n) </TD>
    <TD>
      <P align=justify>Unless the Corporation shall have exercised its election
      as provided in subsection 2.3(a)(i), upon each adjustment of an Exercise
      Price as a result of the calculations made in subsections 2.3(b) and (c),
      each Right outstanding immediately prior to the making of such adjustment
      shall thereafter evidence the right to purchase, at the adjusted Exercise
      Price, that number of Common Shares (calculated to the nearest one
      one-hundredth) obtained by:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
multiplying (A) the number of Common Shares covered by a Right immediately prior
to this adjustment, by (B) the Exercise Price in effect immediately prior to
such adjustment of the Exercise Price; and</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
dividing the product so obtained by the Exercise Price in effect immediately
after such adjustment of the Exercise Price. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>The Corporation may elect on or after the date of any
      adjustment of an Exercise Price to adjust the number of Rights, in lieu of
      any adjustment in the number of Common Shares purchasable upon the
      exercise of a Right. Each of the Rights outstanding after the adjustment
      in the number of Rights shall be exercisable for the number of Common Shares for which a Right was
      exercisable immediately prior to such adjustment. Each Right held of
      record immediately prior to such adjustment of the number of Rights shall
      become the number of Rights (calculated to the nearest one one-hundredth)
      obtained by dividing the Exercise Price in effect immediately prior to the
      adjustment of the Exercise Price by the Exercise Price in effect
      immediately after adjustment of the Exercise Price. The Corporation shall
      make a public announcement of its election to adjust the number of Rights,
      indicating the record date for the adjustment and, if known at the time,
      the amount of the adjustment to be made. This record date may be the date
      on which the Exercise Price is adjusted or any date thereafter, but, if
      the Rights Certificates have been issued, shall be at least 10 calendar
      days after the date of the public announcement. If Rights Certificates
      have been issued, upon each adjustment of the number of Rights pursuant to
      this subsection 2.3(j), the Corporation shall, as promptly as practicable,
      cause to be distributed to holders of record of Rights Certificates on
      such record date, Rights Certificates evidencing the additional Rights to
      which such holder shall be entitled as a result of such adjustment, or, at
      the option of the Corporation, shall cause to be distributed to such
      holders of record in substitution or replacement for the Rights
      Certificates held by such holders prior to the date of adjustment, and
      upon surrender thereof, if required by the Corporation, new Rights
      Certificates evidencing all the Rights to which such holders shall be
      entitled after such adjustment. Rights Certificates so to be distributed
      shall be issued, executed and countersigned in the manner provided for
      herein and may bear, at the option of the Corporation, the adjusted
      Exercise Price and shall be registered in the names of the holders of
      record of Rights Certificates on the record date specified in the public
      announcement.</P></TD></TR></TABLE>
<P align=center>B-25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_76></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>Irrespective of any adjustment or change in the
      securities purchasable upon exercise of the Rights, the Rights
      Certificates theretofore and thereafter issued may continue to express the
      securities so purchasable which were expressed in the initial Rights
      Certificates issued hereunder.</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%">(q) </TD>
    <TD>
      <P align=justify>If, as a result of an adjustment made pursuant to Section
      3.1, the holder of any Right thereafter exercised shall become entitled to
      receive any securities other than Common Shares, thereafter the number of
      such other securities so receivable upon exercise of any Right and the
      applicable Exercise Price thereof shall be subject to adjustment from time
      to time in a manner and on terms as nearly equivalent as may be
      practicable to the provisions with respect to the Common Shares contained
      in the foregoing subsections of this Section 2.3 and the provisions of
      this Agreement with respect to the Common Shares shall apply on like terms
      to any such other securities.</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%">(r) </TD>
    <TD>
      <P align=justify>In any case in which this Section 2.3 shall require that
      any adjustment in the Exercise Price be made effective as of a record date
      for a specified event, the Corporation may elect to defer until the
      occurrence of such event the issuance to the holder of any Right exercised
      after such record date of the number of Common Shares and other securities
      of the Corporation, if any, issuable upon such exercise over and above the
      number of Common Shares and other securities of the Corporation, if any,
      issuable upon such exercise on the basis of the Exercise Price in effect
      prior to such adjustment; <I>provided, however</I>, that the Corporation
      shall deliver to such holder an appropriate instrument
  evidencing such holder&#146;s right to receive such additional Common
      Shares or other securities upon the occurrence of the event requiring such
      adjustment.</P></TD></TR></TABLE>
<P align=center>B-26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_77></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify>Notwithstanding anything in this Section 2.3 to the
      contrary, the Corporation shall be entitled to make such reductions in the
      Exercise Price, in addition to those adjustments expressly required by
      this Section 2.3, as and to the extent that, in their judgment, the Board
      of Directors determines advisable in order that any (i) subdivision or
      consolidation of the Common Shares, (ii) issuance wholly for cash of any
      Common Shares at less than the applicable Market Price, (iii) issuance
      wholly for cash of any Common Shares or securities that by their terms are
      exchangeable for or convertible into or give a right to acquire Common
      Shares, (iv) stock dividends, or (v) issuance of rights, options or
      warrants referred to in this Section 2.3, hereafter made by the
      Corporation to holders of its Common Shares, and subject to applicable
      taxation laws, shall not be taxable to such shareholders.</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%">(t) </TD>
    <TD>
      <P align=justify>After the Separation Time, the Corporation will not,
      except as permitted by the provisions hereof, take (or permit any
      Subsidiary of the Corporation to take) any action if at the time such
      action is taken it is reasonably foreseeable that such action will
      diminish substantially or otherwise eliminate the benefits intended to be
      afforded by the Rights.</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%">(u) </TD>
    <TD>
      <P align=justify>Whenever an adjustment to the Exercise Price or a change
      in the securities purchasable upon the exercise of Rights is made pursuant
      to this Section 2.3, the Corporation shall
promptly:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
prepare a certificate setting forth such adjustment and a brief statement of the
facts accounting for such adjustment;</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;file with the Rights Agent and with each transfer agent for the Common
Shares, a copy of such certificate; and</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
cause notice of the particulars of such adjustment or change to be given to the
holders of the Rights. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Failure to file such certificate or to cause such notice
      to be given as aforesaid, or any defect therein, shall not affect the
      validity of any such adjustment or change.</P></TD></TR></TABLE>
<P align=justify><B>2.4&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Date on
Which Exercise is Effective </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Person in whose name any certificate for Shares is issued upon the exercise of
Rights shall for all purposes be deemed to have become the holder of record of
the Shares represented thereby on, and such certificate shall be dated, the date
upon which the Rights Certificate evidencing such Rights was duly submitted
(together with a duly completed Election to Exercise) and payment of the
Exercise Price for such Rights (and any applicable transfer taxes and other
charges payable by the exercising holder hereunder) was made; <I>provided,
however</I>, that if the date of such exercise is a date upon which the relevant
Share transfer books of the Corporation are closed, such Person shall be deemed
to have become the recorded holder of such Shares on, and such certificate shall
be dated, the next succeeding Business Day on which the said Share transfer
books of the Corporation are open. </P>
<P align=justify><B>2.5&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Execution,
Authentication, Delivery and Dating of Rights Certificates </B></P>
<P align=center>B-27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_78></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Rights Certificates shall be executed on behalf of
      the Corporation by any two of its Chairman, President, Chief Executive
      Officer, Chief Financial Officer or Corporate Secretary. The signature of
      any of these officers on the Rights Certificates may be manual or
      facsimile.</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%">(b) </TD>
    <TD>
      <P align=justify>Rights Certificates bearing the manual or facsimile
      signatures of individuals who were at the relevant time the proper
      officers of the Corporation shall bind the Corporation, notwithstanding
      that such individuals or any of them have ceased to hold such offices
      prior to the countersignature and delivery of such Rights
    Certificates.</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%">(c) </TD>
    <TD>
      <P align=justify>Promptly after the Corporation learns of the Separation
      Time, the Corporation shall notify the Rights Agent of such Separation
      Time and shall deliver disclosure statements and Rights Certificates
      executed by the Corporation to the Rights Agent for countersignature, and
      the Rights Agent shall countersign (manually or by facsimile signature in
      a manner satisfactory to the Corporation) and deliver such disclosure
      statements and Rights Certificates to the holders of the Rights pursuant
      to subsection 2.2(c) hereof. No Rights Certificate shall be valid for any
      purpose until countersigned by the Rights Agent in the manner described
      above.</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%">(d) </TD>
    <TD>
      <P align=justify>Each Rights Certificate shall be dated the date of
      countersignature thereof.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>2.6</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Registration, Registration of Transfer and
      Exchange</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>From and after the Separation Time, the Corporation shall
      cause to be kept a register (the &#147;<B>Rights Register</B>&#148;) in which,
      subject to such reasonable regulations as it may prescribe, the
      Corporation shall provide for the registration and transfer of Rights. The
      Rights Agent is hereby appointed registrar (the &#147;<B>Rights Registrar</B>&#148;)
      for the purpose of maintaining the Rights Register for the Corporation and
      registering Rights and transfers of Rights as herein provided. If the
      Rights Agent shall cease to be the Rights Registrar, the Rights Agent
      shall have the right to examine the Rights Register at all reasonable
      times.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>After the Separation Time and prior to the Expiration
      Time, upon surrender for registration of transfer or exchange of any
      Rights Certificate, and subject to the provisions of subsection 2.6(c)
      below, the Corporation shall execute, and the Rights Agent shall
      countersign and deliver, in the name of the holder or the designated
      transferee or transferees, as required pursuant to the holder&#146;s
      instructions, one or more new Rights Certificates evidencing the same
      aggregate number of Rights as did the Rights Certificate so
      surrendered.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All Rights issued upon any registration of transfer or
      exchange of Rights Certificates shall be the valid obligations of the
      Corporation, and such Rights shall be entitled to the same benefits under
      this Agreement as the Rights surrendered upon such registration of
      transfer or exchange.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Every Rights Certificate surrendered for registration of
      transfer or exchange shall have the form of assignment thereon duly
      completed and endorsed, or be accompanied by a written instrument of
      transfer in form satisfactory to the Corporation or the Rights Agent, as
      the case may be, duly executed by the holder thereof or such holder&#146;s
      attorney duly authorized in writing. As a condition to the issuance of any
      new Rights Certificate under this Section 2.6, the Corporation may require
      the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
      in relation thereto and other expenses (including the reasonable fees and
      expenses of its Rights Agent) connected therewith.</P></TD></TR></TABLE>
<P align=center>B-28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_79></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to register the
      transfer or exchange of any Rights after the Rights have been terminated
      pursuant to the provisions of this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>2.7</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Mutilated, Destroyed, Lost and Stolen Rights
      Certificates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>If any mutilated Rights Certificate is surrendered to the
      Rights Agent prior to the Expiration Time, the Corporation shall execute
      and the Rights Agent shall countersign and deliver a new Rights
      Certificate evidencing the same number of Rights as did the Rights
      Certificate so surrendered.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>If there shall be delivered to the Corporation and the
      Rights Agent prior to the Expiration Time (i) evidence to their
      satisfaction of the destruction, loss or theft of any Rights Certificate
      and (ii) such security or indemnity as may be required by them to save
      each of them and their respective agents harmless, then, in the absence of
      notice to the Corporation or the Rights Agent that such Rights Certificate
      has been acquired by a bona fide purchaser, the Corporation shall execute
      and upon the Corporation&#146;s request, the Rights Agent shall countersign and
      deliver, in lieu of any such destroyed, lost or stolen Rights Certificate,
      a new Rights Certificate evidencing the same number of Rights as did the
      Rights Certificate so destroyed, lost or stolen.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>As a condition to the issuance of any new Rights
      Certificate under this Section 2.7, the Corporation may require the
      payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including
      the reasonable fees and expenses of the Rights Agent) connected
      therewith.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Every new Rights Certificate issued pursuant to this
      Section 2.7 in lieu of any destroyed, lost or stolen Rights Certificate
      shall evidence an original additional contractual obligation of the
      Corporation, whether or not the destroyed, lost or stolen Rights
      Certificate shall be at any time enforceable by anyone, and shall be
      entitled to all the benefits of this Agreement equally and proportionately
      with any and all other Rights duly issued
hereunder.</P></TD></TR></TABLE>
<P align=justify><B>2.8</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Persons
Deemed Owners </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to due presentment of a Rights Certificate (or, prior to the Separation Time,
the associated Share certificate) for registration of transfer, the Corporation,
the Rights Agent and any agent of the Corporation or the Rights Agent may deem
and treat the Person in whose name such Rights Certificate (or, prior to the
Separation Time, such Share certificate) is registered as the absolute owner
thereof and of the Rights evidenced thereby for all purposes whatsoever.</P>
<P align=justify><B>2.9&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Delivery and
Cancellation of Certificates </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Rights Certificates surrendered upon exercise or for redemption, registration of
transfer or exchange shall, if surrendered to any Person other than the Rights
Agent, be delivered to the Rights Agent and, in any case, shall be promptly
cancelled by the Rights Agent. The Corporation may at any time deliver to the
Rights Agent for cancellation any Rights Certificates previously countersigned
and delivered hereunder which the Corporation may have acquired in any manner
whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the
Rights Agent. No Rights Certificates shall be countersigned in lieu of or in
exchange for any Rights Certificates cancelled as provided in this Section 2.9,
except as expressly permitted by this Agreement. The Rights Agent shall destroy
all cancelled Rights Certificates and deliver a certificate of destruction to
the Corporation. </P>
<P align=center>B-29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_80></A>
<P align=justify><B>2.10</B><B>&nbsp;&nbsp;&nbsp; </B><B>Agreement of Rights
Holders </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
holder of Rights by accepting the same consents and agrees with the Corporation
and the Rights Agent and with every other holder of Rights that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>such holder is otherwise bound by and subject to the
      provisions of this Agreement, as amended from time to time in accordance
      with the terms hereof in respect of all Rights held;</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%">(b) </TD>
    <TD>
      <P align=justify>prior to the Separation Time, each Right shall be
      transferable only together with, and shall be transferred by a transfer
      of, the associated Share;</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%">(c) </TD>
    <TD>
      <P align=justify>after the Separation Time, the Rights Certificates shall
      be transferable only on the Rights Register as provided herein;</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%">(d) </TD>
    <TD>
      <P align=justify>prior to due presentment of a Rights Certificate (or,
      prior to the Separation Time, the associated Share certificate) for
      registration of transfer, the Corporation, the Rights Agent and any agent
      of the Corporation or the Rights Agent may deem and treat the Person in
      whose name the Rights Certificate (or, prior to the Separation Time, the
      associated Share certificate) is registered as the absolute owner thereof
      and of the Rights evidenced thereby (notwithstanding any notations of
      ownership or writing on such Rights Certificate or the associated Share
      certificate made by anyone other than the Corporation or the Rights Agent)
      for all purposes whatsoever, and neither the Corporation nor the Rights
      Agent shall be affected by any notice to the contrary;</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%">(e) </TD>
    <TD>
      <P align=justify>such holder has waived all rights to receive any
      fractional Right or fractional Share upon exercise of a Right;</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%">(f) </TD>
    <TD>
      <P align=justify>this Agreement may be supplemented or amended from time
      to time pursuant to subsection 5.4(a) or the last sentence of the
      penultimate paragraph of subsection 2.3(a) hereof upon the sole authority
      of the Board of Directors without the approval of any holder of Rights;
      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%">(g) </TD>
    <TD>
      <P align=justify>notwithstanding anything in this Agreement to the
      contrary, neither the Corporation nor the Rights Agent shall have any
      liability to any holder of a Right or any other Person as a result of its
      inability to perform any of its obligations under this Agreement by reason
      of any preliminary or permanent injunction or other order, decree or
      ruling by a court of competent jurisdiction or by a governmental,
      regulatory or administrative agency or commission, or any statute, rule,
      regulation or executive order promulgated or enacted by any governmental
      authority, prohibiting or otherwise restraining performance of such
      obligation.</P></TD></TR></TABLE>
<P align=center>B-30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_81></A>
<P align=center><B>ARTICLE 3 </B><BR><B>ADJUSTMENTS TO THE RIGHTS IN THE
EVENT OF CERTAIN TRANSACTIONS </B><BR></P>
<P align=justify><B>3.1&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Flip-in
Event </B><BR>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Subject to the provisions of Section 2.2 and subsections
      5.1(c), (d) and (e) hereof and except as provided below, if prior to the
      Expiration Time a Flip-in Event shall occur, each Right shall thereafter
      constitute, effective at the Close of Business on the tenth Business Day
      after the relevant Stock Acquisition Date, the right to purchase from the
      Corporation, upon exercise thereof in accordance with the terms hereof,
      that number of Common Shares of the Corporation having an aggregate Market
      Price on the date of consummation or occurrence of such Flip-in Event
      equal to twice the Exercise Price for an amount in cash equal to the
      Exercise Price (such right to be appropriately adjusted in a manner
      analogous to the applicable adjustment provided for in Section 2.3 hereof
      in the event that, after such date of consummation or occurrence, an event
      of a type analogous to any of the events described in Section 2.3 hereof
      shall have occurred with respect to such Common Shares).</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%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Notwithstanding anything in this Agreement to the
      contrary, upon the occurrence of a Flip-in Event, any Rights that are or
      were Beneficially Owned on or after the earlier of the Separation Time and
      the Stock Acquisition Date by:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>an Acquiring Person (or any Person acting jointly or in
      concert with an Acquiring Person or with an Affiliate or Associate of an
      Acquiring Person); or</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>a direct or indirect transferee of, or other successor in
      title to, such Rights (a &#147;<B>Transferee</B>&#148;), who becomes a Transferee
      concurrently with or subsequent to the Acquiring Person becoming an
      Acquiring Person, in a transfer, whether or not for consideration, that
      the Board of Directors has determined is part of a plan, understanding or
      scheme of an Acquiring Person (or an Affiliate or Associate of an
      Acquiring Person or any Person acting jointly or in concert with an
      Acquiring Person or an Affiliate or Associate of an Acquiring Person) that
      has the purpose or effect of avoiding the provisions of this subsection
      3.1(b) applicable in the circumstances contemplated in clause (i)
      hereof;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>shall thereupon become and be null and void and any
      holder of such Rights (including any Transferee) shall thereafter have no
      rights whatsoever with respect to such Rights, whether under any provision
      of this Agreement or otherwise. The holder of any Rights represented by a
      Rights Certificate which is submitted to the Rights Agent, or any Co-
      Rights Agent, upon exercise or for registration of transfer or exchange
      which does not contain the necessary certifications set forth in the
      Rights Certificate establishing that such Rights are not void under this
      subsection 3.1(b) shall be deemed to be an Acquiring Person for the
      purposes of this subsection 3.1(b) and such rights shall be null and
      void.</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%">(d) </TD>
    <TD>
      <P align=justify>Any Rights Certificate that represents Rights
      Beneficially Owned by a Person described in either clauses (i) or (ii) of
      subsection 3.1(b) hereof or transferred to any nominee of any such Person,
      and any Rights Certificate issued upon the transfer, exchange or
      replacement of any other Rights Certificate referred to in this sentence
      shall contain the following legend:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>&#147;The Rights represented by this Rights
Certificate were issued to a Person who was an Acquiring Person or an Affiliate
or an Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement) or was acting jointly or in concert with any of them. This Rights
Certificate and the Rights represented hereby shall become void in the
circumstances specified in subsection 3.1(b) of the Rights Agreement.&#148;, </P>
<P align=center>B-31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_82></A>
<P style="MARGIN-LEFT: 10%" align=justify><I>provided, however</I>, that the
Rights Agent shall not be under any responsibility to ascertain the existence of
facts that would require the imposition of such legend but shall be required to
impose such legend only if instructed to do so by the Corporation or if a holder
fails to certify upon transfer or exchange in the space provided on the Rights
Certificate that such holder is not an Acquiring Person or an Affiliate or
Associate thereof or acting jointly or in concert with any of them. The issuance
of a Rights Certificate without the legend referred to in this subsection shall
be of no effect on the provisions of this subsection. </P>
<P align=center><B>ARTICLE 4</B><B> </B><BR><B>THE RIGHTS AGENT </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>4.1</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>General</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation hereby appoints the Rights Agent to act
      as agent for the Corporation and the holders of Rights in accordance with
      the terms and conditions hereof, and the Rights Agent hereby accepts such
      appointment. The Corporation may from time to time appoint one or more
      co-rights agents (each, a &#147;<B>Co-Rights Agent</B>&#148;) as it may deem
      necessary or desirable after consultation with the Rights Agent. In such
      event, the respective duties of the Rights Agent and any Co-Rights Agent
      shall be as the Corporation may determine with the written approval of the
      Rights Agent. The Corporation agrees to pay to the Rights Agent reasonable
      compensation for all services rendered by it hereunder and, from time to
      time on demand of the Rights Agent, its reasonable expenses and counsel
      fees and other disbursements incurred in the administration and execution
      of this Agreement and the exercise and performance of its duties
      hereunder. The Corporation also agrees to indemnify the Rights Agent, its
      officers, directors, employees and agents for, and to hold them harmless
      against, any loss, liability, cost, claim, action, damage, suit or
      expense, incurred without negligence, bad faith or wilful misconduct on
      the part of the Rights Agent, its officers, directors, employees or
      agents, for anything done or omitted by them in connection with the
      acceptance and performance of this Agreement, including legal costs and
      expenses, which right to indemnification shall survive the termination of
      this Agreement or the resignation or removal of the Rights Agent. In the
      event of any disagreement arising regarding the terms of this Agreement
      the Rights Agent shall be entitled, at its option, to refuse to comply
      with any and all demands whatsoever until the dispute is settled either by
      written agreement amongst the parties to this Agreement or by a court of
      competent jurisdiction.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Rights Agent shall be protected from, and shall incur
      no liability for or in respect of, any action taken, suffered or omitted
      by it in connection with its performance of this Agreement in reliance
      upon any certificate for Shares, Rights or for other securities of the
      Corporation, instrument of assignment or transfer, power of attorney,
      endorsement, affidavit, letter, notice, direction, consent, certificate,
      opinion, statement or other paper or document believed by it to be genuine
      and to be signed, executed and, where necessary, verified or acknowledged,
      by the proper Person or Persons.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Corporation shall inform the Rights Agent in a
      reasonably timely manner of events which may materially affect the
      administration of this Agreement by the Rights Agent and, at any time upon
      written request, shall provide to the Rights Agent an incumbency
      certificate certifying the then current officers of the
  Corporation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>4.2</B> </TD>
    <TD>
      <P align=justify><B>Merger or Amalgamation or Change of Name of Rights
      Agent</B></P></TD></TR></TABLE>
<P align=center>B-32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_83></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Any body corporate into which the Rights Agent or any
      successor Rights Agent may be merged or amalgamated with or into, or any
      body corporate succeeding to the securityholder services business of the
      Rights Agent or any successor Rights Agent shall be the successor to the
      Rights Agent under this Agreement without the execution or filing of any
      paper or any further act on the part of any of the parties hereto,
      provided that such body corporate would be eligible for appointment as a
      successor Rights Agent under the provisions of Section 4.4
  hereof.</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%">(b) </TD>
    <TD>
      <P align=justify>In case at the time such successor Rights Agent succeeds
      to the agency created by this Agreement any of the Rights Certificates
      have been countersigned but not delivered, any such successor Rights Agent
      may adopt the countersignature of the predecessor Rights Agent and deliver
      such Rights Certificates so countersigned; and in case at that time any of
      the Rights Certificates have not been countersigned, any successor Rights
      Agent may countersign such Rights Certificates either in the name of the
      predecessor Rights Agent or in the name of the successor Rights Agent; and
      in all such cases such Rights Certificates shall have the full force
      provided in the Rights Certificates and in this Agreement.</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%">(c) </TD>
    <TD>
      <P align=justify>In case at any time the name of the Rights Agent is
      changed and at such time any of the Rights Certificates shall have been
      countersigned but not delivered, the Rights Agent may adopt the
      countersignature under its prior name and deliver Rights Certificates so
      countersigned; and in case at that time any of the Rights Certificates
      shall not have been countersigned, the Rights Agent may countersign such
      Rights Certificates either in its prior name or in its changed name; and
      in all such cases such Rights Certificates shall have the full force
      provided in the Rights Certificates and in this
  Agreement.</P></TD></TR></TABLE>
<P align=justify><B>4.3</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Duties of
Rights Agent </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Rights Agent undertakes the duties and obligations imposed by this Agreement
upon the following terms and conditions, by all of which the Corporation and the
holders of Rights Certificates, by their acceptance thereof, shall be bound:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Rights Agent may retain and consult with legal
      counsel (who may be legal counsel for the Corporation), and the opinion of
      such counsel will be full and complete authorization and protection to the
      Rights Agent as to any action taken or omitted by it in good faith and in
      accordance with such opinion.</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%">(b) </TD>
    <TD>
      <P align=justify>Whenever in the performance of its duties under this
      Agreement the Rights Agent deems it necessary or desirable that any fact
      or matter be proved or established by the Corporation prior to taking or
      suffering any action or refraining from taking any action hereunder, such
      fact or matter (unless other evidence in respect thereof be herein
      specifically prescribed) may be deemed to be conclusively proved and
      established by a certificate signed by an individual believed by the
      Rights Agent to be the Chief Executive Officer, Chief Financial Officer or
      Secretary of the Corporation and delivered to the Rights Agent; and such
      certificate shall be full authorization to the Rights Agent for any action
      taken, omitted or suffered in good faith by it under the provisions of
      this Agreement in reliance upon such certificate.</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%">(c) </TD>
    <TD>
      <P align=justify>The Rights Agent shall be liable hereunder only for its
      own negligence, bad faith or wilful misconduct.</P></TD></TR></TABLE>
<P align=center>B-33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_84></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The Rights Agent shall not be liable for or by reason of
      any of the statements of fact or recitals contained in this Agreement or
      in the certificates for Shares or the Rights Certificates (except its
      countersignature thereof) or be required to verify the same, but all such
      statements and recitals are and will be deemed to have been made by the
      Corporation only.</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%">(e) </TD>
    <TD>
      <P align=justify>The Rights Agent shall not be under any responsibility in
      respect of the validity of this Agreement or the execution and delivery
      hereof (except the due authorization, execution and delivery hereof by the
      Rights Agent) or in respect of the validity or execution of any Share
      certificate or Rights Certificate (except its countersignature thereof);
      nor will it be responsible for any breach by the Corporation of any
      covenant or condition contained in this Agreement or in any Rights
      Certificate; nor will it be responsible for any change in the
      exercisability of the Rights (including the Rights becoming void pursuant
      to subsection 3.1(b) hereof) or any adjustment required under the
      provisions of Section 2.3 hereof or responsible for the manner, method or
      amount of any such adjustment or the ascertaining of the existence of
      facts that would require any such adjustment (except with respect to the
      exercise of Rights after receipt of the certificate contemplated by
      Section 2.3 hereof describing any such adjustment); nor will it by any act
      hereunder be deemed to make any representation or warranty as to the
      authorization or reservation of any Shares to be issued pursuant to this
      Agreement or any Rights or as to whether any Shares shall, when issued, be
      duly and validly authorized, executed, issued and delivered and be fully
      paid and non-assessable.</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%">(f) </TD>
    <TD>
      <P align=justify>The Corporation agrees that it will perform, execute,
      acknowledge and deliver or cause to be performed, executed, acknowledged
      and delivered all such further and other acts, instruments and assurances
      as may reasonably be required by the Rights Agent for the carrying out or
      performing by the Rights Agent of the provisions of this
  Agreement.</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%">(g) </TD>
    <TD>
      <P align=justify>The Rights Agent is hereby authorized to rely upon and
      directed to accept written instructions with respect to the performance of
      its duties hereunder from any individual believed by the Rights Agent to
      be the Chief Executive Officer, Chief Financial Officer or Secretary of
      the Corporation, and to apply to such individuals for advice or
      instructions in connection with its duties, and it shall not be liable for
      any action taken, omitted or suffered by it in good faith in accordance
      with instructions of any such individual.</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%">(h) </TD>
    <TD>
      <P align=justify>The Rights Agent and any shareholder, director, officer
      or employee of the Rights Agent may buy, sell or deal in Shares, Rights or
      other securities of the Corporation or become pecuniarily interested in
      any transaction in which the Corporation may be interested, or contract
      with or lend money to the Corporation or otherwise act as fully and freely
      as though it were not Rights Agent under this Agreement. Nothing herein
      shall preclude the Rights Agent from acting in any other capacity for the
      Corporation or for any other legal entity.</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%">(i) </TD>
    <TD>
      <P align=justify>The Rights Agent may execute and exercise any of the
      rights or powers hereby vested in it or perform any duty hereunder either
      itself or by or through its attorneys or agents, and the Rights Agent
      shall not be answerable or accountable for any act, default, neglect or
      misconduct of any such attorneys or agents or for any loss to the
      Corporation resulting from any such act, omission, default, neglect or
      misconduct, provided reasonable care was exercised in the selection and
      continued employment thereof.</P></TD></TR></TABLE>
<P align=center>B-34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_85></A>
<P align=justify><B>4.4&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Change of
Rights Agent </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Rights Agent may resign and be discharged from its duties under this Agreement
upon 60 days&#146; notice (or such lesser notice as is acceptable to the Corporation)
in writing delivered or mailed to the Corporation and to each transfer agent of
Shares by first class mail, and mailed or delivered to the holders of the Rights
in accordance with Section 5.9 hereof. The Corporation may remove the Rights
Agent upon 60 days&#146; notice in writing, mailed or delivered to the Rights Agent
and to each transfer agent of the Shares by first class mail, and mailed to the
holders of the Rights in accordance with Section 5.9 hereof. If the Rights Agent
should resign or be removed or otherwise become incapable of acting, the
Corporation shall appoint a successor to the Rights Agent. If the Corporation
fails to make such appointment within a period of 30 days after such removal or
after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Rights Agent or by the holder of any Rights (which
holder shall, with such notice, submit such holder&#146;s Rights Certificate for
inspection by the Corporation), then the Rights Agent or the holder of any
Rights may apply, at the Corporation&#146;s expense, to any court of competent
jurisdiction for the appointment of a new Rights Agent. Any successor Rights
Agent, whether appointed by the Corporation or by such a court, shall be a body
corporate incorporated under the laws of Canada or a province thereof and
authorized to carry on business in the Province of Ontario. After appointment,
the successor Rights Agent shall be vested with the same powers, rights, duties
and responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent upon receipt of all fees
and expenses outstanding to the predecessor Rights Agent by the Corporation
shall deliver and transfer to the successor Rights Agent any property at the
time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective
date of any such appointment, the Corporation shall file notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Shares,
and mail a notice thereof in writing to the holders of the Rights. Failure to
give any notice provided for in this Section 4.4, however, or any defect
therein, shall not affect the legality or validity of the resignation or removal
of the Rights Agent or the appointment of the successor Rights Agent, as the
case may be. </P>
<P align=center><B>ARTICLE 5</B><B> </B><BR><B>MISCELLANEOUS </B><BR></P>
<P align=justify><B>5.1&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Redemption
and Waiver </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall give prompt written notice to the Rights Agent of any waiver
of the application of Section 3.1 made by the Board of Directors acting in good
faith under this Section 5.1. In addition, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Board of Directors, at any time prior to the special
      meeting of shareholders of the Corporation to be held on or around March
      19, 2009, may terminate this Agreement by passing a resolution.</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%">(b) </TD>
    <TD>
      <P align=justify>With the prior consent of the holders of Common Shares or
      Rights obtained in accordance with subsection 5.4(b) or (c), as
      applicable, the Board of Directors, at any time prior to the occurrence of
      a Flip-in Event as to which the application of Section 3.1 has not been
      waived pursuant to this Section 5.1, may elect to redeem all but not less
      than all of the then outstanding Rights at a redemption price of $0.00001
      per Right appropriately adjusted in a manner analogous to the applicable
      adjustment to the Exercise Price provided for in Section 2.3 hereof if an
      event analogous to any of the events described in Section 2.3 shall have
      occurred (such redemption price being herein referred to as the
      &#147;<B>Redemption Price</B>&#148;).</P></TD></TR></TABLE>
<P align=center>B-35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>With the prior consent of the holders of Common Shares
      obtained in accordance with subsection 5.4(b), the Board of Directors may,
      at any time prior to the occurrence of a Flip-in Event as to which the
      application of Section 3.1 has not been waived pursuant to this Section
      5.1, if such Flip-in Event would occur by reason of an acquisition of
      Common Shares otherwise than pursuant to a Take-over Bid made by means of
      a Take- over Bid circular to all holders of record of Common Shares and
      otherwise than in the circumstances set forth in subsection 5.1(e), waive
      the application of Section 3.1 to such Flip-in Event. In such event, the
      Board of Directors shall extend the Separation Time to a date at least 10
      Business Days subsequent to the meeting of shareholders called to approve
      such waiver.</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%">(d) </TD>
    <TD>
      <P align=justify>Prior to the occurrence of a Flip-in Event, as to which
      the application of Section 3.1 has not been waived pursuant to this
      paragraph, upon written notice to the Rights Agent, the Board of Directors
      may waive the application of Section 3.1 to such Flip-in Event but only if
      such Flip-in Event occurs as a result of a Take-over Bid made by way of a
      Take- over Bid circular sent to all holders of record of Common Shares;
      <I>provided, however</I>, that if the Board of Directors waives the
      application of Section 3.1 to a particular Flip-in Event, the Board of
      Directors shall be deemed to have waived the application of Section 3.1 to
      any other Flip-in Event occurring by reason of any Take-over Bid which is
      made by means of a Take-over Bid circular to all holders of record of
      Common Shares (i) prior to the granting of such a waiver, or (ii)
      thereafter and prior to the expiry of any Take-over Bid in respect of
      which a waiver is, or is deemed to have been, granted under this
      subsection 5.1(d).</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%">(e) </TD>
    <TD>
      <P align=justify>The Board of Directors may waive the application of
      Section 3.1 to a Flip-in Event provided that the following conditions are
      satisfied:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Board of Directors has determined that the Acquiring
      Person became an Acquiring Person by inadvertence and without any
      intention to become, or knowledge that it would become, an Acquiring
      Person; 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%">(ii) </TD>
    <TD>
      <P align=justify>such Acquiring Person has reduced its Beneficial
      Ownership of Common Shares such that at the time of the waiver pursuant to
      this subsection 5.1(e), it is no longer an Acquiring
  Person.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>If a Person acquires, pursuant to a Permitted Bid or a
      Competing Permitted Bid or pursuant to an Exempt Acquisition occurring
      under subsection 5.1(d) hereof, more than 50% of the outstanding Common
      Shares other than Common Shares Beneficially Owned at the date of such
      Permitted Bid, Competing Permitted Bid or Exempt Acquisition by such
      Person, the Board of Directors of the Corporation shall, notwithstanding
      the provisions of subsection 5.1(b) hereof, immediately upon such
      acquisition and without further formality be deemed to have elected to
      redeem the Rights at the Redemption Price.</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%">(g) </TD>
    <TD>
      <P align=justify>If the Board of Directors elects to or is deemed to have
      elected to redeem the Rights and, in circumstances where subsection 5.1(b)
      is applicable, the requisite consent is given by the holders of Common
      Shares or Rights, as applicable, (i) the right to exercise the Rights will
      thereupon, without further action and without notice, terminate and the
      only right thereafter of the holders of Rights shall be to receive the
      Redemption Price, and (ii) no further Rights shall thereafter be
      issued.</P></TD></TR></TABLE>
<P align=center>B-36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Within 10 Business Days of the Board of Directors
      electing or having been deemed to have elected to redeem the Rights or, if
      subsection 5.1(c), is applicable, within 10 Business Days after the
      requisite consent being given by the holders of Common Shares or Rights,
      as applicable, the Corporation shall give notice of redemption to the
      holders of the then outstanding Rights by mailing such notice to each such
      holder at his last address as it appears upon the Rights Register of the
      Rights Agent, or, prior to the Separation Time, on the share register
      maintained by the Corporation&#146;s transfer agent. Each such notice of
      redemption shall state the method by which the payment of the Redemption
      Price shall be made.</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%">(i) </TD>
    <TD>
      <P align=justify>Where a Take-over Bid that is not a Permitted Bid or
      Competing Permitted Bid expires, is withdrawn or otherwise terminated
      after the Separation Time has occurred and prior to the occurrence of a
      Flip-in Event, the Board of Directors may elect to redeem all of the
      outstanding Rights at the Redemption Price.</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%">(j) </TD>
    <TD>
      <P align=justify>Upon the rights being redeemed pursuant to subsection
      5.1(i), all the provisions of this Agreement shall continue to apply as if
      the Separation Time had not occurred and Rights Certificates representing
      the number of Rights held by each holder of record of Common Shares as of
      the Separation Time had not been mailed to each such holder and for all
      purposes of this Agreement, the Separation Time shall be deemed not to
      have occurred and Rights shall remain attached to the Outstanding Common
      Shares, subject to and in accordance with the provisions of this
      Agreement.</P></TD></TR></TABLE>
<P align=justify><B>5.2&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Expiration
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Person shall have any rights pursuant to this Agreement or any Right after the
Expiration Time, except as provided in Section 4.1 hereof. </P>
<P align=justify><B>5.3&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Issuance of
New Rights Certificates </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any of the provisions of this Agreement or of the Rights to the contrary, the
Corporation may, at its option, issue new Rights Certificates evidencing Rights
in such form as may be approved by the Board of Directors to reflect any
adjustment or change in the number or kind or class of Shares purchasable upon
exercise of Rights made in accordance with the provisions of this Agreement.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>5.4</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Supplements and Amendments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation may make, without the approval of the
      holders of Rights or Common Shares, any supplements or amendments to this
      Agreement: (i) specifically contemplated in subsections 2.10(f) or any
      other provision hereof, (ii) to correct any clerical or typographical
      error, or (iii) which are required to maintain the validity and
      effectiveness of the Agreement as a result of any change in any applicable
      laws, rules or regulatory requirements. The Corporation may, prior to the
      date of any shareholders meeting referred to in Section 5.17, supplement,
      amend, vary or delete any of the provisions of this Agreement without the
      approval of any holder of Rights or Common Shares (whether or not such
      action would materially adversely affect the interests of the holders of
      Rights generally), where the Board of Directors deems (in good faith) such
      action necessary or desirable. Notwithstanding anything in this Section
      5.4 to the contrary, no amendment shall be made to the provisions of
      Article 4 except with the written concurrence of the Rights Agent to such
      supplement or amendment.</P></TD></TR></TABLE>
<P align=center>B-37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_88></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Subject to subsection 5.4(a), the Corporation, with the
      prior consent of the holders of Common Shares obtained as set forth below,
      at any time before the Separation Time, may redeem Rights pursuant to
      subsection 5.1(b), waive a Flip-in Event pursuant to subsection 5.1(c) or
      otherwise amend, vary or rescind any of the provisions of this Agreement
      and the Rights (whether or not such action would materially adversely
      affect the interests of the holders of Rights generally). Such consent
      shall be deemed to have been given if provided by the holders of Common
      Shares at a special meeting called and held in compliance with applicable
      laws, rules and regulatory requirements and the requirements in the
      articles and by-laws of the Corporation. Subject to compliance with any
      requirements imposed by the foregoing, consent shall be given if the
      proposed amendment, variation or rescission is approved by the affirmative
      vote of a majority of the votes cast by all Independent Shareholders
      represented in person or by proxy at the special meeting.</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%">(c) </TD>
    <TD>
      <P align=justify>The Corporation, with the prior consent of the holders of
      Rights obtained as set forth below, at any time after the Separation Time
      and before the Expiration Time, may redeem Rights pursuant to subsection
      5.1(b) or otherwise amend, vary or rescind any of the provisions of this
      Agreement and the Rights (whether or not such action would materially
      adversely affect the interests of the holders of Rights generally). Such
      consent shall be deemed to have been given if provided by the holders of
      Rights at a special meeting of holders of Rights called and held in
      compliance with applicable laws, rules and regulatory requirements and, to
      the extent possible, with the requirements in the articles and by-laws of
      the Corporation applicable to meetings of holders of Common Shares,
      applied <I>mutatis mutandis</I>. Subject to compliance with any
      requirements imposed by the foregoing, consent shall be given if the
      proposed amendment, variation or rescission is approved by the affirmative
      vote of a majority of the votes cast by holders of Rights (other than
      holders of Rights whose Rights have become null and void pursuant to
      subsection 3.1(b)), represented in person or by proxy at the special
      meeting.</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%">(d) </TD>
    <TD>
      <P align=justify>Any amendments, supplements or restatements made by the
      Corporation to this Agreement pursuant to subsection 5.4(a) which are
      required to maintain the validity and effectiveness of this Agreement as a
      result of any change in any applicable laws, rules or regulatory
      requirements shall:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if made before the Separation Time, be submitted to the
      holders of Common Shares at the next meeting of shareholders and the
      shareholders may, by the majority referred to in subsection 5.4(b),
      confirm or reject such amendment, supplement or restatement;</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%">(ii) </TD>
    <TD>
      <P align=justify>if made after the Separation Time, be submitted to the
      holders of Rights at a meeting to be called in accordance with the
      provisions of subsection 5.4(c) hereof and the holders of Rights may, by a
      majority referred to in subsection 5.4(c), confirm or reject such
      amendment, supplement or restatement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The Corporation shall be required to provide the Rights
      Agent with notice in writing of any such amendment, rescission or
      variation to this Agreement as referred to in this Section 5.4 within five
      days or effecting such amendment, rescission or
  variation.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such amendment, supplement or restatement shall be effective from the date of
the resolution of the Board of Directors adopting such amendment (unless the
Board of Directors stipulates that such amendment is to become effective at a
later date), until it is confirmed or rejected or until it ceases to be effective (as described in the next sentence) and, where such
amendment is confirmed, it continues in effect in the form so confirmed. If such
amendment, supplement or restatement is rejected by the shareholders of the
Corporation or the holders of Rights or is not submitted to the shareholders of
the Corporation or holders of Rights as required, then such amendment,
supplement or restatement shall cease to be effective from and after the
termination of the meeting at which it was rejected or to which it should have
been but was not submitted or if such a meeting of the holders of Rights is not
called within a period of 90 days of the making of any such agreement, at the
end of such period, and no subsequent resolution of Board of Directors to amend,
supplement or restate this Agreement to substantially the same effect shall be
effective until confirmed by the shareholders of the Corporation or holders of
Rights as the case may be. </P>
<P align=center>B-38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_89></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD colSpan=2>&nbsp;
      </TD></TR>

  <TR>
    <TD vAlign=top width="5%"><B>5.5</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Fractional Rights and Fractional Common
    Shares</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to issue fractions
      of Rights or to distribute Right Certificates which evidence fractional
      Rights. In lieu of issuing fractional Rights, the Corporation shall pay to
      the registered holders of the Right Certificates, at the time such
      fractional Rights would otherwise be issuable, an amount in cash equal to
      the same fraction of the Market Price of one (1) whole Right that the
      fraction of a Right that would otherwise be issuable is of one (1) whole
      Right. The Rights Agent shall have no obligation to make any payments in
      lieu of fractional Rights unless the Corporation shall have provided the
      Rights Agent with the necessary funds to pay in full all amounts payable
      in accordance with subsection 2.2(e).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>The Corporation shall not be required to issue fractions
      of Common Shares upon exercise of the Rights or to distribute certificates
      which evidence fractional Common Shares. In lieu of issuing fractional
      Common Shares, the Corporation shall pay to the registered holders of
      Right Certificates at the time such Rights are exercised as herein
      provided, an amount in cash equal to the same fraction of the Market Price
      of one (1) Common Share that the fraction of a Common Share that would
      otherwise be issuable upon the exercise of such Right is of a whole Common
      Share. The Rights Agent shall have no obligation to make any payments in
      lieu of fractional Common Shares unless the Corporation shall have
      provided the Rights Agent with the necessary funds to pay in full all
      amounts payable in accordance with subsection
2.2(e).</P></TD></TR></TABLE>
<P align=justify><B>5.6&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Rights of
Action </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of this Agreement, rights of action in respect of this Agreement,
other than rights of action vested solely in the Rights Agent, are vested in the
respective holders of the Rights, and any holder of any Rights, without the
consent of the Rights Agent or of the holder of any other Rights may, on such
holder&#146;s own behalf and for such holder&#146;s own benefit and the benefit of other
holders of Rights, enforce, and may institute and maintain any suit, action or
proceeding against the Corporation to enforce, or otherwise act in respect of,
such holder&#146;s right to exercise such holder&#146;s Rights in the manner provided in
such holder&#146;s Rights Certificate and in this Agreement. Without limiting the
foregoing or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and will be entitled to specific performance of
the obligations under, and injunctive relief against actual or threatened
violations of the obligations of any Person subject to, this Agreement. </P>
<P align=center>B-39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_90></A>
<P align=justify><B>5.7&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Holder of
Rights Not Deemed a Shareholder </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder, as such, of any Rights shall be entitled to vote, receive dividends or
be deemed for any purpose the holder of Common Shares or any other securities
which may at any time be issuable on the exercise of such Rights, nor shall
anything contained herein or in any Rights Certificate be construed to confer
upon the holder of any Rights, as such, any of the rights of a shareholder of
the Corporation or any right to vote for the election of directors or upon any
matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in Section 5.8 hereof), or to
receive dividends or subscription rights, or otherwise, until such Rights shall
have been exercised in accordance with the provisions hereof.</P>
<P align=justify><B>5.8&nbsp;&nbsp;&nbsp;&nbsp; </B><B>&nbsp;</B><B>Notice of
Proposed Actions </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>If after the Separation Time and prior to the Expiration
      Time:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>there shall occur an adjustment in the Rights attaching
      to the Rights pursuant to Section 3.1 as a result of the occurrence of a
      Flip-in Event; or</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Corporation proposes to effect the liquidation,
      dissolution or winding up of the Corporation or the sale of all or
      substantially all of the Corporation&#146;s assets;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>then, in each such case, the
Corporation shall give to each holder of a Right, in accordance with Section
5.9, a notice of such event or proposed action, which shall specify the date on
which such change to the Rights, liquidation, dissolution or winding up occurred
or is to take place, and such notice shall be so given within 10 Business Days
after the occurrence of a change to the Rights and not less than 20 Business
Days prior to the date of taking such proposed action by the Corporation. </P>
<P align=justify><B>5.9</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B><B>Notices
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice, demand or other communication required or permitted to be given or made
by the Rights Agent or by the holder of any Rights to or on the Corporation or
by the Corporation or by the holder of any Rights to or on the Rights Agent
shall be in writing and shall be well and sufficiently given or made if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>delivered in person during normal business hours on a
      Business Day and left with the receptionist or other responsible employee
      at the relevant address set forth below; 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%">(ii) </TD>
    <TD>
      <P align=justify>except during any general interruption of postal services
      due to strike, lockout or other cause, sent by first-class mail;
  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%">(iii) </TD>
    <TD>
      <P align=justify>sent by telegraph, facsimile or other form of recorded
      electronic communication, charges prepaid and confirmed in writing as
      aforesaid;</P></TD></TR></TABLE>
<P align=justify>if to the Corporation, addressed to it at: </P>
<P style="MARGIN-LEFT: 10%" align=justify>Energy Fuels Inc. <BR>2 Toronto
Street, Suite 500 <BR>Toronto, ON M5C 2B6 </P>
<P style="MARGIN-LEFT: 10%"
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
Skutezky </P>
<P align=center>B-40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_91></A>
<P style="MARGIN-LEFT: 10%" align=justify>Fax
No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;416-214-2727 </P>
<P align=justify>and if to the Rights Agent, addressed to it at: </P>
<P style="MARGIN-LEFT: 10%" align=justify>CIBC Mellon Trust Company <BR>320 Bay
Street, Ground Level <BR>Toronto, ON M5H 4A6 <BR></P>
<P style="MARGIN-LEFT: 10%"
align=justify>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vice-President, Client Services <BR>Fax
No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;416-643-5570 <BR></P>
<P align=justify>Notices, demands or other communications required or permitted
to be given or made by the Corporation or the Rights Agent to or on the holder
of any Rights shall be in writing and shall be well and sufficiently given or
made if delivered personally to such holder or delivered or mailed by first
class mail to the address of such holder as it appears on the Rights Register
maintained by the Rights Registrar, or, prior to the Separation Time, in the
register of Shareholders maintained by the transfer agent for the Common
Shares.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice so given or made shall be deemed to have been given and to have been
received on the day of delivery, if so delivered; on the third Business Day
(excluding each day during which there exists any general interruption of postal
service due to strike, lockout, or other cause) following the mailing thereof,
if so mailed; and on the day of telegraphing, telecopying or sending of the same
by other means of recorded electronic communication (provided such sending is
during the normal business hours of the addressee on a Business Day and if not,
on the first Business Day thereafter). Each of the Corporation and the Rights
Agent may from time to time change its address for notice by notice to the other
given in the manner aforesaid. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
mail service is or is threatened to be interrupted at a time when the
Corporation or the Rights Agent wishes to give a notice or demand hereunder to
or on the holders of the Rights, the Corporation or the Rights Agent may,
notwithstanding the foregoing provisions of this Section 5.9, give such notice
by means, of publication once in each of two successive weeks in the business
section of the Financial Post and, if the Corporation has a transfer agent in
the United States, in a daily publication in the United States, in a daily
publication in the United States designated by the Corporation and notice so
published shall be deemed to have been given on the date on which the first
publication of such notice in any such publication has taken place. </P>
<P align=justify><B>5.10</B><B>&nbsp;&nbsp;&nbsp; </B><B>Costs of Enforcement
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation agrees that if the Corporation fails to fulfill any of its
obligations pursuant to this Agreement, then the Corporation shall reimburse the
holder of any Rights for the costs and expenses (including reasonable legal
fees) incurred by such holder and actions to enforce his rights pursuant to any
Rights or this Agreement. </P>
<P align=justify><B>5.11&nbsp;&nbsp; </B><B>&nbsp;</B><B>Successors </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
the covenants and provisions of this Agreement by or for the benefit of the
Corporation or the Rights Agent shall bind and enure to the benefit of their
respective successors and permitted assigns hereunder. </P>
<P align=center>B-41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_92></A>
<P align=justify><B>5.12&nbsp;&nbsp;&nbsp; Benefits of this
Agreement </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Agreement shall be construed to give to any Person other than the
Corporation, the Rights Agent and the holders of the Rights any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Corporation, the Rights Agent and
the holders of the Rights. </P>
<P align=justify><B>5.13</B><B>&nbsp;&nbsp;&nbsp; </B><B>Governing Law </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and each Right issued hereunder shall be deemed to be a contract made
under the laws of the Province of Ontario and for all purposes shall be governed
by and construed in accordance with the laws of such Province applicable to
contracts to be made and performed entirely within such Province. </P>
<P align=justify><B>5.14</B><B>&nbsp;&nbsp;&nbsp; </B><B>Counterparts </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument. </P>
<P align=justify><B>5.15&nbsp;&nbsp; </B><B>&nbsp;</B><B>Severability </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any term or provision hereof or the application thereof to any circumstance
shall, in any jurisdiction and to any extent, be invalid or unenforceable, such
term or provision shall be ineffective as to such jurisdiction to the extent of
such invalidity or unenforceability without invalidating or rendering
unenforceable the remaining terms and provisions hereof or the application of
such term or provision to circumstances other than those as to which it is held
invalid or unenforceable. </P>
<P align=justify><B>5.16&nbsp;&nbsp; </B><B>&nbsp;</B><B>Determinations and
Actions by the Board of Directors </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
actions, calculations and determinations (including all omissions with respect
to the foregoing) which are done or made by the Board of Directors, in good
faith, shall not subject the Board of Directors to any liability to the holders
of the Rights. </P>
<P align=justify><B>5.17&nbsp;&nbsp; </B><B>&nbsp;</B><B>Effective Date </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement is effective in accordance with its terms from the date hereof;
provided that unless confirmed by ordinary resolution passed by a majority of
the votes cast by Independent Shareholders present in person or voting by proxy
and who vote in respect of confirmation of this Agreement at a meeting of
shareholders of the Corporation to be held not later than the date that is six
months from the date hereof, this Agreement shall be of no further force or
effect and all Rights issued hereunder shall be void from the first to occur of
(i) the termination of such meeting, and (ii) the Close of Business (Toronto
time) on the date that is six months from the date hereof. </P>
<P align=justify><B>5.18&nbsp;&nbsp; </B><B>&nbsp;</B><B>Approval of Holders of
Rights </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after the Separation Time, the approval of holders of Rights is required in
respect of a supplement or amendment to this Agreement made pursuant to Section
5.4 hereof, the Board of Directors shall, within 35 days after the
implementation of any such supplement or amendment, call, and thereafter hold a
special meeting of the holders of Rights to consider, and if thought fit, to
pass a resolution approving the supplement or amendment, and such supplement or
amendment shall be deemed to have been approved if such resolution receives the
affirmative vote of a majority of the votes cast by holders of Rights represented at the meeting in person or by proxy
excluding any Rights which are then void pursuant to the provisions of
subsection 3.1(b) hereof. In respect of any such meeting required to be held: </P>
<P align=center>B-42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_93></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD 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%">(a) </TD>
    <TD>
      <P align=justify>the Board of Directors shall fix a date for the meeting,
      which date shall be as soon as practicable after the implementation of any
      supplement or amendment requiring approval, but not more than 110 days
      thereafter;</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%">(b) </TD>
    <TD>
      <P align=justify>the Board of Directors of the Corporation shall fix a
      record date for determining the holders of Rights entitled to receive
      notice of such meeting in a manner analogous to the procedures set out in
      National Instrument 54-101 of the Canadian Securities Administrators (as
      such policy may be amended or replaced from time to time, and as required
      in order to conform to the requirements of any applicable securities
      legislation or policy) and the rules of any stock exchange on which the
      Common Shares are then listed, and the articles and by-laws of the
      Corporation; 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%">(c) </TD>
    <TD>
      <P align=justify>each Right shall be entitled to one (1) vote at such
      meeting and, in all other respects, the rules applicable to meetings of
      shareholders set forth in the articles and bylaws of the Corporation shall
      apply in respect of such meeting of holders of Rights, <I>mutatis
      mutandis</I>.</P></TD></TR></TABLE>
<P align=justify><B>5.19</B><B>&nbsp;&nbsp;&nbsp; </B><B>Declaration as to
Non-Canadian and Non-United States Holders </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the advice of outside counsel, any action or event contemplated by this
Agreement would require compliance with the securities laws or comparable
legislation of a jurisdiction outside of Canada and the United States of
America, the Board of Directors acting in good faith may take such actions as it
may deem appropriate to ensure that such compliance, including without
limitation establishing procedures for the issuance to a Canadian resident
Fiduciary of Rights or securities issuable on exercise of Rights, the holding
thereof in trust for the Persons entitled thereto (but reserving to the
Fiduciary or to the Fiduciary and the Corporation, as the Corporation may
determine, absolute discretion with respect thereto) and the sale thereof and
remittance of the proceeds of such sale, if any, to the Persons entitled
thereto. In no event shall the Corporation or the Rights Agent be required to
issue or deliver Rights or securities issuable on exercise of Rights to Persons
who are citizens, residents or nationals of any jurisdiction other than Canada
and any province or territory thereof and the United States of America and any
state thereof in which such issue or delivery would be unlawful without
registration of the relevant Persons or securities for such purposes. </P>
<P align=justify><B>5.20</B><B>&nbsp;&nbsp;&nbsp; </B><B>Regulatory Approvals
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
obligation of the Corporation or action or event contemplated by this Agreement,
or any amendment or supplement to this Agreement, shall be subject to receipt of
any requisite approval or consent from any governmental or regulatory authority
having jurisdiction including the Toronto Stock Exchange while any securities of
the Corporation are listed and posted for trading thereon and for a period of
three (3) months thereafter. </P>
<P align=justify><B>5.21&nbsp;&nbsp; </B><B>&nbsp;</B><B>Time of the Essence
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
shall be of the essence in this Agreement. </P>
<P align=center><B><I>[Signature page follows] </I></B></P>
<P align=center>B-43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_94></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly
executed as of the date first above written, </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC. </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>&#147;George E.L. Glasier&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="45%" >George E.L. Glasier </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="45%" >President and CEO
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=justify><B>CIBC MELLON TRUST COMPANY </B></P>
<P style="MARGIN-LEFT: 50%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>&#147;Charito De Vera&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Authorized Signing Officer </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="45%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    ><I>&#147;Bruce Cornish&#148;</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Authorized Signing Officer
  </TD></TR></TABLE>
<P align=center>B-44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_95></A>
<P align=center><B>EXHIBIT &#147;A&#148; </B></P>
<P align=center><B>[Form of Rights Certificate] </B></P>
<P align=center><B>Certificate
No.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<B>Rights </B></P>
<P align=justify><B>THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE
CORPORATION, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN
CIRCUMSTANCES (SPECIFIED IN THE RIGHTS AGREEMENT), RIGHTS BENEFICIALLY OWNED BY
AN ACQUIRING PERSON OR ANY PERSON ACTING JOINTLY OR IN CONCERT WITH AN ACQUIRING
PERSON OR WITH AN ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS
ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE FOREGOING WILL
BECOME VOID WITHOUT FURTHER ACTION. </B></P>
<P align=center><B>RIGHTS CERTIFICATE </B></P>
<P style="MARGIN-LEFT: 10%"
align=justify>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
certifies that ________________________ , or registered assigns, is the
registered holder of the number of Rights set forth above, each of which
entities the registered holder thereof, subject to the terms, provisions and
conditions of a Shareholder Rights Plan Agreement made as of February 3, 2009
(the &#147;<B>Rights Agreement</B>&#148;) between ENERGY FUELS INC., a corporation
existing under the laws of the Province of Ontario (the &#147;<B>Corporation</B>&#148;),
and CIBC MELLON TRUST COMPANY, as Rights Agent, to purchase from the Corporation
at any time after the Separation Time and prior to the Expiration Time (as such
terms are defined in the Rights Agreement), one (1) fully paid common share in
the capital of the Corporation (a &#147;<B>Common Share</B>&#148;) (subject to adjustment
as provided in the Rights Agreement) at the Exercise Price referred to below,
upon presentation and surrender of this Rights Certificate with a duly completed
and executed Form of Election to Exercise at the principal office of the Rights
Agent at its principal office in Toronto, Ontario or with approval of the Rights
Agent, at any other office of the Rights Agent in the cities designated from
time to time by the Corporation. The Exercise Price shall initially be $10.00
per Right and shall be subject to adjustment in certain events as provided in
the Rights Agreement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate is subject to all the terms, provisions and conditions of the
Rights Agreement which terms, provisions and conditions are hereby incorporated
herein by this reference and made a part hereof and to which Rights Agreement
reference is hereby made for a full description of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Rights Agent, the
Corporation and the holders of the Rights Certificates. Copies of the Rights
Agreement are on file at the registered office of the Corporation and are
available upon written request. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate, with or without other Rights Certificates, upon surrender at
any office of the Rights Agent or any Co-Rights Agent designated for such
purpose, may be exchanged for another Rights Certificate or Rights Certificates
of like tenor and date evidencing an aggregate number of Rights equal to the
aggregate number of Rights evidenced by the Rights Certificate or Rights
Certificates so surrendered. If this Rights Certificate shall be exercised in
part, the registered holder shall be entitled to receive, upon surrender hereof,
another Rights Certificate or Rights Certificates for the number of whole Rights
not exercised. </P>
<P align=center>B-45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_96></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provision of the Rights Agreement, the Rights evidenced by this
Certificate may be redeemed by the Corporation at a redemption price of $0.00001
per Right, subject to adjustment in certain events. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Common Shares will be issued upon the exercise of any Right or Rights
evidenced hereby nor will Rights Certificates be issued for less than one (1)
whole Right. In lieu thereof, a cash payment will be made as provided in the
Rights Agreement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of this Rights Certificate, as such, shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of Common Shares or of any
other securities which may at any time be issuable on the exercise hereof, nor
shall anything contained in the Rights Agreement or herein be construed to
confer upon the holder hereof, as such, any of the rights of a shareholder of
the Corporation or any right to vote for the election of directors or upon any
matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in the Rights Agreement), or
to receive dividends or subscription rights, or otherwise, until the Rights
evidenced by this Rights Certificate shall have been exercised as provided in
the Rights Agreement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Rights Certificate shall not be valid or obligatory for any purpose until it
shall have been countersigned by the Rights Agent. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITNESS
the facsimile signature of the proper officers of the Corporation and its
corporate seal. </P>
<P align=justify>Date:
___________________________________________________________</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >ATTEST:</TD>
    <TD align=left width="5%" ></TD>
    <TD align=left width="45%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD colspan="2" align=left ><STRONG>ENERGY
    FUELS INC.</STRONG> </TD>
    </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%"  >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
     >&nbsp;</TD></TR></TABLE>
<P align=justify>Countersigned: </P>
<P align=justify><B>CIBC MELLON TRUST COMPANY </B></P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD align=left width="45%" >Authorized Signature </TD>
    <TD align=left width="50%" >&nbsp;</TD>
  </TR></TABLE>
<P align=center>B-46 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_97></A>
<P align=center>[Form of Reverse Side of Rights Certificate] </P>
<P align=center><B>FORM OF ASSIGNMENT </B></P>
<P align=justify>(To be executed by the registered holder if such holder desires
to transfer the Rights Certificates.) </P>
<P align=left>FOR VALUE
RECEIVED______________________________________________________________________________________<BR>
hereby sells, assigns and transfers </P>
<P align=left>Unto
____________________________________________________________________________________________________</P>
<P
align=left>________________________________________________________________________________________________________<BR>(Please
print name and address transferee) </P>
<P align=left>this Rights Certificate, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint
__________________________________ Attorney, to transfer the within Rights
Certificate on the books of the within-named Corporation, with full power of
substitution.</P>
<P align=left>Dated: _________________________</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Signature Guaranteed </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR></TABLE>
<P align=left>(Signature must correspond to name as written upon the face of
this Rights Certificate in every particular, without alteration or enlargement
or any change whatsoever) </P>
<P align=justify>(Signature must be guaranteed by a Canadian Schedule I
chartered bank, or a financial institution that is a member of a recognized
Medallion Signature Guarantee Program. </P>
<hr noshade align="center" width="100%" size=1 color="black">
<P align=center>(To be completed if true) <BR><B>CERTIFICATION </B><BR></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
undersigned hereby represents and certifies, for the benefit of all holders of
Rights and Common Shares, that the Rights evidenced by this Rights Certificate
are not, and, to the knowledge of the undersigned, have not been, Beneficially
Owned by an Acquiring Person or any Person acting jointly or in concert with any
Acquiring Person or with any Affiliate or Associate thereof (all as defined in
the Rights Agreement)</B>. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Signature </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=center>B-47 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_98></A>
<P align=center><B>NOTICE </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>In
the event the certification set forth above is not completed in connection with
a purported assignment, the Beneficial Owner of the Rights evidenced by this
Rights Certificate will be deemed to be an Acquiring Person or a Person acting
jointly or in concert with such Acquiring Person or an Affiliate or Associate of
such Acquiring Person (all as defined in the Rights Agreement) and accordingly
the Rights evidenced by this Rights Certificate will be null and void.
</STRONG></P>
<P align=center>B-48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_99></A>
<P align=center>[To be attached to each Rights Certificate] </P>
<P align=center><B>FORM OF ELECTION TO EXERCISE </B></P>
<P align=center>(To be executed if holder desires to <BR>exercise the Rights
Certificate.) <BR></P>
<P align=justify>TO: </P>
<P align=justify>The undersigned hereby irrevocably elects to exercise
______________________ whole Rights represented by the attached Rights
Certificate to purchase the Shares issuable upon the exercise of such Rights and
requests that certificates for such Shares be issued in the name of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Address: </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Social Insurance, Social Security or</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Other Taxpayer Identification Number: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>If such number of Rights shall not be all the whole Rights
evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such whole Rights shall be registered in the name of and delivered to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Address: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Social Insurance, Social Security or</TD>
    <TD align=left width="50%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Other Taxpayer Identification Number: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
    </TD></TR></TABLE>
<P align=justify>Dated: _________________________</P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Signature Guaranteed: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">
      <P align=justify>(Signature must correspond to name as written upon the
      face of this Rights Certificate in every particular, without alteration or
      enlargement or any change whatsoever) </P></TD></TR></TABLE>
<P align=justify>(Signature must be guaranteed by a Canadian Schedule I
chartered bank, or a financial institution that is a member of a recognized
Medallion Signature Guarantee Program. </P>
<P align=center>B-49 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_100></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left><B>(To be completed
      if true)</B> </TD></TR></TABLE>
<P align=center><B>CERTIFICATION </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
undersigned hereby represents, for the benefit of all holders of Rights and
Shares, that the Rights evidenced by this Rights Certificate are not, and, to
the knowledge of the undersigned, have never been, Beneficially Owned by an
Acquiring Person or any Person acting jointly or in concert with any Acquiring
Person or with any Affiliate or Associate thereof (all as defined in the Rights
Agreement). </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="50%">Signature
    </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="50%">&nbsp;</TD></TR></TABLE>
<P align=center><B>NOTICE </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>In
the event the certification set forth above is not completed in connection with
a purported exercise, the Beneficial Owner of the Rights evidenced by this
Rights Certificate will be deemed to be an Acquiring Person or a Person acting
jointly or in concert with an Acquiring Person or an Affiliate or Associate of
an Acquiring Person (all as defined in the Rights Agreement) and accordingly
will deem the Rights evidenced by this Rights Certificate will be null and void
and not transferable or reversible. </B></P>
<P align=center>B-50 </P>
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<P align=center><B>SCHEDULE &#147;C&#148; </B></P>
<P align=center><B><FONT size=3>ENERGY FUELS INC. </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=4>2015 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN
</FONT></B></P>
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<P align=center><B>TABLE OF CONTENTS </B></P>
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<P align=center>C-i </P>
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<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>2015 OMNIBUS EQUITY INCENTIVE COMPENSATION PLAN </B></P>
<P align=center>&nbsp;</P>
<P align=center>ARTICLE 1. ESTABLISHMENT, PURPOSE AND DURATION </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&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>Establishment of the Plan</U>Energy Fuels Inc., an Ontario corporation (the
&#147;Company&#148;), hereby establishes an incentive compensation plan to be known as the
2015 Omnibus Equity Incentive Compensation Plan (the &#147;Plan&#148;). The Plan permits
the grant of Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock
Units, Performance Shares, Performance Units and Stock-Based Awards. The Plan
shall be adopted and become effective on the date approved by the Board (the
&#147;Effective Date&#148;), provided that no Awards may be exercised or redeemed until
the Plan has been approved by the shareholders of the Company and the TSX.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&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>Purpose of the Plan</U>The purpose of the Plan is to promote the success and
enhance the value of the Company by linking the personal interests of the
Participants to those of the Company&#146;s stockholders, and by providing
Participants with an incentive for outstanding performance. The Plan is further
intended to provide flexibility to the Company in its ability to attract,
motivate and retain the services of Participants upon whose judgment, interest
and special effort the success of the Company is substantially dependent.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&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>Duration of the Plan</U>The Plan shall commence as of the Effective Date, as
described in Section 1.1 herein, and shall remain in effect, subject to the
right of the Committee or the Board to amend or terminate the Plan at any time
pursuant to Article 17 hereof, until the earlier of (i) the tenth anniversary of
the Effective Date, or (ii) all Shares subject to the Plan have been purchased
or acquired according to the Plan&#146;s provisions. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&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>Successor
Plan</U>This Plan shall serve as the successor to the Company&#146;s current Stock
Option Plan, (the &#147;Predecessor Plan&#148;), and no further awards shall be made under
the Predecessor Plan from and after the Effective Date of this Plan. All
outstanding awards under the Predecessor Plan immediately prior to the Effective
Date of this Plan are hereby incorporated into this Plan and shall accordingly
be treated as Awards under this Plan.<B> </B>However, each such Award shall
continue to be governed solely by the terms and conditions of the instrument
evidencing such grant or issuance, and, except as otherwise expressly provided
herein or by the Committee, no provision of this Plan shall affect or otherwise
modify the rights or obligations of holders of such incorporated awards.</P>
<P align=center>ARTICLE 2. DEFINITIONS</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
used in the Plan, the following terms shall have the respective meanings set
forth below, unless the context clearly requires otherwise, and when such
meaning is intended, such term shall be capitalized.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Affiliate</U>&#148; shall have the meaning ascribed to such term in the OSA.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Award</U>&#148; means, individually or collectively, a grant under this Plan of
NQSOs, ISOs, SARs, Restricted Stock, Restricted Stock Units, Performance Shares,
Performance Units or Stock-Based Awards, in each case subject to the terms of
this Plan.</P>
<P align=center>C-1 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Award Agreement</U>&#148; means either (i) a written agreement entered into by
the Company or an Affiliate of the Company and a Participant setting forth the
terms and provisions applicable to Awards granted under this Plan; or (ii) a
written statement issued by the Company or an Affiliate of the Company to a
Participant describing the terms and provisions of such Award. All Award
Agreements shall be deemed to incorporate the provisions of the Plan. An Award
Agreement need not be identical to other Award Agreements either in form or
substance. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Beneficial
Ownership</U>&#148; shall have the meaning ascribed to such term in Section 90 of the
OSA. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Blackout
Period</U>&#148; means a period of time during which the Participant cannot sell
Shares, due to applicable law or policies of the Company in respect of insider
trading. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Board</U>&#148; or &#147;<U>Board of Directors</U>&#148; means the Board of Directors of
the Company.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Change of Control</U>&#148; shall occur if any of the following events occur:</P>
<P
align=justify>&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
transaction at any time and by whatever means pursuant to which (A) the Company
goes out of existence by any means, except for any corporate transaction or
reorganization in which the proportionate voting power among holders of
securities of the entity resulting from such corporate transaction or
reorganization is substantially the same as the proportionate voting power of
such holders of Company voting securities immediately prior to such corporate
transaction or reorganization or (B) any Person or any group of two or more
Persons acting jointly or in concert (other than the Company, a wholly-owned
Subsidiary of the Company, an employee benefit plan of the Company or of any of
its wholly-owned Subsidiaries, including the trustee of any such plan acting as
trustee) hereafter acquires the direct or indirect &#147;beneficial ownership&#148; (as
defined by the <I>Business Corporations Act </I>(Ontario) of, or acquires the
right to exercise control or direction over, securities of the Company
representing 50% or more of the Company&#146;s then issued and outstanding securities
in any manner whatsoever, including, without limitation, as a result of a
take-over bid, an exchange of securities, an amalgamation of the Company with
any other entity, an arrangement, a capital reorganization or any other business
combination or reorganization; </P>
<P
align=justify>&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the sale, assignment or other transfer of all or substantially all of the assets
of the Company to a Person other than a wholly-owned Subsidiary of the
Company;</P>
<P
align=justify>&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dissolution or liquidation of the Company except in connection with the
distribution of assets of the Company to one or more Persons which were
wholly-owned Subsidiaries of the Company immediately prior to such event;</P>
<P
align=justify>&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;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
occurrence of a transaction requiring approval of the Company&#146;s shareholders
whereby the Company is acquired through consolidation, merger, exchange of
securities, purchase of assets, amalgamation, arrangement or otherwise by any
other Person (other than a short form amalgamation or exchange of securities
with a wholly-owned Subsidiary of the Company);</P>
<P
align=justify>&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;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with respect to holders of Options who are employed by a subsidiary of the
Company, an event set forth in (i), (ii), (iii) or (iv) has occurred with
respect to such subsidiary (the &#147;Employing Subsidiary&#148;), in which case the term
&#147;Company&#148; in those paragraphs will be read to mean &#147;Employing Subsidiary&#148; and
the phrase &#147; wholly-owned Subsidiary(ies)&#148; will be read to mean &#147; Affiliate(s)
or wholly-owned Subsidiary(ies)&#148;; or </P>
<P align=center>C-2 </P>
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<P
align=justify>&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;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board passes a resolution to the effect that, for the purposes of some or all of
the Award Agreements, an event set forth in (i), (ii), (iii), (iv) or (v) above
has occurred.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Committee may modify the definition of a Change of Control
for a particular Award or Awards as the Committee deems appropriate to comply
with Section 409A of the Code. </P>
<P
align=justify>&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;h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Change of Control Price</U>&#148; means the highest price per Share offered in
conjunction with any transaction resulting in a Change of Control (as determined
in good faith by the Committee if any part of the offered price is payable other
than in cash). In the case of a Change of Control occurring solely by reason of
a change in the composition of the Board, the highest Fair Market Value of the
Shares on any of the thirty (30) trading days immediately preceding the date on
which a Change of Control occurs, except if the relevant participant is subject
to taxation under the ITA such Change of Control price shall be deemed to be a
price determined by the Committee based on the closing price of a Share on the
TSX or the NYSE on the trading day preceding the Change of Control date or based
on the volume weighted average trading price of the Shares on the TSX and NYSE
for the five trading days immediately preceding the Change of Control date. </P>
<P
align=justify>&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;i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Code</U>&#148; means the U.S. Internal Revenue Code of 1986, as amended from time
to time, or any successor thereto.</P>
<P
align=justify>&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;j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Committee</U>&#148; means the Board of Directors, or, if so delegated in whole or
in part by the Board, the Compensation Committee, or any other duly authorized
committee of the Board appointed by the Board to administer the Plan.</P>
<P
align=justify>&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;k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Company</U>&#148; means Energy Fuels Inc., an Ontario corporation, and any
successor thereto as provided in Article 19 herein.</P>
<P
align=justify>&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;l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Constructively Terminated</U>&#148; means, unless otherwise specified by the
Committee in the Award Agreement, a voluntary termination of employment by an
Employee within ten (10) business days after any of the following actions by the
Company, an Affiliate, or a person acting on behalf of either:</P>
<P
align=justify>&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Requiring the Employee to be based as his/her regular or customary place of
employment at any office or location more than fifty (50) miles from the
location at which the Employee performed his/her duties immediately prior to the
Change of Control, or in a state or province other than the one in which the
Employee performed his/her duties immediately prior to the Change of Control, in
each case except for travel reasonably required in the performance of the
individual&#146;s responsibilities;</P>
<P
align=justify>&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materially
reducing the Employee&#146;s base salary below the rate in effect at the time of a
Change of Control;</P>
<P
align=justify>&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failing
to pay the Employee&#146;s base salary, other wages or employment-related benefits as
required by law; or </P>
<P
align=justify>&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;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
material reduction or diminution in the level of responsibility, or office of
the Employee, provided that before any claim of material reduction or diminution
of responsibility may be relied upon by the Employee, the Employee must have
provided written notice to the Employee&#146;s supervisor and the Board of the
alleged material reduction or diminution of responsibility and have given the
Company or Affiliate, as the case may be, at least thirty (30) calendar days
within which to cure the alleged material reduction or diminution of
responsibility. </P>
<P align=center>C-3 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consultant</U>&#148;
means a Person that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is engaged to provide services to the Company or an
      Affiliate other than services provided in relation to a distribution of
      securities of the Company or an Affiliate;</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%">(ii) </TD>
    <TD>
      <P align=justify>provides the services under a written contract with the
      Company or an Affiliate; 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%">(iii) </TD>
    <TD>
      <P align=justify>spends or will spend a significant amount of time and
      attention on the affairs and business of the Company or an
    Affiliate;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>provided that with respect to
Consultants who are U.S. Persons, such Consultants shall be granted Awards under
this Plan only if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>they are natural persons;</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%">(ii) </TD>
    <TD>
      <P align=justify>they provide bona fide services to the Company or its
      majority-owned subsidiaries; 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%">(iii) </TD>
    <TD>
      <P align=justify>such services are not in connection with the offer or
      sale of securities in a capital- raising transaction, and do not directly
      or indirectly promote or maintain a market for the Company&#146;s
      securities.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Covered Employee</U>&#148; means an Employee who is, or who the Committee expects
to become, a &#147;covered employee&#148; within the meaning of Section 162(m) of the
Code. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
&#147;<U>Deferred Share Unit</U>&#148; means an Award denominated in units that provides
the holder thereof with a right to receive Shares or cash or a combination
thereof upon settlement of the Award, granted under Article 9<B> </B>herein and
subject to the terms of this Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Director</U>&#148; means any individual who is a member of the Board of Directors
of the Company.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Dividend Equivalent</U>&#148; means a right with respect to an Award to receive
cash, Shares or other property equal in value and form to dividends declared by
the Board and paid with respect to outstanding Shares. Dividend Equivalents
shall not apply to an Award unless specifically provided for in the Award
Agreement, and if specifically provided for in the Award Agreement shall be
subject to such terms and conditions set forth in the Award Agreement as the
Committee shall determine. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Employee</U>&#148; means any employee of the Company or an Affiliate. Directors
who are not otherwise employed by the Company or an Affiliate shall not be
considered Employees under this Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended from
time to time, or any successor act thereto.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Fair Market Value</U>&#148; or &#147;<U>FMV</U>&#148; means, unless otherwise required by
any applicable provision of the Code or any regulations thereunder or by any
applicable accounting standard for the Company&#146;s desired accounting for Awards
or by the rules of the NYSE or the TSX, a price that is determined by the
Committee, provided that such price cannot be less than the greater of i) the
volume weighted average trading price of the Shares on the TSX or the NYSE for
the five trading days </P>
<P align=center>C-4 </P>
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<P align=justify>immediately prior to the grant date or ii) the closing price of
the Shares on the TSX or the NYSE on the trading day immediately prior to the
grant date. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Fiscal Year</U>&#148; means the Company&#146;s fiscal year commencing on January 1 and
ending on December 31 or such other fiscal year as approved by the Board.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Freestanding
SAR</U>&#148; means a SAR that is not a Tandem SAR, as described in Article 7 herein.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Grant Price</U>&#148; means the price against which the amount payable is
determined upon exercise of an SAR. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Incentive Stock Option</U>&#148; or &#147;<U>ISO</U>&#148; means an Option to purchase
Shares granted under Article 6 herein and that is designated as an Incentive
Stock Option and is intended to meet the requirements of Section 422 of the
Code, or any successor provision.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>ITA</U>&#148; means the <I>Income Tax Act</I> (Canada).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Non-Employee Director</U>&#148; means a Director who is not an Employee. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Nonqualified
Stock Option</U>&#148; or &#147;<U>NQSO</U>&#148; means an Option to purchase Shares, granted
under Article 6 herein, which is not intended to be an Incentive Stock Option or
that otherwise does not meet the requirements for treatment as an Incentive
Stock Option under Section 422 of the Code, or any successor provision. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>NYSE</U>&#148; means the NYSE MKT LLC. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Option</U>&#148; means the conditional right to purchase Shares at a stated
Option Price for a specified period of time in the form of an Incentive Stock
Option or a Nonqualified Stock Option subject to the terms of this Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Option Price</U>&#148; means the price at which a Share may be purchased by a
Participant pursuant to an Option, as determined by the Committee.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>OSA</U>&#148;
means the <I>Securities Act (Ontario)</I>, as may be amended from time to time.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Participant</U>&#148; means an Employee, Non-Employee Director or Consultant who
has been selected to receive an Award, or who has an outstanding Award granted
under the Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance-Based
Compensation</U>&#148; means compensation under an Award that is granted in order to
provide remuneration solely on account of the attainment of one or more
Performance Goals under circumstances that satisfy the requirements of Section
162(m) of the Code.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Performance Goal</U>&#148; means a performance criterion selected by the
Committee for a given Award for purposes of Article 11 based on one or more
Performance Measures.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance
Measures</U>&#148; means measures as described in Article 12, the attainment of one
or more of which shall, as determined by the Committee, determine the vesting,
payability or value of an Award to a Covered Employee that is designated to
qualify as Performance-Based Compensation. </P>
<P align=center>C-5 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Performance Period</U>&#148; means the period of time during which the assigned
performance criteria must be met in order to determine the degree of payout
and/or vesting with respect to an Award. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Performance
Share</U>&#148; means an Award granted under Article 10 herein and subject to the
terms of this Plan, denominated in Shares, the value of which at the time it is
payable is determined as a function of the extent to which corresponding
performance criteria have been achieved.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Performance Unit</U>&#148; means an Award granted under Article 10 herein and
subject to the terms of this Plan, denominated in units, the value of which at
the time it is payable is determined as a function of the extent to which
corresponding performance criteria have been achieved.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Period of Restriction</U>&#148; means the period when an Award of Restricted
Stock or Restricted Stock Units is subject to forfeiture based on the passage of
time, the achievement of performance criteria, and/or upon the occurrence of
other events as determined by the Committee, in its discretion. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Person</U>&#148; shall have the meaning ascribed to such term in Section 3(a)(9)
of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a
&#147;group&#148; as defined in Section 13(d) thereof; provided, however, that &#147;Person&#148;
shall not include (i) the Company or any Affiliate, or (ii) any employee benefit
plan (including an employee stock ownership plan) sponsored by the Company or
any Affiliate. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Restricted Stock</U>&#148; means an Award of Shares subject to a Period of
Restriction, granted under Article 8 herein and subject to the terms of this
Plan.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Restricted Stock Unit</U>&#148; means an Award denominated in units subject to a
Period of Restriction, with a right to receive Shares or cash or a combination
thereof upon settlement of the Award, granted under Article 8 herein and subject
to the terms of this Plan.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Shares</U>&#148; means common shares of the Company. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Significant Stockholder</U>&#148; means a person who at the time of a grant of an
ISO to such person owns (or is deemed to own pursuant to Section 424(d) of the
Code) stock possessing more than ten percent (10%) of the total combined voting
power of all classes of shares of the Company or any of its Affiliates. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Stock Appreciation Right</U>&#148; or &#147;<U>SAR</U>&#148; means the conditional right to
receive the difference between the FMV of a Share on the date of exercise over
the Grant Price, pursuant to the terms of Article 7 herein and subject to the
terms of this Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Stock-Based Award</U>&#148; means an equity-based or equity-related Award granted
under Article 11 herein and subject to the terms of this Plan, and not otherwise
described by the terms of this Plan. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Tandem SAR</U>&#148; means a SAR that the Committee specifies is granted in
connection with a related Option pursuant to Article 7 herein and subject to the
terms of this Plan, the exercise of which shall require forfeiture of the right
to purchase a Share under the related Option (and when a Share is purchased
under the Option, the Tandem SAR shall similarly be cancelled) or a SAR that is
granted in tandem with an Option but the exercise of such Option does not cancel
the SAR, but rather results in the exercise of the related SAR. Regardless of
whether an Option is granted coincident with a SAR, a SAR is not a Tandem SAR
unless so specified by the Committee at the time of grant. </P>
<P align=center>C-6 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#147;TSX&#148;</U>
means the Toronto Stock Exchange. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Voting Power</U>&#148; shall mean such number of Voting Securities as shall
enable the holders thereof to cast all the votes which could be cast in an
annual election of directors of a company.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<U>Voting Securities</U>&#148; shall mean all securities entitling the holders
thereof to vote in an annual election of directors of a company. </P>
<P align=center>ARTICLE 3. ADMINISTRATION </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&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>General</U> The Committee shall be responsible for administering the Plan.
The Committee may employ attorneys, consultants, accountants, agents and other
individuals, any of whom may be an Employee, and the Committee, the Company, and
its officers and Directors shall be entitled to rely upon the advice, opinions
or valuations of any such persons. All actions taken and all interpretations and
determinations made by the Committee shall be final, conclusive and binding upon
the Participants, the Company, and all other interested parties.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&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>Authority
of the Committee</U> The Committee shall have full and exclusive discretionary
power to interpret the terms and the intent of the Plan and any Award Agreement
or other agreement ancillary to or in connection with the Plan, to determine
eligibility for Awards, and to adopt such rules, regulations and guidelines for
administering the Plan as the Committee may deem necessary or proper. Such
authority shall include, but not be limited to, selecting Award recipients,
establishing all Award terms and conditions, including grant and exercise price,
and vesting terms and, subject to Article 17, adopting modifications and
amendments, or subplans to the Plan or any Award Agreement, including, without
limitation, any that are necessary or appropriate to comply with the laws or
compensation practices of the jurisdictions in which the Company and Affiliates
operate.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&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>Delegation </U>The Committee may delegate to one or more of its members any
of the Committee&#146;s administrative duties or powers as it may deem advisable;
provided, however, that any such delegation shall not be inconsistent with the
provisions of Rule 16b-3 under the Exchange Act or Section 162(m) of the Code as
to actions to be taken by the Committee in connection therewith, and must be
permitted under applicable corporate law. </P>
<P align=center>ARTICLE 4. SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&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>Number of Shares Available for Awards </U>Subject to adjustment as provided
in Section 4.2 herein, the number of Shares hereby reserved for issuance to
Participants under the Plan shall not exceed the number which represents 10% of
the issued and outstanding Shares from time to time (the &#147;Total Share
Authorization&#148;). Subject to applicable law, the requirements of the TSX or the
NYSE and any shareholder or other approval which may be required, the Board may
in its discretion amend the Plan to increase such limit without notice to any
Participants. </P>
<P
align=justify>&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;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The number of Shares reserved for issue to Insiders pursuant to this Plan,
together with Shares reserved for issue to Insiders under any other existing
share compensation arrangement of the Company, shall not exceed 10% of the
aggregate outstanding Shares of the Company. Within any one-year period, the
number of Shares issued to Insiders pursuant to this Plan and all other existing
share compensation arrangement of the Company shall not exceed 10% of the
aggregate outstanding Shares of the Company. If the number of Shares shall be
increased or decreased as a result of a stock split, consolidation
reclassification or recapitalization and not as a result of the issuance of
Shares </P>
<P align=center>C-7 </P>
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<P align=justify>for additional consideration or by way of a stock dividend in
the ordinary course, the Company may make appropriate adjustments to the maximum
number of Shares which may be issued from the treasury of the Company under the
Plan. </P>
<P
align=justify>&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;(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;For
greater clarity, any Awards that are not settled in Shares shall not reduce any
of these reserves. Any Shares related to Awards (or, after the Effective Date,
awards granted under the Predecessor Plan) which (i) terminate by expiration,
forfeiture, cancellation or otherwise without the issuance of such Shares, (ii)
are settled in cash either in lieu of Shares or otherwise, or (iii) are
exchanged with the Committee&#146;s approval for Awards not involving Shares, shall
be available again for issuance under the Plan. The maximum number of Shares
available for issuance under the Plan shall not be reduced to reflect any
dividends or Dividend Equivalents that are reinvested into additional Shares or
credited as additional Restricted Stock, Restricted Stock Units, Performance
Shares or Stock-Based Awards. The Shares available for issuance under the Plan
may be authorized and unissued Shares or treasury Shares.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&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>Adjustments
in Authorized Shares</U> In the event of any corporate event or transaction
(collectively, a &#147;<B>Corporate Reorganization</B>&#148;) (including, but not limited
to, a change in the Shares of the Company or the capitalization of the Company)
such as a merger, arrangement, amalgamation, consolidation, reorganization,
recapitalization, separation, stock dividend, extraordinary dividend, stock
split, reverse stock split, split up, spin-off or other distribution of stock or
property of the Company, combination of securities, exchange of securities,
dividend in kind, or other like change in capital structure or distribution
(other than normal cash dividends) to stockholders of the Company, or any
similar corporate event or transaction, the Committee shall make or provide for
such adjustments or substitutions, as applicable, in the number and kind of
Shares that may be issued under the Plan, the number and kind of Shares subject
to outstanding Awards, the Option Price or Grant Price applicable to outstanding
Awards, the Award Limits, the limit on issuing Awards other than Options granted
with an Option Price equal to at least the FMV of a Share on the date of grant
or Stock Appreciation Rights with a Grant Price equal to at least the FMV of a
Share on the date of grant, and any other value determinations applicable to
outstanding Awards or to this Plan, as are equitably necessary to prevent
dilution or enlargement of Participants&#146; rights under the Plan that otherwise
would result from such corporate event or transaction. In connection with a
Corporate Reorganization, the Committee shall have the discretion to permit a
holder of Options to purchase (at the times, for the consideration, and subject
to the terms and conditions set out in this Plan) and the holder will then
accept on the exercise of such Option, in lieu of the Shares that such holder
would otherwise have been entitled to purchase, the kind and amount of shares or
other securities or property that such holder would have been entitled to
receive as a result of the Corporate Reorganization if, on the effective date
thereof, that holder had owned all Shares that were subject to the Option. Such
adjustments shall be made automatically, without the necessity of Committee
action, on the customary arithmetical basis in the case of any stock split,
including a stock split effected by means of a stock dividend, and in the case
of any other dividend paid in Shares. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall also make appropriate adjustments in the terms of any Awards
under the Plan as are equitably necessary to reflect such corporate event or
transaction and may modify any other terms of outstanding Awards, including
modifications of performance criteria and changes in the length of Performance
Periods. The determination of the Committee as to the foregoing adjustments, if
any, shall be conclusive and binding on Participants under the Plan., provided
that any such adjustments must comply with Section 409A of the Code with respect
to any U.S. Participants.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Article 15 and any applicable law or regulatory
requirement, without affecting the number of Shares reserved or available
hereunder, the Committee may authorize the issuance, assumption, substitution or
conversion of Awards under this Plan in connection with any such corporate event
or transaction, upon such terms and conditions as it may deem appropriate.
Additionally, the Committee may amend the Plan, or adopt supplements to the
Plan, in such manner as it deems appropriate to provide for such issuance,
assumption, substitution or conversion as provided in the previous sentence. </P>
<P align=center>C-8 </P>
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<P align=center>ARTICLE 5. ELIGIBILITY AND PARTICIPATION </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&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>Eligibility
</U>Individuals eligible to participate in the Plan include all Employees,
Non-Employee Directors and Consultants. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&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>Actual Participation </U>Subject to the provisions of the Plan, the Committee
may, from time to time, in its sole discretion select from among eligible
Employees, Non-Employee Directors and Consultants, those to whom Awards shall be
granted under the Plan, and shall determine in its discretion the nature, terms,
conditions and amount of each Award.</P>
<P align=center>ARTICLE 6. STOCK OPTIONS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&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>Grant
of Options </U>Subject to the terms and provisions of the Plan, Options may be
granted to Participants in such number, and upon such terms, and at any time and
from time to time as shall be determined by the Committee in its discretion.
ISOs may be granted only to Employees of the Company or a parent or subsidiary
corporation of the Company within the meaning of Section 424 of the Code, and no
ISOs may be granted more than ten (10) years after the Effective Date.
Notwithstanding Section 4.1 of the Plan, the maximum number of Shares issuable
upon the exercise of ISOs is 4,200,000. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&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>Award Agreement</U> Each Option grant shall be evidenced by an Award
Agreement that shall specify the Option Price, the duration of the Option, the
number of Shares to which the Option pertains, the conditions upon which an
Option shall become vested and exercisable, and any such other provisions as the
Committee shall determine. The Award Agreement shall also specify whether the
Option is intended to be an ISO or a NQSO.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&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>Option
Price </U>The Option Price for each grant of an Option under this Plan shall be
determined by the Committee and shall be specified in the Award Agreement. The
Option Price for an Option shall be not less than the FMV of the Shares on the
date of grant; provided, however, that the Option Price for an ISO granted to a
Significant Stockholder shall be not less than one hundred ten percent (110%) of
the FMV of the Shares on the date of grant. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&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>Duration of Options </U>Each Option granted to a Participant shall expire at
such time as the Committee shall determine at the time of grant; provided,
however, that no Option shall be exercisable later than the tenth (10th)
anniversary date of its grant, and provided further that no ISO granted to a
Significant Stockholder shall be exercisable after the expiration of five (5)
years from the date of grant. Notwithstanding the foregoing, the expiry date of
any NQSO shall be extended to the tenth business day following the last day of a
Blackout Period if the expiry date would otherwise occur in a Blackout Period or
within five days of the end of the Blackout Period. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&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>Exercise
of Options </U>Options granted under this Article 6 shall be exercisable at such
times and on the occurrence of such events, and be subject to such restrictions
and conditions, as the Committee shall in each instance approve, which need not
be the same for each grant or for each Participant.</P>
<P align=center>C-9 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&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>Payment </U>Options granted under this Article 6 shall be exercised by the
delivery of a notice of exercise to the Company or an agent designated by the
Company in a form specified or accepted by the Committee, or by complying with
any alternative procedures which may be authorized by the Committee, setting
forth the number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option Price upon exercise of any Option shall be payable to the Company in full
either: (a) in cash, certified cheque or wire transfer; or (b) by any other
method approved or accepted by the Committee in its sole discretion subject to
the rules of the TSX and NYSE, as applicable and such rules and regulations as
the Committee may establish.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 6.7 and any governing rules or regulations, as soon as practicable
after receipt of a notification of exercise and full payment for the Shares, the
Shares in respect of which the Option has been exercised shall be issued as
fully-paid and non-assessable shares of the Company. As of the business day the
Company receives such notice and such payment, the Participant (or the person
claiming through him, as the case may be) shall be entitled to be entered on the
share register of the Company as the holder of the number of Shares in respect
of which the Option was exercised and to receive as promptly as possible
thereafter a certificate or evidence of book entry representing the said number
of Shares. The Company shall cause to be delivered to the Participant Share
certificates or evidence of book entry Shares in an appropriate amount based
upon the number of Shares purchased under the Option(s), but in any event, on or
before the 15<SUP>th</SUP> day of the third month of the year following the year
in which the Option was exercised.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&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>Restrictions on Share Transferability</U> The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option
granted pursuant to this Plan as it may deem advisable, including, without
limitation, requiring the Participant to hold the Shares acquired pursuant to
exercise for a specified period of time, or restrictions under applicable laws
or under the requirements of any stock exchange or market upon which such Shares
are listed and/or traded.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&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>Death, Retirement and Termination of Employment </U>Death: If a Participant
dies while an Employee, officer or director of or Consultant to the Company or
an Affiliate: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the executor or administrator of the Participant&#146;s estate
      may exercise Options of the Participant equal to the number of Options
      that were exercisable at the Termination Date (as defined
below);</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%">(ii) </TD>
    <TD>
      <P align=justify>the right to exercise such Options terminates on the
      earlier of: (i) the date that is 12 months after the Termination Date; and
      (ii) the date on which the exercise period of the particular Option
      expires. Any Options held by the Participant that are not yet vested at
      the Termination Date immediately expire and are cancelled and forfeited to
      the Company on the Termination 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%">(iii) </TD>
    <TD>
      <P align=justify>such Participant&#146;s eligibility to receive further grants
      of Options under the Plan ceases as of the Termination
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Retirement: If a Participant voluntarily retires
    then:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is six months after the
      Termination Date, provided that if an ISO is exercised after the date that
      is three months from the Termination Date, then such Option
  shall no longer be considered to be an ISO; and (ii) the date
      on which the exercise period of the particular Option expires. Any Options
      held by the Participant that are not yet vested at the Termination Date
      immediately expire and are cancelled and forfeited to the Company on the
      Termination Date,</P></TD></TR></TABLE>
<P align=center>C-10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_113></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination 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%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Termination of Employment: Where a Participant&#146;s
      employment or term of office or engagement terminates (for any reason
      other than death or voluntary retirement (whether such termination occurs
      with or without any or adequate notice or reasonable notice, or with or
      without any or adequate compensation in lieu of such notice)),
  then:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Options held by the Participant that are exercisable
      at the Termination Date continue to be exercisable by the Participant
      until the earlier of: (i) the date that is three months after the
      Termination Date; and (ii) the date on which the exercise period of the
      particular Option expires. Any Options held by the Participant that are
      not yet vested at the Termination Date immediately expire and are
      cancelled and forfeited to the Company on the Termination Date,</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term of office or
      engagement, is terminated, notwithstanding that such date may be prior to
      the Termination Date, 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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (c)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Options are not affected by a change of employment
      arrangement within or among the Company or an Affiliate for so long as the
      Participant continues to be an employee of the Company or an
    Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>For purposes of section 6.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate terminates:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by reason of the Participant&#146;s death, the date of
      death;</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty
      &#147;Termination Date&#148; in any such case specifically does not mean the date on
      which any period of contractual notice or reasonable notice that the Company or the Affiliate, as
      the case may be, may be required at law to provide to a Participant would
      expire; and</P></TD></TR></TABLE>
<P align=center>C-11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_114></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re-election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9&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>Nontransferability of OptionsIncentive Stock Options</U>. No ISO granted
under the Plan may be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated, other than by will or by the laws of descent and
distribution. Further, all ISOs granted to a Participant under this Article 6
shall be exercisable during such Participant&#146;s lifetime only by such
Participant. </P>
<P
align=justify>&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;(b)&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>Nonqualified
Stock Options</U>. Except as otherwise provided in a Participant&#146;s Award
Agreement at the time of grant or thereafter by the Committee, a NQSO granted
under this Article 6 may not be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution. Further, except as otherwise provided in a
Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, all NQSOs granted to a Participant under this Article 6 shall be
exercisable during such Participant&#146;s lifetime only by such Participant.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10&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>Notification of Disqualifying Disposition</U> The Participant to whom an ISO
is granted shall notify the Company upon the disposition of Shares issued
pursuant to the exercise of an ISO or Shares received as a dividend on ISO
stock. The Company shall use such information to determine whether a
disqualifying disposition as described in Section 421(b) of the Code has
occurred. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11&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>$100,000
Annual ISO Limitation</U> To the extent that the aggregate FMV of Shares
(determined as of the time the ISOs with respect to such Shares are granted)
with respect to which ISOs are exercisable for the first time by any Participant
during any calendar year (under this Plan and all other plans of the Company and
any Affiliate) exceeds $100,000 (or such other amount as may be allowed under
Section 422 of the Code), such ISOs shall be treated as NQSOs. The foregoing
provisions shall be applied by taking ISOs into account in the order in which
they were granted. </P>
<P align=center>ARTICLE 7. STOCK APPRECIATION RIGHTS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&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>Grant of SARs </U>Subject to the terms and conditions of the Plan, SARs may
be granted to Participants at any time and from time to time and upon such terms
as shall be determined by the Committee in its discretion. The Committee may
grant Freestanding SARs, Tandem SARs, or any combination of these forms of
SARs.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SAR Grant Price for each grant of a Freestanding SAR shall be determined by the
Committee and shall be specified in the Award Agreement. The SAR Grant Price may
include a Grant Price based on one hundred percent (100%) of the FMV of the
Shares on the date of grant, a Grant Price that is set at a premium to the FMV
of the Shares on the date of grant, or is indexed to the FMV of the Shares on
the date of grant, with the index determined by the Committee, in its
discretion, provided that the Grant Price may never be less than the FMV of the
Shares on the date of Grant. The Grant Price of Tandem SARs shall be equal to
the Option Price of the related Option.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&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>SAR Agreement</U>Each SAR Award shall be evidenced by an Award Agreement that
shall specify the Grant Price, the term of the SAR, and any such other
provisions as the Committee shall determine.</P>
<P align=center>C-12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_115></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&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>Term
of SAR </U>The term of an SAR granted under the Plan shall be determined by the
Committee, in its sole discretion, and except as determined otherwise by the
Committee and specified in the SAR Award Agreement, no SAR shall be exercisable
later than the tenth (10th) anniversary date of its grant.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&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>Exercise
of Freestanding SARs</U> Freestanding SARs may be exercised upon whatever terms
and conditions the Committee, in its sole discretion, imposes.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&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>Exercise of Tandem SARs </U>With respect to Participants who are not subject
to taxation under the ITA, Tandem SARs may be exercised for all or part of the
Shares subject to the related Option upon the surrender of the right to exercise
the equivalent portion of the related Option. With respect to Participants
subject to taxation under the ITA, prior to exercising a Tandem SAR the
Participant must elect to receive the Tandem SAR in consideration for the
disposition of that Participant&#146;s right to receive shares under the Option. A
Tandem SAR may be exercised only with respect to the Shares for which its
related Option is then exercisable.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Plan to the contrary, with respect to a Tandem SAR
granted in connection with an ISO: (a) the Tandem SAR will expire no later than
the expiration of the underlying ISO; (b) the value of the payout with respect
to the Tandem SAR may be for no more than one hundred percent (100%) of the
difference between the Option Price of the underlying ISO and the FMV of the
Shares subject to the underlying ISO at the time the Tandem SAR is exercised;
and (c) the Tandem SAR may be exercised only when the FMV of the Shares subject
to the ISO exceeds the Option Price of the ISO.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&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>Payment
of SAR Amount </U>Upon the exercise of an SAR, a Participant shall be entitled
to receive payment from the Company in an amount representing the difference
between the FMV of the underlying Shares on the date of exercise over the Grant
Price. At the discretion of the Committee, the payment upon SAR exercise may be
in cash, Shares of equivalent value (based on the FMV on the date of exercise of
the SAR, as defined in the Award Agreement or otherwise defined by the Committee
thereafter), in some combination thereof, or in any other form approved by the
Committee at its sole discretion. Payment shall be made no earlier than the date
of exercise nor later than 2-1/2 months after the close of the year in which the
SAR is exercised. The Committee&#146;s determination regarding the form of SAR payout
shall be set forth or reserved for later determination in the Award Agreement
for the grant of the SAR. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7&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>Termination of Employment </U>Each Award Agreement shall set forth the extent
to which the Participant shall have the right to exercise the SAR following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all SARs issued pursuant
to the Plan, and may reflect distinctions based on the reasons for
termination.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8&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>Nontransferability of SARs</U> Except as otherwise provided in a
Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, an SAR granted under the Plan may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, except as otherwise provided in a
Participant&#146;s Award Agreement at the time of grant or thereafter by the
Committee, all SARs granted to a Participant under the Plan shall be exercisable
during such Participant&#146;s lifetime only by such Participant. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9&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>Other Restrictions </U>Without limiting the generality of any other provision
of this Plan, the Committee may impose such other conditions and/or restrictions
on any Shares received upon exercise of an SAR granted pursuant to the Plan as
it may deem advisable. This includes, but is not limited to, requiring the Participant to hold the Shares
received upon exercise of an SAR for a specified period of time. </P>
<P align=center>C-13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_116></A>
<P align=center>ARTICLE 8. RESTRICTED STOCK AND RESTRICTED STOCK UNITS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&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>Grant of Restricted Stock or Restricted Stock Units</U> Subject to the terms
and conditions of the Plan, the Committee, at any time and from time to time,
may grant Shares of Restricted Stock and/or Restricted Stock Units to
Participants in such amounts and upon such terms as the Committee shall
determine.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&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>Restricted
Stock or Restricted Stock Unit Agreement</U> Each Restricted Stock and/or
Restricted Stock Unit grant shall be evidenced by an Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of Restricted Stock
or the number of Restricted Stock Units granted, the settlement date for
Restricted Stock Units, and any such other provisions as the Committee shall
determine, provided that unless otherwise determined by the Committee or as set
out in any Award Agreement, no Restricted Stock Unit shall vest later than three
years after the date of grant.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&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>Nontransferability of Restricted Stock and Restricted Stock Units</U> Except
as otherwise provided in this Plan or the Award Agreement, the Shares of
Restricted Stock and/or Restricted Stock Units granted herein may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated until the
end of the applicable Period of Restriction specified in the Award Agreement
(and in the case of Restricted Stock Units until the date of settlement through
delivery or other payment), or upon earlier satisfaction of any other
conditions, as specified by the Committee in its sole discretion and set forth
in the Award Agreement at the time of grant or thereafter by the Committee. All
rights with respect to the Restricted Stock and/or Restricted Stock Units
granted to a Participant under the Plan shall be available during such
Participant&#146;s lifetime only to such Participant, except as otherwise provided in
the Award Agreement at the time of grant or thereafter by the Committee.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&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>Other Restrictions </U>The Committee shall impose, in the Award Agreement at
the time of grant or anytime thereafter, such other conditions and/or
restrictions on any Shares of Restricted Stock or Restricted Stock Units granted
pursuant to this Plan as it may deem advisable, including, without limitation, a
requirement that Participants pay a stipulated purchase price for each Share of
Restricted Stock or each Restricted Stock Unit, restrictions based upon the
achievement of specific performance criteria, time-based restrictions on vesting
following the attainment of the performance criteria, time-based restrictions,
restrictions under applicable laws or under the requirements of any stock
exchange or market upon which such Shares are listed or traded, or holding
requirements or sale restrictions placed on the Shares by the Company upon
vesting of such Restricted Stock or Restricted Stock Units.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent deemed appropriate by the Committee, subject to Section 19.5, the
Company may retain the certificates representing Shares of Restricted Stock, or
Shares delivered in settlement of Restricted Stock Units, in the Company&#146;s
possession until such time as all conditions and/or restrictions applicable to
such Shares have been satisfied or lapse, but in no event will delivery of such
Shares be made later than the earlier of (i) 2-1/2 months after the close of the
year in which such conditions or restrictions were satisfied or lapsed and (ii)
December 31 of the third year following the year of the grant date.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in this Article 8, Shares of Restricted Stock covered by
each Restricted Stock Award shall become freely transferable by the Participant
after all conditions and restrictions applicable to such Shares have been
satisfied or lapse, and Restricted Stock Units shall be settled through payment in cash, Shares, or a combination of
cash and Shares as the Committee, in its sole discretion, shall determine.</P>
<P align=center>C-14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5&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>Certificate Legend </U>In addition to any legends placed on certificates
pursuant to Section 8.4 herein, each certificate representing Shares of
Restricted Stock granted pursuant to the Plan may bear a legend such as the
following:</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale or other transfer of the shares of stock represented by this certificate,
whether voluntary, involuntary or by operation of law, is subject to certain
restrictions on transfer as set forth in the 2015 Omnibus Equity Incentive
Compensation Plan and in the associated Award Agreement. A copy of the Plan and
such Award Agreement may be obtained from Energy Fuels Inc. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6&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>Voting Rights</U> To the extent required by law, Participants holding Shares
of Restricted Stock granted hereunder shall have the right to exercise full
voting rights with respect to those Shares during the Period of Restriction. A
Participant shall have no voting rights with respect to any Restricted Stock
Units granted hereunder.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7&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>Dividends
and Other Distributions </U>During the Period of Restriction, Participants
holding Shares of Restricted Stock or Restricted Stock Units granted hereunder
may, if the Committee so determines, be credited with dividends paid with
respect to the underlying Shares or Dividend Equivalents while they are so held
in a manner determined by the Committee in its sole discretion. Dividend
Equivalents shall not apply to an Award unless specifically provided for in the
Award Agreement. The Committee may apply any restrictions to the dividends or
Dividend Equivalents that the Committee deems appropriate. The Committee, in its
sole discretion, may determine the form of payment of dividends or Dividend
Equivalents, including cash, Shares, Restricted Stock or Restricted Stock Units.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8&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>Death and other Termination of Employment</U> Death: If a Participant dies
while an Employee, officer or director of or Consultant to the Company or an
Affiliate: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Restricted Stock Units held by the Participant that
      have vested as at the Termination Date (as defined below), shall be paid
      to the Recipient&#146;s estate. Any Restricted Stock Units that have not vested
      as at the Termination Date will be immediately cancelled and forfeited to
      the Company on the Termination 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%">(ii) </TD>
    <TD>
      <P align=justify>such Participant&#146;s eligibility to receive further grants
      of Restricted Stock Units under the Plan ceases as of the Termination
      Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Termination other than Death: Where a Participant&#146;s
      employment or term of office or engagement terminates for any reason other
      than death (whether such termination occurs with or without any or
      adequate notice or reasonable notice, or with or without any or adequate
      compensation in lieu of such notice), then:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Restricted Stock Units held by the Participant that
      have vested before the Termination Date shall be paid to the Recipient.
      Any Restricted Stock Units held by the Participant that are not yet vested
      at the Termination Date will be immediately cancelled and forfeited to the
      Company on the Termination Date;</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the eligibility of a Participant to receive further
      grants under the Plan ceases as of the date that the Company or an
      Affiliate, as the case may be, provides the Participant with written
      notification that the Participant&#146;s employment or term
of office or engagement, is terminated, notwithstanding that
      such date may be prior to the Termination Date; and</P></TD></TR></TABLE>
<P align=center>C-15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>notwithstanding (b)(i) and (ii) above, unless the
      Committee, in its sole discretion, otherwise determines, at any time and
      from time to time, Restricted Stock Units are not affected by a change of
      employment arrangement within or among the Company or an Affiliate for so
      long as the Participant continues to be an employee of the Company or an
      Affiliate.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>For purposes of section 8.8, the term, &#147;Termination Date&#148;
      means, in the case of a Participant whose employment or term of office or
      engagement with the Company or an Affiliate terminates:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>by reason of the Participant&#146;s death, the date of
      death;</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>for any reason whatsoever other than death, the date of
      the Participant&#146;s last day actively at work for or actively engaged by the
      Company or the Affiliate, as the case may be; and for greater certainty
      &#147;Termination Date&#148; in any such case specifically does not mean the date on
      which any period of contractual notice or reasonable notice that the
      Company or the Affiliate, as the case may be, may be required at law to
      provide to a Participant would expire; 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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the resignation of a director or the expiry of a
      director&#146;s term on the Board without re-election (or nomination for
      election) shall be considered to be a termination of his or her term of
      office.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9&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>Payment
in Settlement of Restricted Stock Units </U>When and if Restricted Stock Units
become payable, a Participant having received the grant of such units shall be
entitled to receive payment from the Company in settlement of such units in
cash, Shares of equivalent value (based on the FMV, as defined in the Award
Agreement at the time of grant or thereafter by the Committee), in some
combination thereof, or in any other form determined by the Committee at its
sole discretion. The Committee&#146;s determination regarding the form of payout
shall be set forth or reserved for later determination in the Award Agreement
for the grant of the Restricted Stock Unit. </P>
<P align=center>ARTICLE 9. DEFERRED SHARES UNITS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&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>Grant of Deferred Share Units </U>Subject to the terms and conditions of the
Plan, the Committee, at any time and from time to time, may grant Deferred Share
Units to Participants in such amounts and upon such terms as the Committee shall
determine.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&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>Deferred Share Unit Agreement</U> Each Deferred Share Unit grant shall be
evidenced by an Award Agreement that shall specify the number of Deferred Share
Units granted, the settlement date for Deferred Share Units, and any other
provisions as the Committee shall determine, including, but not limited to a
requirement that Participants pay a stipulated purchase price for each Deferred
Share Unit, restrictions based upon the achievement of specific performance
criteria, time-based restrictions, restrictions under applicable laws or under
the requirements of any stock exchange or market upon which the Shares are
listed or traded, or holding requirements or sale restrictions placed on the
Shares by the Company upon vesting of such Deferred Share Units.</P>
<P align=center>C-16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&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>Nontransferability of Restricted Stock and Restricted Stock Units</U> Except
as otherwise provided in this Plan or the Award Agreement, the Deferred Share
Units granted herein may not be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated. All rights with respect to the Deferred
Share Units granted to a Participant under the Plan shall be available during
such Participant&#146;s lifetime only to such Participant, except as otherwise
provided in the Award Agreement at the time of grant or thereafter by the
Committee.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&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>Termination of Employment </U>Each Award Agreement shall set forth the extent
to which the Participant shall have the right to retain Deferred Share Units
following termination of the Participant&#146;s employment or other relationship with
the Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Deferred Share Units
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination.</P>
<P align=center>ARTICLE 10. PERFORMANCE SHARES AND PERFORMANCE UNITS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&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>Grant of Performance Shares and Performance Units </U>Subject to the terms
and conditions of the Plan, the Committee, at any time and from time to time,
may grant Performance Shares and/or Performance Units to Participants in such
amounts and upon such terms as the Committee shall determine.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&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>Value
of Performance Shares and Performance Units </U>Each Performance Share and
Performance Unit shall have an initial value equal to the FMV of a Share on the
date of grant. The Committee shall set performance criteria for a Performance
Period in its discretion, which, depending on the extent to which they are met,
will determine, in the manner determined by the Committee and set forth in the
Award Agreement, the value and/or number of each Performance Share or
Performance Unit that will be paid to the Participant.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&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>Earning of Performance Shares and Performance Units </U>Subject to the terms
of this Plan and the applicable Award Agreement, after the applicable
Performance Period has ended, the holder of Performance Shares/Performance Units
shall be entitled to receive payout on the value and number of Performance
Shares/Performance Units, determined as a function of the extent to which the
corresponding performance criteria have been achieved. Notwithstanding the
foregoing, the Company shall have the ability to require the Participant to hold
any Shares received pursuant to such Award for a specified period of time.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&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>Form
and Timing of Payment of Performance Shares and Performance Units </U>Payment of
earned Performance Shares/Performance Units shall be as determined by the
Committee and as set forth in the Award Agreement. Subject to the terms of the
Plan, the Committee, in its sole discretion, may pay earned Performance
Shares/Performance Units in the form of cash or in Shares (or in a combination
thereof) equal to the value of the earned Performance Shares/Performance Units
at the end of the applicable Performance Period. Any Shares may be granted
subject to any restrictions deemed appropriate by the Committee. The
determination of the Committee with respect to the form of payout of such Awards
shall be set forth in the Award Agreement for the grant of the Award or reserved
for later determination.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&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>Dividends and Other Distributions</U> The Committee shall determine whether
Participants holding Performance Shares will receive Dividend Equivalents with
respect to dividends declared with respect to the Shares. Dividends or Dividend
Equivalents may be subject to accrual, forfeiture or payout restrictions as
determined by the Committee in its sole discretion.</P>
<P align=center>C-17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&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>Termination of Employment </U>Each Award Agreement shall set forth the extent
to which the Participant shall have the right to retain Performance
Shares/Performance Units following termination of the Participant&#146;s employment
or other relationship with the Company or an Affiliate. Such provisions shall be
determined in the sole discretion of the Committee, need not be uniform among
all Awards of Performance Shares/Performance Units issued pursuant to the Plan,
and may reflect distinctions based on the reasons for termination.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&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>Nontransferability of Performance Shares and Performance Units</U> Except as
otherwise provided in a Participant&#146;s Award Agreement at the time of grant or
thereafter by the Committee, Performance Shares/Performance Units may not be
sold, transferred, pledged, assigned or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution. Further, except
as otherwise provided in a Participant&#146;s Award Agreement or otherwise by the
Committee at any time, a Participant&#146;s rights under the Plan shall inure during
such Participant&#146;s lifetime only to such Participant. </P>
<P align=center>ARTICLE 11. FULL VALUE STOCK-BASED AWARDS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&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>Stock-Based Awards </U>The Committee may grant other types of equity-based or
equity-related Awards not otherwise described by the terms of this Plan
(including the grant or offer for sale of unrestricted Shares) in such amounts
and subject to such terms and conditions, including, but not limited to, being
subject to performance criteria, or in satisfaction of such obligations, as the
Committee shall determine. Such Awards may involve the transfer of actual Shares
to Participants, or payment in cash or otherwise of amounts based on the value
of Shares. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&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>Termination
of Employment </U>Each Award Agreement shall set forth the extent to which the
Participant shall have the right to receive Stock-Based Awards following
termination of the Participant&#146;s employment or other relationship with the
Company or Affiliates. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Stock-Based Awards
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&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>Nontransferability
of Stock-Based Awards</U> Except as otherwise provided in a Participant&#146;s Award
Agreement at the time of grant or thereafter by the Committee, Stock-Based
Awards may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement at the
time of grant or thereafter by the Committee, a Participant&#146;s rights under the
Plan shall be exercisable during such Participant&#146;s lifetime only by such
Participant. </P>
<P align=center>ARTICLE 12. PERFORMANCE MEASURES </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other terms of this Plan, the vesting, payability or value (as determined by
the Committee) of each Award other than an Option or SAR that, at the time of
grant, the Committee intends to be Performance-Based Compensation to a Covered
Employee, shall be determined by the attainment of one or more Performance Goals
as determined by the Committee in conformity with Section 162(m) of the Code, if
such provision is applicable to the Company. The Committee shall specify in
writing, by resolution or otherwise, the Participants eligible to receive such
an Award (which may be expressed in terms of a class of individuals) and the
Performance Goal(s) applicable to such Awards within ninety (90) days after the
commencement of the period to which the Performance Goal(s) relate(s), or such
earlier time as required to comply with Section 162(m) of the Code. No such
Award shall be payable unless the Committee certifies in writing, by resolution
or otherwise, that the Performance Goal(s) applicable to the Award were satisfied. In no case may
the Committee increase the value of an Award of Performance-Based Compensation
above the maximum value determined under the performance formula by the
attainment of the applicable Performance Goal(s), but the Committee may retain
the discretion to reduce the value below such maximum.</P>
<P align=center>C-18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
and until the Committee proposes for shareholder vote and the shareholders
approve a change in the general Performance Measures set forth in this Article
12, the Performance Goal(s) upon which the payment or vesting of an Award to a
Covered Employee that is intended to qualify as Performance-Based Compensation
shall be limited to the following Performance Measures: </P>
<P
align=justify>&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;(a)&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;Net
earnings or net income (before or after taxes); </P>
<P
align=justify>&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;(b)&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;Earnings
per share; </P>
<P
align=justify>&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;(c)&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;Net
sales growth; (d) Revenue growth; </P>
<P
align=justify>&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;(e)&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;Net
operating profit; </P>
<P
align=justify>&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;(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;Operating
earnings; </P>
<P
align=justify>&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;(g)&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;Operating
earnings per share; </P>
<P
align=justify>&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;(h)&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;Return
measures (including, but not limited to, return on assets, capital, equity or
sales); </P>
<P
align=justify>&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;(i)&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;Cash
flow (including, but not limited to, operating cash flow, free cash flow and
cash flow return on capital); </P>
<P
align=justify>&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;(j)&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;Earnings
before or after taxes, interest, depreciation and/or amortization, and
including/excluding capital gains and losses; </P>
<P
align=justify>&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;(k)&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;Gross
or operating margins; </P>
<P
align=justify>&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;(l)&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;Productivity
ratios; </P>
<P
align=justify>&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;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Share price (including, but not limited to, growth measures and total
stockholder return);</P>
<P
align=justify>&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;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating and/or non-operating expense levels or reductions;
</P>
<P
align=justify>&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;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating efficiency;
</P>
<P
align=justify>&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;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employee satisfaction;
</P>
<P
align=justify>&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;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Working capital levels or targets;
</P>
<P
align=justify>&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;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Permitting or project development milestones;
</P>
<P
align=justify>&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;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Market capitalization;
</P>
<P align=center>C-19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P
align=justify>&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;(t)&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;Increases
in long term sales contracts; </P>
<P
align=justify>&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Increases in resources, reserves or production; and </P>
<P
align=justify>&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;(v)&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;Environmental,
health and safety goals or performance of the Company or any subsidiary or
division thereof. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Performance Measure(s) may be used to measure the performance of the Company as
a whole and/or any Affiliate, business unit or regional operation of the Company
or any combination thereof, as the Committee may deem appropriate, and any of
the above Performance Measures may be used in comparison to the performance of a
group of peer companies, or a published or special index that the Committee, in
its sole discretion, deems appropriate. The Committee shall also have the
authority to provide in Award Agreements for accelerated vesting of an Award
based on the achievement of Performance Goal(s).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may provide in any Award Agreement that any evaluation of attainment
of a Performance Goal may include or exclude any of the following events that
occurs during the relevant period: (a) asset write-downs; (b) litigation or
claim judgments or settlements; (c) the effect of changes in tax laws,
accounting principles, or other laws or provisions affecting reported results;
(d) any reorganization or restructuring transactions; (e) extraordinary
nonrecurring items as described in management&#146;s discussion and analysis of
financial condition and results of operations appearing in the Company&#146;s annual
financial statements for the applicable year; and (f) significant acquisitions
or divestitures. To the extent such inclusions or exclusions affect Awards to
Covered Employees, they shall be prescribed in a form that meets the
requirements of Section 162(m) of the Code for deductibility.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that applicable tax and/or securities laws change to permit discretion
by the Committee to alter the governing Performance Measures without obtaining
shareholder approval of such changes, the Committee shall have sole discretion
to make such changes without obtaining stockholder approval. In addition, in the
event that the Committee determines that it is advisable to grant Awards to
Covered Employees or Awards to Employees who are subject to taxation under the
ITA that shall not qualify as Performance-Based Compensation, the Committee may
make such grants without satisfying the requirements of Section 162(m) of the
Code. </P>
<P align=center>ARTICLE 13. BENEFICIARY DESIGNATION </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Participant&#146;s &#147;beneficiary&#148; is the person or persons entitled to receive
payments or other benefits or exercise rights that are available under the Plan
in the event of the Participant&#146;s death. A Participant may designate a
beneficiary or change a previous beneficiary designation at such times as
prescribed by the Committee and by using such forms and following such
procedures approved or accepted by the Committee for that purpose. If no
beneficiary designated by the Participant is eligible to receive payments or
other benefits or exercise rights that are available under the Plan at the
Participant&#146;s death, the beneficiary shall be the Participant&#146;s estate.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions above, the Committee may, in its discretion, after notifying the
affected Participants, modify the foregoing requirements, institute additional
requirements for beneficiary designations, or suspend the existing beneficiary
designations of living Participants or the process of determining beneficiaries
under this Article 13, or both, in favor of another method of determining
beneficiaries. </P>
<P align=center>C-20 </P>
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<P align=center>ARTICLE 14. DEFERRALS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may permit or require a Participant to defer such Participant&#146;s
receipt of any Award, or payment in settlement or exercise of any Award,
provided that any such deferral must comply with the applicable requirements of
Section 409A of the Code and the Treasury regulations thereunder so that such
deferral does not cause the Participant to be subject to taxes and interest
pursuant to Section 409A of the Code. </P>
<P align=center>ARTICLE 15. RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1&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>Employment </U>Nothing in the Plan or an Award Agreement shall interfere with
or limit in any way the right of the Company or an Affiliate to terminate any
Participant&#146;s employment, consulting or other service relationship with the
Company or an Affiliate at any time, nor confer upon any Participant any right
to continue in the capacity in which he or she is employed or otherwise serves
the Company or an Affiliate.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
an Award nor any benefits arising under this Plan shall constitute part of an
employment or service contract with the Company or an Affiliate, and,
accordingly, subject to the terms of this Plan, this Plan may be terminated or
modified at any time in the sole and exclusive discretion of the Committee or
the Board without giving rise to liability on the part of the Company or an
Affiliate for severance payments or otherwise, except as provided in this
Plan.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Plan, unless otherwise provided by the Committee, a transfer of
employment of a Participant between the Company and an Affiliate or among
Affiliates, shall not be deemed a termination of employment. The Committee may
provide in a Participant&#146;s Award Agreement or otherwise the conditions under
which a transfer of employment to an entity that is spun off from the Company or
an Affiliate shall not be deemed a termination of employment for purposes of an
Award.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2&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>Participation</U> No Employee or other Person eligible to participate in the
Plan shall have the right to be selected to receive an Award. No person selected
to receive an Award shall have the right to be selected to receive a future
Award, or, if selected to receive a future Award, the right to receive such
future Award on terms and conditions identical or in proportion in any way to
any prior Award.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3&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>Rights as a Shareholder</U> A Participant shall have none of the rights of a
shareholder with respect to Shares covered by any Award until the Participant
becomes the record holder of such Shares. </P>
<P align=center>ARTICLE 16. CHANGE OF CONTROL </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1&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>Accelerated
Vesting and Payment</U>Subject to the provisions of Section 16.2 or as otherwise
provided in the Award Agreement, in the event of a Change of Control, unless
otherwise specifically prohibited under law or by the rules and regulations of a
national securities exchange or market on which Shares are listed or traded:</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&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;Any
and all Options and SARs granted hereunder shall be accelerated to become
immediately exercisable in full; </P>
<P align=center>C-21 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&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;Any
Period of Restriction and other restrictions imposed on Restricted Stock or
Restricted Stock Units shall lapse, and Restricted Stock Units shall be
immediately settled and payable; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&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;The
target payout opportunities attainable under all outstanding Awards of
performance-based Restricted Stock, performance-based Restricted Stock Units,
Performance Units and Performance Shares (including, but not limited to, Awards
intended to be Performance-Based Compensation) shall be deemed to have been
fully earned based on targeted performance being attained as of the effective
date of the Change of Control, and: </P>
<P
align=justify>&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;(i)&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;The
vesting of all Awards denominated in Shares shall be accelerated as of the
effective date of the Change of Control, (or such other time prior to the time
of the Change of Control, if the Committee in its reasonable discretion
determines is appropriate) and shall be paid out to Participants within thirty
(30) days following the effective date of the Change of Control; and </P>
<P
align=justify>&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;(ii)&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;Awards
denominated in cash shall be paid to Participants in cash within thirty (30)
days following the effective date of the Change of Control;</P>
<P
align=justify>&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;(d)&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;Upon
a Change of Control, unless otherwise specifically provided in a written
agreement entered into between the Participant and the Company or an Affiliate,
the Committee shall immediately cause all other Stock-Based Awards to vest and
be paid out as determined by the Committee; and </P>
<P
align=justify>&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;(e)&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;The
Committee shall have the discretion to unilaterally determine that all
outstanding Awards shall be cancelled upon a Change of Control, and that the
value of such Awards, as determined by the Committee in accordance with the
terms of the Plan and the Award Agreements, shall be paid out in cash in an
amount based on the Change of Control Price within a reasonable time subsequent
to the Change of Control; provided, however, that no such payment shall be made
on account of an ISO using a value higher than the FMV of the underlying Shares
on the date of settlement.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2&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>Alternative Awards </U>Notwithstanding Section 16.1, no cancellation,
acceleration of vesting, lapsing of restrictions, payment of an Award, cash
settlement or other payment shall occur with respect to any Award if the
Committee reasonably determines in good faith prior to the occurrence of a
Change of Control that such Award shall be honored or assumed, or new rights
substituted therefor (with such honored, assumed or substituted Award
hereinafter referred to as an &#147;Alternative Award&#148;) by any successor to the
Company or an Affiliate as described in Article 18; provided, however, that any
such Alternative Award must:</P>
<P
align=justify>&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;(a)&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;Be
based on stock which is traded on the TSX and/or an established U.S. securities
market;</P>
<P
align=justify>&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;(b)&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;Provide
such Participant with rights and entitlements substantially equivalent to or
better than the rights, terms and conditions applicable under such Award,
including, but not limited to, an identical or better exercise or vesting
schedule and identical or better timing and methods of payment;</P>
<P
align=justify>&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
recognize, for the purpose of vesting provisions, the time that the Award has
been held prior to the Change of Control;</P>
<P
align=justify>&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;(d)&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;Have
substantially equivalent economic value to such Award (determined prior to the
time of the Change of Control); and</P>
<P align=center>C-22 </P>
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<P
align=justify>&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;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Have terms and conditions which provide that in the event that the Participant&#146;s
employment with the Company, an Affiliate or any successor as described in
Article 19 is involuntarily terminated or Constructively Terminated at any time
within at least twelve months following a Change of Control, any conditions on a
Participant&#146;s rights under, or any restrictions on transfer or exercisability
applicable to, each such Alternative Award shall be waived or shall lapse, as
the case may be. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3&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>Compliance with Section 280G of the Code</U> In the event that any
accelerated Award vesting or payment received or to be received by a Participant
pursuant to Section 16.1 herein (the &#147;Benefit&#148;) would (i) constitute a
&#147;parachute payment&#148; within the meaning of and subject to Section 280G of the
Code and (ii) but for this Section 16.3, be subject to the excise tax imposed by
Section 4999 of the Code (the &#147;Excise Tax&#148;), then such Benefit shall be reduced
to the extent necessary so that no portion of the Benefit will be subject to the
Excise Tax, as determined in good faith by the Committee; provided, however,
that if, in the absence of any such reduction (or after such reduction), the
Participant believes that the Benefit or any portion thereof (as reduced, if
applicable) would be subject to the Excise Tax, the Benefit shall be reduced (or
further reduced) to the extent determined by the Participant in his or her
discretion so that the Excise Tax would not apply. If, notwithstanding any such
reduction (or in the absence of such reduction), the Internal Revenue Service
(&#147;IRS&#148;) determines that the Participant is liable for the Excise Tax as a result
of the Benefit, then the Participant shall be obligated to return to the
Company, within thirty days of such determination by the IRS, a portion of the
Benefit sufficient such that none of the Benefit retained by the Participant
constitutes a &#147;parachute payment&#148; within the meaning of Section 280G of the Code
that is subject to the Excise Tax. </P>
<P align=center>ARTICLE 17. AMENDMENT, MODIFICATION, SUSPENSION AND TERMINATION
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1&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>Amendment, Modification, Suspension and Termination</U> Except as set out in
clauses (b) and (c) below, and as otherwise provided by law, or stock exchange
rules, the Committee or Board may, at any time and from time to time, alter,
amend, modify, suspend or terminate the Plan or any Award in whole or in part
without notice to, or approval from, shareholders, including, but not limited to
for the purposes of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">i. </TD>
    <TD>
      <P align=justify>making any acceleration of or other amendments to the
      general vesting provisions of any Award;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">ii. </TD>
    <TD>
      <P align=justify>waiving any termination of, extending the expiry date of,
      or making any other amendments to the general term of any Award or
      exercise period thereunder provided that no Award held by an Insider may
      be extended beyond its original expiry date;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iii. </TD>
    <TD>
      <P align=justify>making any amendments to add covenants or obligations of
      the Company for the protection of Participants;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iv. </TD>
    <TD>
      <P align=justify>making any amendments not inconsistent with the Plan as
      may be necessary or desirable with respect to matters or questions which,
      in the good faith opinion of the Board, it may be expedient to make,
      including amendments that are desirable as a result of changes in law or
      as a &#147;housekeeping&#148; matter; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">v. </TD>
    <TD>
      <P align=justify>making such changes or corrections which are required for
      the purpose of curing or correcting any ambiguity or defect or
      inconsistent provision or clerical omission or mistake or manifest
      error.</P></TD></TR></TABLE>
<P align=center>C-23 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as expressly provided in an Award Agreement or as set out herein with
respect to a Change of Control, the Committee shall not alter or impair any
rights or increase any obligations with respect to an Award previously granted
under the Plan without the consent of the Participant. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following amendments to the Plan shall require the prior approval of the
Company&#146;s shareholders: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">i. </TD>
    <TD>
      <P align=justify>A reduction in the Option Price of a previously granted
      Option or the Grant Price of a previously granted SAR benefitting an
      Insider of the Company or one of its Affiliates except for adjustments to
      the Option Price or Grant Price applicable to outstanding Awards pursuant
      to Section 4.2 hereof.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">ii. </TD>
    <TD>
      <P align=justify>Any amendment or modification which would increase the
      total number of Shares available for issuance under the Plan or the total
      number of Shares available for ISOs under the Plan.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iii. </TD>
    <TD>
      <P align=justify>An increase to the limit on the number of Shares issued
      or issuable under the Plan to Insiders of the Company;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iv. </TD>
    <TD>
      <P align=justify>An extension of the expiry date of an Option or SAR,
      other than as otherwise permitted hereunder in relation to a Blackout
      Period; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">v. </TD>
    <TD>
      <P align=justify>Any amendment to the amendment provisions of the Plan
      under this Article 17.1.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2&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>Adjustment of Awards Upon the Occurrence of Unusual or Nonrecurring Events
</U>The Committee may make adjustments in the terms and conditions of, and the
criteria included in, Awards in recognition of unusual or nonrecurring events in
addition to the events described in Section 4.2 hereof affecting the Company or
the financial statements of the Company or of changes in applicable laws,
regulations or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent unintended dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan. The determination of the Committee as to the foregoing
adjustments, if any, shall be conclusive and binding on Participants under the
Plan. To the extent such adjustment affects Awards to Covered Employees intended
to be Performance-Based Compensation, they shall be prescribed in a form that
meets the requirements of Section 162(m) of the Code for deductibility. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3&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>Awards
Previously Granted </U>Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, suspension or modification of the Plan
shall adversely affect in any material way any Award previously granted under
the Plan, without the written consent of the Participant holding such Award.
</P>
<P align=center>ARTICLE 18. WITHHOLDING </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company or any Affiliate shall have the power and the right to deduct or
withhold, or require a Participant to remit to the Company or any Affiliate, an
amount sufficient to satisfy federal, state and local taxes or provincial,
domestic or foreign (including the Participant&#146;s FICA obligation), required by
law or regulation to be withheld with respect to any taxable event arising or as
a result of this Plan or any Award hereunder. The Committee may provide for
Participants to satisfy withholding requirements by having the Company withhold
and sell Shares or the Participant making such other arrangements, including the
sale of Shares, in either case on such conditions as the Committee specifies.
</P>
<P align=center>C-24 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant
acknowledges and agrees that the ultimate liability for all taxes legally
payable by Participant is and remains Participant&#146;s responsibility and may
exceed the amount actually withheld by the Company. Participant further
acknowledges that the Company (a) makes no representations or undertakings
regarding the treatment of any taxes in in connection with any aspect of this
Plan; and (b) does not commit to and is under no obligation to structure the
terms of this Plan to reduce or eliminate Participant&#146;s liability for taxes or
achieve any particular tax result. Further, if Participant has become subject to
tax in more than one jurisdiction, Participant acknowledges that the Company may
be required to withhold or account for taxes in more than one jurisdiction. </P>
<P align=center>ARTICLE 19. SUCCESSORS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
obligations of the Company or an Affiliate under the Plan with respect to Awards
granted hereunder shall be binding on any successor to the Company or Affiliate,
respectively, whether the existence of such successor is the result of a direct
or indirect purchase, merger, consolidation or otherwise, of all or
substantially all of the businesses and/or assets of the Company or Affiliate,
as applicable.</P>
<P align=center>ARTICLE 20. GENERAL PROVISIONS </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1&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>Forfeiture
Events </U>Without limiting in any way the generality of the Committee&#146;s power
to specify any terms and conditions of an Award consistent with law, and for
greater clarity, the Committee may specify in an Award Agreement that the
Participant&#146;s rights, payments and benefits with respect to an Award shall be
subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events may include, but shall not be
limited to, failure to accept the terms of the Award Agreement, termination of
employment under certain or all circumstances, violation of material Company and
Affiliate policies, breach of noncompetition, confidentiality, nonsolicitation,
noninterference, corporate property protection or other agreements that may
apply to the Participant, or other conduct by the Participant that is
detrimental to the business or reputation of the Company and Affiliates.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly otherwise provided in this Plan or an Award Agreement, the
termination and the expiry of the period within which an Award will vest and may
be exercised by a Participant shall be based upon the last day of actual service
by the Participant to the Company and specifically does not include any period
of notice that the Company may be required to provide to the Participant under
applicable employment law. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2&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>Legend </U>The certificates for Shares may include any legend that the
Committee deems appropriate to reflect any restrictions on transfer of such
Shares. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3&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>Delivery of Title</U> The Company shall have no obligation to issue or
deliver evidence of title for Shares issued under the Plan prior to:</P>
<P
align=justify>&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;(a)&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;Obtaining
any approvals from governmental agencies that the Company determines are
necessary or advisable; and</P>
<P
align=justify>&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;(b)&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;Completion
of any registration or other qualification of the Shares under any applicable
law or ruling of any governmental body that the Company determines to be
necessary or advisable.</P>
<P align=center>C-25 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4&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>Investment Representations</U> The Committee may require each Participant
receiving Shares pursuant to an Award under this Plan to represent and warrant
in writing that the Participant is acquiring the Shares for investment and
without any present intention to sell or distribute such Shares.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5&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>Uncertificated Shares</U> To the extent that the Plan provides for issuance
of certificates to reflect the transfer of Shares, the transfer of such Shares
may be effected on a noncertificated basis to the extent not prohibited by
applicable law or the rules of any applicable stock exchange.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6&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>Unfunded
Plan </U>Participants shall have no right, title or interest whatsoever in or to
any investments that the Company or an Affiliate may make to aid it in meeting
its obligations under the Plan. Nothing contained in the Plan, and no action
taken pursuant to its provisions, shall create or be construed to create a trust
of any kind, or a fiduciary relationship between the Company or an Affiliate and
any Participant, beneficiary, legal representative or any other person. Awards
shall be general unsecured obligations of the Company, except that if an
Affiliate executes an Award Agreement instead of the Company the Award shall be
a general unsecured obligation of the Affiliate and not any obligation of the
Company. To the extent that any individual acquires a right to receive payments
from the Company or an Affiliate, such right shall be no greater than the right
of an unsecured general creditor of the Company or Affiliate, as applicable. All
payments to be made hereunder shall be paid from the general funds of the
Company or Affiliate, as applicable, and no special or separate fund shall be
established and no segregation of assets shall be made to assure payment of such
amounts except as expressly set forth in the Plan. The Plan is not intended to
be subject to ERISA. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7&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>No Fractional Shares </U>No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award Agreement. In such an instance, unless the
Committee determines otherwise, fractional Shares and any rights thereto shall
be forfeited or otherwise eliminated.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8&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>Other Compensation and Benefit Plans </U>Nothing in this Plan shall be
construed to limit the right of the Company or an Affiliate to establish other
compensation or benefit plans, programs, policies or arrangements. Except as may
be otherwise specifically stated in any other benefit plan, policy, program or
arrangement, no Award shall be treated as compensation for purposes of
calculating a Participant&#146;s rights under any such other plan, policy, program or
arrangement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.9&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>No Constraint on Corporate Action </U>Nothing in this Plan shall be construed
(i) to limit, impair or otherwise affect the Company&#146;s or an Affiliate&#146;s right
or power to make adjustments, reclassifications, reorganizations or changes in
its capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell or transfer all or any part of its business or assets, or (ii)
to limit the right or power of the Company or an Affiliate to take any action
which such entity deems to be necessary or appropriate.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10&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>Compliance with United States Securities Laws </U>All Awards and the issuance
of Shares underlying such Awards issued pursuant to the Plan will be issued
pursuant to the registration requirements of the United States Securities Act of
1933, as amended, or an exemption from such registration requirements.</P>
<P align=center>C-26 </P>
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<P align=center>ARTICLE 21. LEGAL CONSTRUCTION </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1&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>Gender
and Number</U> Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, the plural shall include the
singular, and the singular shall include the plural.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2&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>Severability</U> In the event any provision of this Plan shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3&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>Requirements of Law </U>The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies or national securities
exchanges as may be required. The Company or an Affiliate shall receive the
consideration required by law for the issuance of Awards under the Plan.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inability of the Company or an Affiliate to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company or an
Affiliate to be necessary for the lawful issuance and sale of any Shares
hereunder, shall relieve the Company or Affiliate of any liability in respect of
the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4&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>Governing
Law </U>The Plan and each Award Agreement shall be governed by the laws of the
Province of Ontario excluding any conflicts or choice of law rule or principle
that might otherwise refer construction or interpretation of the Plan to the
substantive law of another jurisdiction. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5&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>Compliance
with Section 409A of the Code</U> To the extent applicable, it is intended that
this Plan and any Awards made hereunder shall not provide for the payment of
&#147;deferred compensation&#148; within the meaning of Section 409A of the Code or shall
be structured in a manner and have such terms and conditions that would not
cause a Participant to be subject to taxes and interest pursuant to Section 409A
of the Code. This Plan and any Awards made hereunder shall be administrated and
interpreted in a manner consistent with this intent, and any provision that
would cause this Plan or any Award made hereunder to become subject to taxation
under Section 409A of the Code shall have no force and effect until amended to
comply with Section 409A of the Code (which amendment may be retroactive to the
extent permitted by Section 409A of the Code and may be made by the Company
without the consent of Participants). </P>
<P
align=justify>&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;(b)&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;Notwithstanding
anything in this Plan or in any Award Agreement to the contrary, but subject to
Article 20.5(2) to the extent that any amount or benefit that would constitute
&#147;deferred compensation&#148; for purposes of Section 409A of the Code would otherwise
be payable or distributable under this Plan or any Award Agreement by reason of
the occurrence of a Change of Control or the Participant&#146;s disability or
separation from service, such amount or benefit will not be payable or
distributable to the Participant by reason of such circumstance unless (i) the
circumstances giving rise to such Change of Control, disability or separation
from service meet the description or definition of &#147;change in control event,&#148;
&#147;disability,&#148; or &#147;separation from service,&#148; as the case may be, in Section 409A
of the Code and applicable proposed or final Treasury regulations thereunder,
and (ii) the payment or distribution of such amount or benefit would otherwise
comply with Section 409A of the Code and not subject the Participant to taxes
and interest pursuant to Section 409A of the Code (which may require, if the
Participant is a &#147;specified employee&#148; within the meaning of Section 409A of the
Code, that the payment date shall not be earlier than the date that is six (6)
months after the date of the Participant&#146;s separation from service). This
provision does not prohibit the vesting of any Award or the vesting of any right to eventual payment or distribution of any amount or
benefit under this Plan or any Award Agreement. </P>
<P align=center>C-27 </P>
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<P
align=justify>&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;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything in this Plan or in any Award Agreement to the contrary,
but subject to Article 21.5(2) to the extent necessary to avoid the application
of Section 409A of the Code, (i) the Committee may not amend an outstanding
Option, SAR or similar Award to extend the time to exercise such Award beyond
the later of the 15th day of the third month following the date at which, or
December 31 of the calendar year in which, the Award would otherwise have
expired if the Award had not been extended, based on the terms of the Award at
the original grant date (the &#147;Safe Harbor Extension Period&#148;), provided that, in
any event, Options and SARs granted to U.S. Participants may not be extended
past the 10th anniversary of the original date of grant, and (ii) any purported
extension of the exercise period of an outstanding Award beyond the Safe Harbor
Extension Period shall be deemed to be an amendment to the last day of the Safe
Harbor Extension Period and no later. </P>
<P
align=justify>&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;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee shall use its reasonable discretion to determine the extent to
which the provisions of Article 21.5 will apply to a Participant who is subject
to taxation under the ITA. </P>
<P align=center>C-28 </P>
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<DESCRIPTION>EXHIBIT 99.2
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<P align=center><img border="0" src="exhibi1.jpg" width="185" height="105"></P>
<P align=center><B><FONT size=4>ENERGY FUELS INC. </FONT></B></P>
<P align=center><B>PROXY FOR USE AT THE ANNUAL AND SPECIAL MEETING OF
SHAREHOLDERS </B><BR><B>TO BE HELD ON JUNE 16, 2015 </B><BR><B>SOLICITED ON
BEHALF OF MANAGEMENT</B><B> </B><BR></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, ________________________________, 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>June 16, 2015 </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; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=left rowSpan=7 width="48%" style="text-align: justify">
      <P align=justify>1. [&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD
      FROM VOTING with respect to the election of J. Birks Bovaird as director;
      <P align=justify>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM
      VOTING with respect to the election of Stephen P. Antony as director;
      <P>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with
      respect to the election of Paul A. Carroll as director; </P>[&nbsp;&nbsp;
      ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with respect to the
      election of Lawrence A. Goldberg as director;
      <P>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with
      respect to the election of Bruce D. Hansen as director; </P>
      <P>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with
      respect to the election of Ron F. Hochstein as
      director;<BR><BR>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM
      VOTING with respect to the election of Joo Soo Park as director; </P>
      <P>[&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with
      respect to the election of Richard J. Patricio as director; <BR><BR>2.
      [&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] WITHHOLD FROM VOTING with
      respect to the appointment of KPMG LLP, Chartered </P>
      <P></P></TD>
    <TD vAlign=top align=left width="4%" rowSpan=7>
      <P align=justify><BR><BR><BR>&nbsp; <BR><BR><BR></P></TD>
    <TD vAlign=top align=left width="48%" style="text-align: justify">
      <P align=justify>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 the extension of the Corporation&#146;s
      Shareholder Rights Plan, as described in the Management Information
      Circular; </P>4. [&nbsp;&nbsp; ] VOTE FOR or [&nbsp;&nbsp; ] VOTE AGAINST
      the ordinary resolution ratifying the Corporation&#146;s 2015 Omnibus Equity
      Incentive Compensation Plan and the awards previously granted under such
      plan, as described in the Management Information Circular;
      <P>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>This proxy revokes and supersedes all
      proxies of earlier date.
      <P>Dated this ___ day of _________, 2015. </P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="48%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="48%">Signature of Shareholder </TD></TR>
  <TR>
    <TD vAlign=top align=left width="48%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left
    width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left width="48%">
      <P>Name of Shareholder (Print) </P></TD></TR>
  </TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify><B><U>Notes</U></B><B>: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 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 June 12, 2015, 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>
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</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">
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<P align=center><img border="0" src="exhibi1.jpg" width="185" height="105"></P>
<P align=center><B>ENERGY FUELS INC. </B><BR>(the &#147;Corporation&#148;) <BR></P>
<P align=center><B><U>ANNUAL REQUEST FOR FINANCIAL STATEMENTS</U></B><B>
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>TO:</B> </TD>
    <TD align=left width="95%"><B>REGISTERED AND BENEFICIAL SHAREHOLDERS</B>
    </TD></TR></TABLE>
<P align=justify>In accordance with National Instrument 51-102, shareholders
(including beneficial owners) may elect annually to have their names added to
the Supplemental Mailing List of the Corporation. If you wish to receive the
annual financial statements and management&#146;s discussion and analysis
(&#147;MD&amp;A&#148;) for the annual financial statements, the interim financial
statements and MD&amp;A for the interim financial statements of the Corporation,
or both, you must complete this form and forward it, either with your proxy or
separately, to our transfer agent: </P>
<P align=center><B>CST Trust Company </B><BR><B>P.O. Box 700, Postal Station B
</B><BR><B>Montreal, QC H3B 3K3 </B><BR></P>
<P align=justify>I hereby certify that I am a shareholder of the Corporation.
Please put my name on your Supplemental Mailing List for the Corporation and
send me the documents as indicated below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="95%">Annual Financial Statements and Annual MD&amp;A of the
      Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp; ]</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="95%">Interim Financial Statements and Interim MD&amp;A of the
      Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp; ] </TD></TR></TABLE>
<P align=justify>Copies of these documents may also be found on SEDAR at
www.sedar.com or on the Corporation&#146;s website at www.energyfuels.com. </P>
<P align=justify><B>DATED </B>the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2015. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left
      width="50%">(First Name and Surname) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="50%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">(Number and Street)&nbsp;&nbsp;
      (Apartment/Suite) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="50%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left
      width="50%">(City)&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;
      (Province) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="50%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">(Postal Code) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">(Signature of Shareholder)
</TD></TR></TABLE><BR>
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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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<A name="page_1"></A><BR>

<table style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="50%" valign="top">
    <img border="0" src="exhibi2.jpg" width="133" height="77"></td>
    <td align="left" width="50%" valign="top">
    <p align="right"><img border="0" src="exhibi3.jpg" width="162" height="70"></td>
  </tr>
</table>

<P align="justify">
<B> <font size="3">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, 48<SUP>th</SUP> Floor,
Scotia Plaza, 40 King Street West, Toronto, Ontario Canada M5H 3Y4 on Tuesday, June 16, 2015 at 10:00 am (Toronto time) (the &#147;<B>Meeting</B>&#148;).The following matters will be reviewed and voted upon at this meeting: </P>
<UL style="text-align:justify;">
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Election of directors, as detailed on page 3 of the management information circular of the Corporation dated May 6, 2015 (the &#147;<B>Management Information Circular</B>&#148;)</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Appointment of auditors, as detailed on page 9 of the Management Information Circular</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Ratifying the extension of the Shareholder Rights Plan of the Corporation, as detailed on page 9 of the Management Information Circular</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Ratifying the 2015 Omnibus Equity Incentive Compensation Plan of the Corporation and the awards previously granted under such plan, as detailed on page 14 of the Management Information Circular</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Other business as may be properly brought before the meeting</LI>
</UL>
<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 the Meeting, including the Management Information Circular, may therefore be found at and downloaded from www.meetingdocuments.com/cst/EFR or from the Corporation&#146;s web page on Sedar at
www.sedar.com . Investors are reminded to review the Management Information Circular before voting at the Meeting.</P>
<P align="justify">
You have a number of options to vote your proxy: </P>
<UL style="text-align:justify;">
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Fax your signed proxy to 1-866-781-3111</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Return your signed proxy by mail using the enclosed business reply envelope</LI>
<LI>
<p style="margin-top: 0pt; margin-bottom: 0pt">Scan and send your signed proxy to proxy@canstockta.com.</LI>
</UL>
<P align="justify">
However you choose to vote, we must receive your vote by no later than 5:00 pm (Toronto time) on June 12, 2015, 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 the Meeting, or have any questions, please contact us at 1-888-433-6443 or fulfilment@canstockta.com prior to June 2, 2015 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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<SEQUENCE>6
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end
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