<SEC-DOCUMENT>0001062993-18-004344.txt : 20181105
<SEC-HEADER>0001062993-18-004344.hdr.sgml : 20181105
<ACCEPTANCE-DATETIME>20181105064909
ACCESSION NUMBER:		0001062993-18-004344
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		36
FILED AS OF DATE:		20181105
DATE AS OF CHANGE:		20181105

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228158
		FILM NUMBER:		181158685

	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>S-3
<SEQUENCE>1
<FILENAME>forms3.htm
<DESCRIPTION>S-3
<TEXT>
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   <TITLE>Energy Fuels Inc. - Form S-3 - Filed by newsfilecorp.com</TITLE>
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<P align=center>As filed with the Securities and Exchange Commission on November
5, 2018 </P>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>Washington, D.C.
20549</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=bottom>
    <TD align=center><B><FONT size=5>FORM S-3 </FONT></B><BR><B>REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></TD></TR></TABLE></DIV>
<P align=center><IMG
src="eflogo.jpg"
border=0 width="197" height="115"> </P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><B>
</B><BR>(Exact name of registrant as specified in its charter) </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=center><B><U>Ontario, Canada </U></B></TD>
    <TD align=center width="50%"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
    <TD align=center width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><B>225 Union Blvd., Suite 600 </B><BR><B>Lakewood, Colorado
80228 </B><BR><B><U>(303) 974-2140</U> </B><BR>(Address, including zip
code, and telephone number, including area code, of registrant&#146;s principal
executive offices) <BR></P>
<P align=center><B>Energy Fuels Resources (USA) Inc. </B><BR><B>225 Union
Blvd., Suite 600 </B><BR><B>Lakewood, Colorado 80228 </B><BR><B><U>(303)
974-2140</U> </B><BR>(Name, address, including zip code, and telephone
number, including area code, of agent for service) <BR></P>
<P align=center><B><I>Copies to: </I></B></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=bottom>
    <TD align=center>Richard Raymer <BR>James Guttman <BR>Dorsey &amp; Whitney
      LLP <BR>Brookfield Place, 161 Bay Street, Suite 4310 <BR>Toronto, Ontario,
      M5J 2S1, Canada </TD></TR></TABLE></DIV>
<P align=center><B><U>From time to time after the effective date of this
registration statement</U></B><B> </B><BR>(Approximate date of commencement of
proposed sale to public) <BR></P>
<P align=justify>If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the
following box.[&nbsp;&nbsp; ] </P>
<P align=justify>If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, please check the following box.[X] </P>
<P align=justify>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.[&nbsp;&nbsp; ]
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [&nbsp; &nbsp;] </P>
<P align=justify>If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box.[&nbsp;&nbsp; ] </P>
<P align=justify>If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box.[&nbsp;&nbsp; ] </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>
      <P align=justify>Indicate by check mark whether the registrant is a large
      accelerated filer, an accelerated filer, a non-accelerated filer, smaller
      reporting company, or an emerging growth company. See the definitions of
      &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting
      company,&#148; and &#147;emerging growth company&#148; in Rule 12b-2 of the Exchange Act.
      </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 vAlign=top>
    <TD align=left>Large accelerated filer [&nbsp;&nbsp; ] </TD>
    <TD align=left width="50%">Accelerated
      filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [X] </TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-accelerated filer&nbsp;&nbsp; [&nbsp; &nbsp;] </TD>
    <TD align=left width="50%">Smaller reporting company&nbsp;&nbsp; [&nbsp;
      &nbsp;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Do not check if a smaller reporting company) </TD>
    <TD align=left width="50%">Emerging growth company&nbsp; &nbsp;[X]
  </TD></TR></TABLE>
<P align=justify>If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 7(a)(2)(B) of the Securities Act.[ ] </P>
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<A name=page_3></A>
<P align=center><B>CALCULATION OF REGISTRATION FEE </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Title of each class</B> <BR><B>of</B> <BR><B>securities
      to be</B> <BR><B>registered</B> <BR></TD>
    <TD align=left width="20%"><B>Amount to be</B> <BR><B>registered</B>
      <BR><BR><BR></TD>
    <TD align=left width="20%"><B>Proposed</B> <BR><B>Maximum</B>
      <BR><B>Aggregate</B> <BR><B>Offering Price per</B> <BR><B>unit</B> </TD>
    <TD align=left width="20%"><B>Proposed</B> <BR><B>Maximum</B>
      <BR><B>Aggregate</B> <BR><B>Offering Price</B> <BR></TD>
    <TD align=left width="20%"><B>Amount of</B> <BR><B>registration
      fee</B><B><SUP>(3)(4)</SUP></B> <BR><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Common Shares, without par value </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Warrants </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rights </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Subscription Receipts </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Preferred Shares </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Debt Securities </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Units </TD>
    <TD align=left width="20%">(1) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">(2) </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%"><B>$150,000,000</B> </TD>
    <TD align=left width="20%"><B>$18,180</B> </TD></TR></TABLE></DIV><BR>
<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>Includes an indeterminate number of common shares, common
      share or preferred share purchase warrants, rights, subscription receipts,
      preferred shares, debt securities or units or any combination thereof.
      This registration statement also covers common shares or preferred shares
      that may be issued upon exercise of warrants and common shares or other
      securities that may be issued upon exercise or conversion of rights,
      subscription receipts, preferred shares, debt securities or units. In
      addition, any securities registered hereunder may be sold separately or as
      units with other securities registered hereunder. The securities which may
      be offered pursuant to this registration statement include, pursuant to
      Rule 416 of the Securities Act of 1933, as amended (the &#147;<B>Securities
      Act</B>&#148;), such additional number of common shares of the Registrant that
      may become issuable as a result of any stock split, stock dividends or
      similar event.</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>Represents the initial offering price of all securities
      sold up to an aggregate public offering price not to exceed $150,000,000
      or the equivalent thereof in foreign currencies, foreign currency units or
      composite currencies to the Registrant.</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>Pursuant to Rule 457(o) under the Securities Act, the
      registration fee has been calculated on the basis of the maximum aggregate
      offering price and the number of securities being registered has been
      omitted.</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>The registration fee has been calculated in accordance
      with Rule 457 under the Securities Act based on the current statutory fee
      of $121.20 per million.</P></TD></TR></TABLE>
<P align=justify><B>The Registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this
registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act, or until this registration statement shall
become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine. </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p align="justify"><font color="#FF0000">The information in this Prospectus is
not complete and may be changed. We may not sell these securities until the
Securities and Exchange Commission declares our registration statement
effective. This prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.</font></p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center width="23%" >&nbsp;</TD>
    <TD align=center nowrap  >
      <P align=center>Subject to Completion November 5, 2018&nbsp;&nbsp;</P></TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR>
    <TD align=left width="23%" ><FONT color=#ff0000><B>PROSPECTUS
      </B>&nbsp;</FONT></TD>
    <TD align=center nowrap  >&nbsp;</TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR>
    <TD align=center width="23%" >&nbsp;</TD>
    <TD align=center nowrap  >&nbsp;<IMG
      src="eflogo.jpg"
      border=0 width="197" height="115"></TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR>
    <TD align=center width="23%" >&nbsp;</TD>
    <TD align=center nowrap  >
      <P align=center><B><FONT size=5>ENERGY FUELS INC. </FONT></B></P></TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR vAlign=top>
    <TD align=center width="23%" >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 2px solid; BORDER-TOP: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center nowrap ><B>$150,000,000 </B><BR><B>Common
      Shares </B><BR><B>Warrants </B><BR><B>Rights </B><BR><B>Subscription
      Receipts </B><BR><B>Preferred Shares </B><BR><B>Debt Securities
      </B><BR><B>Units </B></TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR>
    <TD align=center width="23%" >&nbsp;</TD>
    <TD align=center nowrap  >&nbsp;</TD>
    <TD align=center width="23%" >&nbsp;</TD>
    </TR>
  <TR>
    <TD colspan="3" align=center valign="top" >
      <P align=justify>Energy Fuels Inc. may offer and sell, from time to time,
        up to $150,000,000 aggregate initial offering price of the Company&#146;s
        common shares, without par value (which we refer to as &#147;<B>Common
          Shares</B>&#148;), warrants to purchase Common Shares, warrants to purchase
        Preferred Shares (which we refer to collectively as &#147;<B>Warrants</B>&#148;),
        rights to purchase Common Shares or other securities of the Company (which
        we refer to as &#147;<B>Rights</B>&#148;) or any combination thereof (which we refer
        to as &#147;<B>Units</B>&#148;), subscription receipts for Common Shares, Warrants,
        Preferred Shares or any combination thereof (which we refer to as
        &#147;<B>Subscription Receipts</B>&#148;), preferred shares of the Company (which we
        refer to as &#147;<B>Preferred Shares</B>&#148;), or debt securities of the Company
        which may or may not be converted into other securities (which we refer to
        as &#147;<B>Debt Securities</B>&#148;), in one or more transactions under this
        Prospectus (which we refer to as the &#147;<B>Prospectus</B>&#148;). The Company may
        also offer under this Prospectus any Common Shares or Preferred Shares
        issuable upon the exercise of Warrants and any Common Shares or other
        securities of the Company issuable upon the exercise of Rights and any
        Common Shares or other securities issuable on conversion of Subscription
        Receipts, Preferred Shares or Debt Securities. Collectively, the Common
        Shares, Warrants, Rights, Subscription Receipts, Preferred Shares, Debt
        Securities, Common Shares or Preferred Shares issuable upon exercise of
        the Warrants, Common Shares or other securities issuable upon the exercise
        or conversion of Rights, Subscription Receipts, Preferred Shares, Debt
      Securities or Units are referred to as the &#147;<B>Securities.</B>&#148; </P>
      <P align=justify>This Prospectus provides you with a general description
        of the Securities that we may offer. Each time we offer Securities, we
        will provide you with a prospectus supplement (which we refer to as the
        &#147;<B>Prospectus Supplement</B>&#148;) that describes specific information about
        the particular Securities being offered and may add, update or change
        information contained in this Prospectus. You should read both this
        Prospectus and the Prospectus Supplement, together with any additional
        information which is incorporated by reference into this Prospectus and
        the Prospectus Supplement. <B>This Prospectus may not be used to offer or
          sell securities without the Prospectus Supplement which includes a
      description of the method and terms of that offering. </B></P>
      <P align=justify>We may sell the Securities on a continuous or delayed
        basis to or through underwriters, dealers or agents or directly to
        purchasers. The Prospectus Supplement, which we will provide to you each
        time we offer Securities, will set forth the names of any underwriters,
        dealers or agents involved in the sale of the Securities, and any
        applicable fee, commission or discount arrangements with them. For
        additional information on the methods of sale, you should refer to the
      section entitled &#147;Plan of Distribution&#148; in this Prospectus.</P>      <P align=justify>The Common Shares are traded on the NYSE American LLC
        (which we refer to as the &#147;<B>NYSE American</B>&#148;) under the symbol &#147;UUUU&#148;
        and on the Toronto Stock Exchange (which we refer to as the &#147;<B>TSX</B>&#148;)
        under the symbol &#147;EFI&#148;. On November 2, 2018, the last reported sale price
        of the Common Shares on the NYSE American was $3.47 per Common Share and
        on the TSX was Cdn$4.54 per Common Share. <B>With the exception of
          Warrants previously issued under an indenture dated as of March 14, 2016,
          which expire on March 14, 2019, and an indenture dated September 20, 2016,
          which expire on September 20, 2021, which Warrants are listed on the NYSE
          American, there is currently no market through which the Securities, other
    than the Common Shares, may be sold, and purchasers may not be
able to resell the Securities purchased under this Prospectus. This may affect
the pricing of the Securities, other than the Common Shares, in the secondary
market, the transparency and availability of trading prices, the liquidity of
these Securities and the extent of issuer regulation. </B>See &#147;Risk Factors.&#148; </P></TD>
    </TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B>Investing in the Securities
involves risks. See &#147;Risk Factors&#148; on page 5.</B></P>
<P align=justify><B>These Securities have not been
approved or disapproved by the U.S. Securities and Exchange Commission (which we
refer to as the &#147;SEC&#148;) or any state securities commission nor has the SEC or any
state securities commission passed upon the accuracy or adequacy of this
Prospectus. Any representation to the contrary is a criminal offense.</B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="70%" border=2>

  <TR vAlign=top>
    <TD align=center><B>THE DATE OF THIS PROSPECTUS
      IS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;<B>, 2018.</B> </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<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 align=left bgColor=#eeeeee><A
      href="#page_7"><B>ABOUT
      THIS PROSPECTUS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_7"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_8"><B>SUMMARY</B>
      </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_8"><B>2</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_11"><B>RISK
      FACTORS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_11"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_11"><B>CAUTIONARY
      STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_11"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14"><B>CAUTIONARY
      NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE OF MINERAL</B>
      <B>RESOURCES</B> </A></TD>
    <TD align=right width="4%"  bgColor=#eeeeee ><A
      href="#page_14"><B>8</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>USE
      OF PROCEEDS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>DESCRIPTION
      OF COMMON SHARES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>DESCRIPTION
      OF WARRANTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>DESCRIPTION
      OF RIGHTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_20"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_21"><B>DESCRIPTION
      OF SUBSCRIPTION RECEIPTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_21"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>DESCRIPTION
      OF PREFERRED SHARES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_24"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>DESCRIPTION
      OF DEBT SECURITIES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_24"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>DESCRIPTION
      OF UNITS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_33"><B>27</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34"><B>PLAN
      OF DISTRIBUTION</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_34"><B>28</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>TRANSFER
      AGENT AND REGISTRAR</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_35"><B>29</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>LEGAL
      MATTERS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_35"><B>29</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_36"><B>EXPERTS</B>
      </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_36"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_37"><B>WHERE
      YOU CAN FIND MORE INFORMATION</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_37"><B>31</B>
      </A></TD></TR></TABLE><BR>
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<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify>This Prospectus is a part of a registration statement that we
have filed with the SEC utilizing a &#147;shelf&#148; registration process. Under this
shelf registration process, we may sell any combination of the Securities
described in this Prospectus in one or more offerings up to a total dollar
amount of initial aggregate offering price of $150,000,000. This Prospectus
provides you with a general description of the Securities that we may offer. The
specific terms of the Securities in respect of which this Prospectus is being
delivered will be set forth in a Prospectus Supplement and may include, where
applicable: (i) in the case of Common Shares, the number of Common Shares
offered, the offering price and any other specific terms of the offering; (ii)
in the case of Warrants, the designation, number and terms of the Common Shares
or Preferred Shares purchasable upon exercise of the Warrants, any procedures
that will result in the adjustment of those numbers, the exercise price, dates
and periods of exercise, and the currency or the currency unit in which the
exercise price must be paid and any other specific terms; (iii) in the case of
Rights, the designation, number and terms of the Common Shares or other
securities of the Company purchasable upon exercise of the Rights, any
procedures that will result in the adjustment of these numbers, the date of
determining the shareholders entitled to the Rights distribution, the exercise
price, the dates and periods of exercise, the currency in which the Rights are
issued and any other terms specific to the Rights being offered; (iv) in the
case of Subscription Receipts, the designation, number and terms of the Common
Shares, Preferred Shares, Warrants or other securities receivable upon
satisfaction of certain release conditions, any procedures that will result in
the adjustment of those numbers, any additional payments to be made to holders
of Subscription Receipts upon satisfaction of the release conditions, the terms
of the release conditions, terms governing the escrow of all or a portion of the
gross proceeds from the sale of the Subscription Receipts, terms for the refund
of all or a portion of the purchase price for Subscription Receipts in the event
the release conditions are not met and any other specific terms; (v) in the case
of Preferred Shares, the rights, privileges, restrictions and conditions
assigned to the particular series upon the board of directors of the Company
approving their issuance, subject to the Company&#146;s articles of incorporation;
(vi) in the case of the Debt Securities, terms of any debt securities and any
related agreements or indentures; and (vii) in the case of Units, the
designation, number and terms of the Securities comprising the Units; A
Prospectus Supplement may include specific variable terms pertaining to the
Securities that are not within the alternatives and parameters set forth in this
Prospectus. </P>
<P align=justify>In connection with any offering of the Securities (unless
otherwise specified in a Prospectus Supplement), the underwriters or agents may
over-allot or effect transactions which stabilize or maintain the market price
of the Securities offered at a higher level than that which might exist in the
open market. Such transactions, if commenced, may be interrupted or discontinued
at any time. See &#147;Plan of Distribution&#148;. </P>
<P align=justify>Please carefully read both this Prospectus and any Prospectus
Supplement together with the documents incorporated herein and therein by
reference under &#147;Documents Incorporated by Reference&#148;, any free writing
prospectus and the additional information described below under &#147;Where You Can
Find More Information.&#148;</P>
<P align=justify><B>Owning securities may subject you to tax consequences both
in the United States and Canada. This Prospectus or any applicable Prospectus
Supplement may not describe these tax consequences fully. You should read the
tax discussion in any Prospectus Supplement with respect to a particular
offering and consult your own tax advisor with respect to your own particular
circumstances.</B></P>
<P align=justify>References in this Prospectus to &#147;$&#148; are to United States
dollars. Canadian dollars are indicated by the symbol &#147;Cdn$&#148;. </P>
<P align=justify>You should rely only on the information contained in this
Prospectus. We have not authorized anyone to provide you with information
different from that contained in this Prospectus. The distribution or possession
of this Prospectus in or from certain jurisdictions may be restricted by law.
This Prospectus is not an offer to sell these Securities and is not soliciting
an offer to buy these Securities in any jurisdiction where the offer or sale is
not permitted or where the person making the offer or sale is not qualified to
do so or to any person to whom it is not permitted to make such offer or sale.
The information contained in this Prospectus is accurate only as of the date of
this Prospectus, regardless of the time of delivery of this Prospectus or of any
sale of the Securities. Our business, financial condition, results of operations
and prospects may have changed since that date. </P>
<P align=justify>In this Prospectus and in any Prospectus Supplement, unless the
context otherwise requires, references to &#147;Energy Fuels&#148; &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148;
&#147;Registrant,&#148; &#147;our&#148; refer to Energy Fuels Inc., either alone or together with
its subsidiaries as the context requires. </P>
<P align=center>1 </P>
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<P align=center><B>SUMMARY </B></P>
<P align=justify><B>The Company </B></P>
<P align=justify>Energy Fuels Inc. was incorporated on June 24, 1987 in the
Province of Alberta under the name &#147;368408 Alberta Inc.&#148; In October 1987, 368408
Alberta Inc. changed its name to &#147;Trevco Oil &amp; Gas Ltd.&#148; In May 1990, Trevco
Oil &amp; Gas Ltd. changed its name to &#147;Trev Corp.&#148; In August 1994, Trev Corp.
changed its name to &#147;Orogrande Resources Inc.&#148; In April 2001 Orogrande Resources
Inc. changed its name to &#147;Volcanic Metals Exploration Inc.&#148; On September 2,
2005, the Company was continued under the <I>Business Corporations Act</I>
(Ontario). On March 26, 2006, Volcanic Metals Exploration Inc. acquired 100% of
the outstanding shares of &#147;Energy Fuels Resources Corporation.&#148; On May 26, 2006,
Volcanic Metals Exploration Inc. changed its name to &#147;Energy Fuels Inc.&#148;</P>
<P align=justify>Energy Fuels is engaged in conventional extraction and in situ
recovery (&#147;<B>ISR</B>&#148;) of uranium, along with the exploration, permitting, and
evaluation of uranium properties in the United States. Energy Fuels owns the
Nichols Ranch uranium recovery facility in Wyoming (the &#147;<B>Nichols Ranch
Project</B>&#148;), which is one of the newest ISR uranium recovery facilities
operating in the United States, and the Alta Mesa Project in Texas (&#147;<B>Alta
Mesa</B>&#148;), which is an ISR production center currently on standby. In addition,
Energy Fuels owns the White Mesa Mill in Utah (the &#147;<B>White Mesa Mill</B>&#148;),
which is the only conventional uranium recovery facility operating in the United
States. The White Mesa Mill can also recover vanadium as a co-product of
mineralized material produced from certain of its projects in Colorado and Utah.
The Company also owns uranium and uranium/vanadium properties and projects in
various stages of exploration, permitting, and evaluation, as well as
fully-permitted uranium and uranium/vanadium projects on standby. In addition,
Energy Fuels recovers uranium from other uranium-bearing materials not derived
from conventional material, referred to as &#147;alternate feed materials,&#148; at its
White Mesa Mill.</P>
<P align=justify>For a detailed description of the business of Energy Fuels
please refer to &#147;<I>Item 1. Description of Business</I>&#148; in the Company&#146;s Annual
Report on Form 10-K for the year ended December 31, 2017.</P>
<P align=justify>The Company&#146;s registered and head office is located at 82
Richmond St. East; Suite 308 Toronto, ON M5C 1P1. The Company&#146;s principal place
of business and the head office of the Company&#146;s U.S. subsidiaries is located at
225 Union Blvd., Suite 600, Lakewood, Colorado, 80228 USA.</P>
<P align=justify><B>The Securities Offered under this Prospectus </B></P>
<P align=justify>We may offer the Common Shares, Warrants, Rights, Subscription
Receipts, Preferred Shares, Debt Securities or Units with a total value of up to
$150,000,000 from time to time under this Prospectus, together with any
applicable Prospectus Supplement and related free writing prospectus, if any, at
prices and on terms to be determined by market conditions at the time of
offering. This Prospectus provides you with a general description of the
Securities we may offer. Each time we offer Securities, we will provide a
Prospectus Supplement that will describe the specific amounts, prices and other
important terms of the Securities, including, to the extent applicable: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>aggregate offering price;
  <LI>the designation, number and terms of the Common Shares or Preferred Shares
  purchasable upon exercise of the Warrants, any procedures that will result in
  the adjustment of those numbers, the exercise price, dates and periods of
  exercise, and the currency or the currency unit in which the exercise price
  must be paid and any other specific terms;
  <LI>the record date for shareholders entitled to receive the Rights, the
  designation, number and terms of the Common Shares or other securities
  purchasable upon exercise of the Rights, any procedures that will result in
  the adjustment of those numbers, the exercise price, dates and periods of
  exercise, and the currency or the currency unit in which the exercise price
  must be paid and any other specific terms;
  <LI>rates and times of payment of interest or dividends, if any;
  <LI>redemption, conversion, exchange or sinking funds terms, if any;
  <LI>rank and security, if any;
  <LI>conversion or exchange prices or rates, if any, and if applicable, any
  provision for changes or adjustment in the conversion or exchange prices or
  rates in the securities or other property receivable upon conversion or
  exchange;
  <LI>restrictive covenants, if any;
  <LI>voting or other rights, if any; and
  <LI>important United States and Canadian federal income tax considerations.
  </LI></UL>
<P align=justify>A Prospectus Supplement and any related free writing prospectus
that we may authorize to be provided to you may also add, update or change
information contained in this Prospectus or in documents we have incorporated by
reference. However, no Prospectus Supplement or free writing prospectus will offer a
security that is not registered and described in this Prospectus at the time of
the effectiveness of the registration statement of which this Prospectus is a
part. </P>
<P align=center>2 </P>
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<P align=justify>We may sell the Securities on a continuous or delayed basis to
or through underwriters, dealers or agents or directly to purchasers. The
Prospectus Supplement, which we will provide to you each time we offer
Securities, will set forth the names of any underwriters, dealers or agents
involved in the sale of the Securities, and any applicable fee, commission or
discount arrangements with them. </P>
<P align=justify><B><I>Common Shares</I></B></P>
<P align=justify>We may offer Common Shares. Holders of Common Shares are
entitled to one vote per Common Share on all matters that require shareholder
approval.</P>
<P align=justify>Our Common Shares are described in greater detail in this
Prospectus under &#147;Description of Common Shares.&#148;</P>
<P align=justify><B><I>Warrants </I></B></P>
<P align=justify>We may offer Warrants for the purchase of Common Shares or
Preferred Shares, in one or more series, from time to time. We may issue
Warrants independently or together with Common Shares or Preferred Shares and
the Warrants may be attached to or separate from such securities. </P>
<P align=justify>The Warrants may be evidenced by warrant certificates and may
be issued under one or more warrant indentures, which are contracts between us
and a warrant trustee for the holders of the Warrants. In this Prospectus, we
have summarized certain general features of the Warrants under &#147;Description of
Warrants.&#148; We urge you, however, to read any Prospectus Supplement and any free
writing prospectus that we may authorize to be provided to you related to the
series of Warrants being offered, as well as the complete warrant indentures, if
applicable, and warrant certificates that contain the terms of the Warrants. If
applicable, specific warrant indentures will contain additional important terms
and provisions and will be filed as exhibits to the registration statement of
which this Prospectus is a part, or incorporated by reference from a current
report on Form 8-K that we file with the SEC. </P>
<P align=justify><B><I>Rights </I></B></P>
<P align=justify>We may offer Rights to our existing shareholders to purchase
additional Common Shares, Preferred Shares or other securities of the Company.
For any particular Rights, the applicable Prospectus Supplement will describe
the terms of such Rights and rights agreement including the period during which
such Rights may be exercised, the manner of exercising such Rights, the
transferability of such Rights and the number of Common Shares, Preferred Shares
or other securities that may be purchased in connection with each right and the
subscription price for the purchase of such Common Shares, Preferred Shares or
other securities. In connection with a Rights offering, we may enter into a
separate agreement with one or more underwriters or standby purchasers to
purchase any securities not subscribed for in the Rights offering by existing
shareholders, which will be described in the applicable Prospectus Supplement.
Each series of Rights will be issued under a separate rights agreement to be
entered into between us and a bank, trust company or transfer agent, as rights
agent. </P>
<P align=justify>In this Prospectus, we have summarized certain general features
of the Rights under &#147;Description of Rights.&#148; We urge you, however, to read any
Prospectus Supplement and any free writing prospectus that we may authorize to
be provided to you related to the Rights being offered, as well as the complete
Rights certificates that contain the terms of the Rights. We may evidence each
series of rights by rights certificates that we may issue under a separate
rights agreement with a rights agent. If applicable, we will file as exhibits to
the registration statement of which this Prospectus is a part, or will
incorporate by reference from a current report on Form 8-K that we file with the
SEC, the rights agreements that describe the terms of the series of Rights we
are offering before the issuance of the related series of Rights. </P>
<P align=justify><B><I>Subscription Receipts </I></B></P>
<P align=justify>We may issue Subscription Receipts, which will entitle holders
to receive upon satisfaction of certain release conditions and for no additional
consideration, Common Shares, Preferred Shares, Warrants or other securities of
the Company or any combination thereof. Subscription Receipts will be issued
pursuant to one or more subscription receipt agreements, each to be entered into
between us and an escrow agent, which will establish the terms and conditions of
the Subscription Receipts. Each escrow agent will be a financial institution
organized under the laws of the United States or any state thereof or Canada or
any province thereof and authorized to carry on business as a trustee. A copy of
the form of subscription receipt agreement will be filed as an exhibit to the
registration statement of which this Prospectus is a part, or will be
incorporated by reference from a Current Report on Form 8-K that we file with
the SEC. </P>
<P align=center>3 </P>
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<P align=justify><B><I>Preferred Shares </I></B></P>
<P align=justify>We may offer Preferred Shares. The Preferred Shares issuable in
series will have the rights, privileges, restrictions and conditions assigned to
the particular series upon the board of directors of the Company approving their
issuance, subject to the Company&#146;s articles of incorporation. The Series A
Preferred Shares are non-redeemable, non-callable, non-voting and do not have a
right to dividends. The terms of any Preferred Shares offered under this
Prospectus and any related agreements will be described in the Prospectus
Supplement filed in respect of the issuance of such Preferred Shares. </P>
<P align=justify><B><I>Debt Securities </I></B></P>
<P align=justify>We may offer secured or unsecured Debt Securities, which may or
may not be converted into other securities, under this Prospectus. The terms of
any Debt Securities and any related agreements or indentures will be described
in a Prospectus Supplement to be filed in respect of such offering. </P>
<P align=justify><B><I>Units </I></B></P>
<P align=justify>We may offer Units consisting of Common Shares, Warrants,
Preferred Shares, Rights, Subscription Receipts and Debt Securities in any
combination. In this Prospectus, we have summarized certain general features of
the Units under &#147;Description of Units.&#148; We urge you, however, to read any
Prospectus Supplement and any free writing prospectus that we may authorize to
be provided to you related to the series of Units being offered. We may evidence
each series of Units by unit certificates that we may issue under a separate
unit agreement with a unit agent. If applicable, we will file as exhibits to the
registration statement of which this Prospectus is a part, or will incorporate
by reference from a current report on Form 8-K that we file with the SEC, the
unit agreements that describe the terms of the series of Units we are offering
before the issuance of the related series of Units. </P>
<P align=justify><B>Risk Factors</B></P>
<P align=justify>See &#147;<I>Risk Factors,&#148; </I>as well as other information
included in this prospectus, for a discussion of factors you should read and
consider carefully before investing in our securities </P>
<P align=justify><B>THIS PROSPECTUS MAY NOT BE USED TO OFFER OR SELL ANY
SECURITIES UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT. </B></P>
<P align=center>4 </P>
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<P align=center><B>RISK FACTORS </B></P>
<P align=justify><I>Investing in the Securities involves a high degree of risk.
Prospective investors in a particular offering of Securities should carefully
consider the following risks, as well as the other information contained in this
Prospectus, any applicable Prospectus Supplement, and the documents incorporated
by reference herein before investing in the Securities. If any of the following
risks actually occurs, our business could be materially harmed. Additional
risks, including those of which we are currently unaware or that we deem
immaterial, may also adversely affect our business. You should also read and
carefully consider the risk factors incorporated by reference into our Annual
Report on Form 10-K for the fiscal year ended December 31, 2017, and the other
information contained in this Prospectus, as updated by our subsequent filings
under the Securities Exchange Act of 1934, as amended and the risk factors and
other information contained in any applicable Prospectus Supplement, before
purchasing any of our Securities.</I> </P>
<P align=justify><B><I>You may experience future dilution as a result of future
equity offerings. </I></B></P>
<P align=justify>In order to raise additional capital, we may in the future
offer additional Common Shares or other securities convertible into or
exchangeable for Common Shares at prices that may not be the same as the price
per share paid by any investor in an offering in a subsequent Prospectus
Supplement. We may sell shares or other securities in any other offering at a
price per share that is less than the price per share or other security paid by
any investor in an offering in a subsequent Prospectus Supplement, and investors
purchasing shares or other securities in the future could have rights superior
to you. The price per share at which we sell additional Common Shares or
securities convertible or exchangeable into Common Shares, in future
transactions may be higher or lower than the price per share paid by any
investor in an offering under a subsequent Prospectus Supplement. </P>
<P align=justify><B><I>Future offerings of debt or preferred equity securities,
which would rank senior to our Common Shares, may adversely affect the market
price of our common shares. </I></B></P>
<P align=justify>If, in the future, we decide to issue debt or preferred equity
securities that may rank senior to our Common Shares, it is likely that such
securities will be governed by an indenture or other instrument containing
covenants restricting our operating flexibility. Any convertible or exchangeable
securities that we issue in the future may have rights, preferences and
privileges more favorable than those of our Common Shares and may result in
dilution to owners of our Common Shares. We and, indirectly, our shareholders,
will bear the cost of issuing and servicing such securities. Because our
decision to issue debt or equity securities in any future offering will depend
on market conditions and other factors beyond our control, we cannot predict or
estimate the amount, timing or nature of our future offerings. Thus, holders of
our Common Shares will bear the risk of our future offerings reducing the market
price of our Common Shares and diluting the value of their stock holdings in us.
</P>
<P align=justify><B><I>There can be no assurance as to the liquidity of the
trading market for certain Securities or that a trading market for certain
Securities will develop.</I></B> </P>
<P align=justify>With the exception of Warrants previously issued under an
indenture dated as of March 14, 2016, which expire on March 14, 2019, and an
indenture dated September 20, 2016, which expire on September 20, 2021, which
Warrants are listed on the NYSE American, there is no public market for the
Warrants, Preferred Shares, Rights, Subscription Receipts or Debt Securities
and, unless otherwise specified in the applicable Prospectus Supplement, the
Company does not intend to apply for listing of these securities on any
securities exchange. If these securities are traded after their initial issue,
they may trade at a discount from their initial offering prices depending on the
market for similar securities, prevailing interest rates and other factors,
including general economic conditions and the Company&#146;s financial condition.
There can be no assurance as to the liquidity of the trading market for any
Warrants, Preferred Shares, Rights, Subscription Receipts or Debt Securities or
that a trading market for these securities will develop.</P>
<P align=center><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
</B></P>
<P align=justify>This Prospectus and the documents incorporated by reference
herein contain &#147;forward-looking statements&#148; within the meaning of applicable US
and Canadian securities laws. Such forward-looking statements concern the
Company&#146;s anticipated results and progress of the Company&#146;s operations in future
periods, planned exploration, and, if warranted, development of its properties,
plans related to its business, and other matters that may occur in the future.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. </P>
<P align=center>5 </P>
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<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
schedules, assumptions, future events, or performance (often, but not always,
using words or phrases such as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;,
&#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;, &#147;estimates&#148; or &#147;intends&#148;, or
stating that certain actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148;
or &#147;will&#148; be taken, occur or be achieved) are not statements of historical fact
and may be forward-looking statements. </P>
<P align=justify>Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made. Energy Fuels
believes that the expectations reflected in these forward-looking statements are
reasonable, but no assurance can be given that these expectations will prove to
be correct, and such forward-looking statements included in, or incorporated by
reference into, this Prospectus should not be unduly relied upon. This
information speaks only as of the date of this Prospectus or as of the date of
the document incorporated by reference herein.</P>
<P align=justify>Certain of the forward-looking statements contained herein and
incorporated by reference are based on the reasonable assumptions and estimates
prepared by the Company concerning the uranium and vanadium mining industry and
the general expectations of the Company concerning such industry using data from
publicly available governmental sources as well as from the Company&#146;s research
and industry analysis and on assumptions based on data and knowledge of this
industry which the Company believes to be reasonable.</P>
<P align=justify>Readers are cautioned that it would be unreasonable to rely on
any such forward-looking statements and information as creating any legal
rights, and that the statements and information are not guarantees and may
involve known and unknown risks and uncertainties, and that actual results are
likely to differ (and may differ materially) and objectives and strategies may
differ or change from those expressed or implied in the forward-looking
statements or information as a result of various factors. Such risks and
uncertainties include risks generally encountered in the exploration,
development, operation, and closure of mineral properties and processing
facilities. Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause actual events
or results to differ from those expressed or implied by the forward-looking
statements, including, without limitation:</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 >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with mineral reserve and resource
      estimates, including the risk of errors in assumptions or methodologies;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with estimating mineral extraction and
      recovery, forecasting future price levels necessary to support mineral
      extraction and recovery, and the Company&#146;s ability to increase mineral
      extraction and recovery in response to any increases in commodity prices
      or other market conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>uncertainties and liabilities inherent to conventional
      mineral extraction and recovery and/or in-situ uranium recovery
      operations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>geological, technical and processing problems, including
      unanticipated metallurgical difficulties, less than expected recoveries,
      ground control problems, process upsets, and equipment malfunctions;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the depletion of existing mineral
      resources through mining or extraction, without replacement with
      comparable resources; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with identifying and obtaining adequate
      quantities of alternate feed materials and other feed sources required for
      operation of the White Mesa Mill in Utah; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with labor costs, labor disturbances,
      and unavailability of skilled labor; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the availability and/or
      fluctuations in the costs of raw materials and consumables used in the
      Company&#146;s production processes; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with environmental compliance and
      permitting, including those created by changes in environmental
      legislation and regulation, and delays in obtaining permits and licenses
      that could impact expected mineral extraction and recovery levels and
      costs; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>actions taken by regulatory authorities with respect to
      mineral extraction and recovery activities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the Company&#146;s dependence on third
      parties in the provision of transportation and other critical services;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the ability of the Company to
      extend or renew land tenure, including mineral leases and surface use
      agreements, on favorable terms or at all; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the ability of the Company to
      negotiate access rights on certain properties on favorable terms or at
      all; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the adequacy of the Company&#146;s insurance coverage;
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>uncertainty as to reclamation and decommissioning
      liabilities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the ability of the Company&#146;s bonding companies to require
      increases in the collateral required to secure reclamation obligations;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the potential for, and outcome of, litigation and other
      legal proceedings, including potential </P></TD></TR></TABLE>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></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%"  >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >injunctions pending the outcome
      of such litigation and proceedings; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the ability of the Company to meet its obligations to its
      creditors; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with paying off indebtedness at its
      maturity; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the Company&#146;s relationships with
      its business and joint venture partners; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>failure to obtain industry partner, government, and other
      third party consents and approvals, when required; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>competition for, among other things, capital, mineral
      properties, and skilled personnel; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>failure to complete proposed acquisitions and incorrect
      assessments of the value of completed acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks posed by fluctuations in share price levels,
      exchange rates and interest rates, and general economic conditions;
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks inherent in the Company&#146;s and industry analysts&#146;
      forecasts or predictions of future uranium, vanadium and copper price
      levels; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>fluctuations in the market prices of uranium, vanadium
      and copper, which are cyclical and subject to substantial price
      fluctuations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the Company&#146;s existing long-term
      sales contracts expiring following the Company&#146;s 2018 deliveries, and all
      uranium sales after 2018 being required to be made at spot prices, unless
      the Company is able to enter into new long-term contracts at satisfactory
      prices in the future; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>failure to obtain suitable uranium sales terms at
      satisfactory prices in the future, including spot and term sale contracts;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with asset impairment as a result of
      market conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with lack of access to markets and the
      ability to access capital; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the market price of Energy Fuels&#146; securities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>public resistance to nuclear energy or uranium extraction
      and recovery; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with inaccurate or nonobjective media
      coverage of the Company&#146;s activities and the impact such coverage may have
      on the public, the market for the Company&#146;s securities, government
      relations, permitting activities and legal challenges, as well as the
      costs to the Company of responding to such coverage; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>uranium industry competition, international trade
      restrictions and the impacts on world commodity prices of foreign state
      subsidized production; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the Company&#146;s involvement in
      industry petitions for trade remedies, including the costs of pursuing
      such remedies and the potential for negative responses or repercussions
      from various interest groups, consumers of uranium and participants in
      other phases of the nuclear fuel cycle; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to potentially higher than expected costs
      related to any of the Company&#146;s projects or facilities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks associated with the Company&#146;s ability to recover
      vanadium from pond solutions at the White Mesa Mill, with potentially
      higher than expected costs for any such recoveries, and with the Company&#146;s
      ability to sell any recovered vanadium at satisfactory price levels;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to the Company&#146;s ability to recover copper
      from our uranium project ores located south of Grand Canyon National Park
      in Arizona; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to securities regulations; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to stock price and volume volatility;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our ability to maintain our listing on
      the NYSE American and TSX; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our ability to maintain our inclusion in
      various stock indices; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to dilution of currently outstanding
      shares, from additional share issuances, depletion of assets or otherwise;
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our lack of dividends; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to recent market events; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our issuance of additional common shares
      under our At-the-Market (<B>&#147;ATM&#148;</B>) program or otherwise to provide
      adequate liquidity in depressed commodity market circumstances; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to acquisition and integration issues;
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to defects in title to our mineral
      properties; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our outstanding debt; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>risks related to our securities. </P></TD></TR></TABLE>
<P align=justify>This list is not exhaustive of the factors that may affect our
forward-looking statements. Some of the important risks and uncertainties that
could affect forward-looking statements are described further in the documents
incorporated by reference into this Prospectus. Although we have attempted to
identify important factors that could cause actual results to differ materially
from those described in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended. Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated, or expected. We caution readers not to place
undue reliance on any such forward-looking statements, which speak only as of
the date made. Except as required by law, we disclaim any obligation to
subsequently revise any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events. Statements relating to &#147;Mineral Reserves&#148;
or &#147;Mineral Resources&#148; are deemed to be forward-looking statements, as they
involve the implied assessment, based on certain estimates and assumptions that
the Mineral Reserves and Mineral Resources described may be profitably extracted
in the future.</P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=justify><B>We qualify all the forward-looking statements contained in
this Prospectus by the foregoing cautionary statements</B>.</P>
<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING
DISCLOSURE OF MINERAL RESOURCES </B></P>
<P align=justify>The Company is a U.S. Domestic Issuer for United States
Securities and Exchange Commission ("<B>SEC</B>") purposes, most of its
shareholders are U.S. residents, the Company is required to report its financial
results under U.S. Generally Accepted Accounting Principles ("<B>GAAP</B>"), and
its primary trading market is the NYSE American. However, because the Company is
incorporated in Canada and also listed on the TSX, this Prospectus contains or
incorporates by reference certain disclosure that satisfies the additional
requirements of Canadian securities laws, which differ from the requirements of
United States&#146; securities laws. Unless otherwise indicated, all reserve and
resource estimates included in this Prospectus and in the documents incorporated
by reference herein, have been prepared in accordance with Canadian National
Instrument 43-101 - <I>Standards of Disclosure for Mineral Projects</I> (&#147;<B>NI
43-101</B>&#148;) and the Canadian Institute of Mining, Metallurgy and Petroleum
(&#147;<B>CIM</B>&#148;) classification system. NI 43-101 is a rule developed by the
Canadian Securities Administrators (the &#147;<B>CSA</B>&#148;) which establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.</P>
<P align=justify>Canadian standards, including NI 43-101, differ significantly
from the requirements of the SEC, and reserve and resource information contained
herein, or incorporated by reference in this Prospectus, and in the documents
incorporated by reference herein, may not be comparable to similar information
disclosed by companies reporting under only United States standards. In
particular, and without limiting the generality of the foregoing, the term
&#147;resource&#148; does not equate to the term &#147;reserve&#148; under SEC Industry Guide 7.
Under United States standards, mineralization may not be classified as a
&#147;reserve&#148; unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility study is required to report reserves; the three-year
historical average price, to the extent possible, is used in any reserve or cash
flow analysis to designate reserves; and the primary environmental analysis or
report must be filed with the appropriate governmental authority. </P>
<P align=justify>The SEC&#146;s disclosure standards under Industry Guide 7 normally
do not permit the inclusion of information concerning &#147;Measured Mineral
Resources&#148;, &#147;Indicated Mineral Resources&#148; or &#147;Inferred Mineral Resources&#148; or
other descriptions of the amount of mineralization in mineral deposits that do
not constitute &#147;reserves&#148; by United States standards in documents filed with the
SEC. United States investors should also understand that &#147;Inferred Mineral
Resources&#148; have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. It cannot be assumed that all or any part
of an &#147;Inferred Mineral Resource&#148; will ever be upgraded to a higher category.
Under Canadian rules, estimated &#147;Inferred Mineral Resources&#148; may not form the
basis of feasibility or pre-feasibility studies.<B> United States investors are
cautioned not to assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into mineral reserves. Investors are cautioned
not to assume that all or any part of an &#147;Inferred Mineral Resource&#148; exists or
is economically or legally mineable.</B> </P>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_15></A>
<P align=justify>Disclosure of &#147;contained pounds&#148; or &#147;contained ounces&#148; in a
resource estimate is permitted and typical disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report
mineralization that does not constitute &#147;reserves&#148; by SEC standards as in-place
tonnage and grade without reference to unit measures. The requirements of NI
43-101 for identification of &#147;reserves&#148; are also not the same as those of the
SEC, and reserves reported by the Company in compliance with NI 43-101 may not
qualify as &#147;reserves&#148; under SEC Industry Guide 7 standards. Accordingly,
information concerning mineral deposits set forth herein may not be comparable
to information made public by companies that report in accordance with United
States standards. All reserves that were reported in the Company&#146;s Form 10-K for
the year ended December 31, 2017 were estimated in accordance with the definitions set forth in NI 43-101. The Company does not have
any reserves which conform to SEC Industry Guide 7 for reporting in the U.S. </P>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_16></A>
<P align=center><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P align=justify>We incorporate by reference the documents listed below and
future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended (which we refer to as
the &#147;<B>Exchange Ac</B>t&#148;) (excluding, unless otherwise provided therein or
herein, information furnished pursuant to Item 2.02, Item 7.01 and certain
exhibits furnished pursuant to Item 9.01 of our Current Reports on Form 8-K,
which are deemed to be furnished and not filed and therefore not incorporated by
reference herein, unless specifically stated otherwise in such filings, after
the date of the initial filing of this registration statement on Form S-3 to
which this Prospectus relates until the termination of the offering under this
Prospectus). Any statement contained in a document incorporated by reference in
this Prospectus shall be modified or superseded for purposes of this Prospectus
to the extent that a statement contained in this Prospectus, any related free
writing prospectus or in any other subsequently filed document which is
incorporated by reference modifies or supersedes such statement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>our Annual Report on Form 10-K, for the year ended
      December 31, 2017, as filed with the SEC on March 12, 2018;</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>our Quarterly Report on Form 10-Q for our fiscal quarter
      ended March 31, 2018, that we filed with the SEC on May 4, 2018;</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>our Quarterly Report on Form 10-Q for our fiscal quarter
      ended June 30, 2018, that we filed with the SEC on August 6,
  2018;</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>our Quarterly Report on Form 10-Q for our fiscal quarter
      ended September 30, 2018;</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>our proxy statement on Schedule 14A, dated April 11,
      2018, in connection with our May 30, 2018 annual meeting of
      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%">f. </TD>
    <TD>
      <P align=justify>our Current Reports on Form 8-K filed with the SEC on
      January 17, 2018, January 26, 2018, February 16, 2018, March 14, 2018,
      April 3, 2018, May 3, 2018, June 1, 2018, June 28, 2018, July 18, 2018,
      August 16, 2018 and October 31, 2018; 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>the description of our Common Shares contained in our
      registration statement on Form 40-F filed on November 15, 2013, as amended
      by the Company&#146;s Form 8-A12B dated August 7, 2018.</P></TD></TR></TABLE>
<P align=justify>Any statement contained in a document incorporated by reference
in this prospectus shall be deemed to be modified or superseded for purposes of
this prospectus to the extent that a statement contained in this prospectus or
in any other subsequently filed document that also is or is deemed to be
incorporated by reference in this prospectus modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this prospectus. </P>
<P align=justify>We will provide to each person, including any beneficial owner,
to whom a prospectus is delivered, a copy of any or all of the information that
has been incorporated by reference in the prospectus but not delivered with the
prospectus. We will provide this information, at no cost to the requester, upon
written or oral request at the following address or telephone number: Energy
Fuels Inc., 225 Union Blvd., Suite 600, Lakewood, CO 80228; telephone number
(303) 947-2140. </P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=center><B>RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE
DIVIDENDS </B></P>
<P align=justify>The following table sets forth our consolidated ratio of
earnings to combined fixed charges and preference dividends for the periods
indicated.</P>
<DIV>
<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-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="13" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>Fiscal Year Ended December 31,</B>  </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2013</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2014</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2015</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2016</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2017</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Ratio of Earnings to Combined
      Fixed <BR>Charges and Preference Dividends(1) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><BR>(23.9</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><BR>(50.3</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><BR>(39.5</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><BR>(16.6</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff><BR>(12.4</TD>
  <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)  </TD></TR></TABLE>
</DIV><BR>
<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>The ratio of earnings to combined fixed charges and
      preference dividends represents the number of times that fixed charges and
      preference dividends are covered by earnings. Earnings consist of income
      or loss from continuing operations before income taxes and fixed charges,
      excluding preference dividends. Fixed charges consist of interest expensed
      and capitalized under capital leases, estimated interest expense within
      rental expense, and preference dividends. In the years ended December 31,
      2013, 2014, 2015, 2016 and 2017, earnings were insufficient to cover fixed
      charges by $35.1 million, $84.9 million, $80.5 million, 38.0 million and
      $26.1 million, respectively.</P></TD></TR></TABLE>
<P align=justify>As of the date of this prospectus, we have no Preferred Shares
outstanding. Consequently, our ratio of earnings to combined fixed charges and
Preferred Share dividends and ratio of earnings to fixed charges would be
identical. </P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement, the net proceeds from the sale of Securities will be used by us for
acquisitions, the exploration, development, mining, milling and processing, as
warranted, of or relating to existing or acquired mineral properties and milling
and processing facilities, working capital requirements or for other general
corporate purposes. <B>More detailed information regarding the use of proceeds
from the sale of Securities will be described in the applicable Prospectus
Supplement.</B> We may, from time to time, issue Common Shares or other
securities otherwise than through the offering of Securities pursuant to this
Prospectus. </P>
<P align=center><B>DESCRIPTION OF COMMON SHARES </B></P>
<P align=justify>We are authorized to issue an unlimited number of Common
Shares, without par value, of which 91,036,766 are issued and outstanding as at
the date of this Prospectus. As of the date of this Prospectus, there are (a)
options outstanding to purchase up to 1,772,531 Common Shares at exercise prices
ranging from $1.70 to $15.61 and (b) restricted stock units redeemable for
1,614,483 Common Shares and (c) 6,573,105 warrants outstanding to purchase
Common Shares at exercise prices ranging from $2.45 to $3.20. Options and
warrants which were granted and are reported in Canadian dollars were translated
into US dollars at the November 1, 2018 foreign exchange rate of Cdn$1 = $0.7641
US dollar. </P>
<P align=justify>In addition, on July 24, 2012, the Company issued
Cdn$22,000,000 aggregate principal amount of convertible debentures (the
<B>&#147;Debentures&#148;</B>), which were amended on August 4, 2016. The Debentures will
mature on December 31, 2020 and may be converted into Common Shares of the
Company at the option of the holder at a conversion price, subject to certain
adjustments, of Cdn$4.15 per share at any time prior to redemption or maturity.
As of November 1, 2018, up to 5,028,916 Common Shares are issuable upon
conversion of the Debentures. At maturity, the Debentures may be retired either
through the payment of cash or, at the option of the Company, the issuance of
Common Shares. If retired through the issuance of Common Shares, the number of
Common Shares will be obtained by dividing the principal amount of the
Debentures by 95% of the volume weighted average trading price of the Common
Shares on the TSX over the 20 consecutive trading days ending five days prior to
maturity. </P>
<P align=justify>Holders of Common Shares are entitled to one vote per Common
Share at all meetings of shareholders. The holders of Common Shares are also
entitled to receive dividends as and when declared by our Board of Directors and
to receive a <I>pro rata</I> share of the assets of the Company available for
distribution to the holders of Common Shares in the event of the liquidation,
dissolution or winding-up of the Company. There are no preemptive, conversion or
redemption rights attached to the Common Shares. </P>
<P align=center><B>DESCRIPTION OF WARRANTS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements and free
writing prospectuses, summarizes the material terms and provisions of the
Warrants that we may offer under this Prospectus, which will consist of Warrants
to purchase Common Shares or Preferred Shares and may be issued in one or more
series. Warrants may be offered independently or together with Common Shares or
Preferred Shares, Rights or any combination thereof, and may be attached to or
separate from those Securities. While the terms we have summarized below will
apply generally to any Warrants that we may offer under this Prospectus, we will
describe the particular terms of any series of Warrants that we may offer in
more detail in the applicable Prospectus Supplement and any applicable free
writing prospectus. The terms of any Warrants offered under a Prospectus
Supplement may differ from the terms described below.</P>
<P align=justify><B>General </B></P>
<P align=justify>Warrants may be issued under and governed by the terms of one
or more warrant indentures (each of which we refer to as a &#147;<B>Warrant
Indenture</B>&#148;) between us and a warrant trustee (which we refer to as the
&#147;<B>Warrant Trustee</B>&#148;) that we will name in the relevant Prospectus
Supplement, if applicable. Each Warrant Trustee will be a financial institution
organized under the laws of Canada, the United States, or any province or state
thereof, and authorized to carry on business as a trustee. </P>
<P align=justify>This summary of some of the provisions of the Warrants is not
complete. The statements made in this Prospectus relating to any Warrant
Indenture and Warrants to be issued under this Prospectus are summaries of
certain anticipated provisions thereof and do not purport to be complete and are
subject to, and are qualified in their entirety by reference to, all provisions
of the Warrant Indenture, if any, and the Warrant certificate. Prospective
investors should refer to the Warrant Indenture, if any, and the Warrant
certificate relating to the specific Warrants being offered for the complete terms of the Warrants. If applicable,
we will file as exhibits to the registration statement of which this Prospectus
is a part, or will incorporate by reference from a Current Report on Form 8-K
that we file with the SEC, any Warrant Indenture describing the terms and
conditions of Warrants we are offering before the issuance of such Warrants.</P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify>The applicable Prospectus Supplement relating to any Warrants
offered by us will describe the particular terms of those Warrants and include
specific terms relating to the offering. This description will include, where
applicable:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the designation and aggregate number of Warrants;
  <LI>the price at which the Warrants will be offered;
  <LI>the currency or currencies in which the Warrants will be offered;
  <LI>the date on which the right to exercise the Warrants will commence and the
  date on which the right will expire;
  <LI>the number of Common Shares or Preferred Shares that may be purchased upon
  exercise of each Warrant and the price at which and currency or currencies in
  which the Common Shares or Preferred Shares may be purchased upon exercise of
  each Warrant;
  <LI>the designation and terms of any Securities with which the Warrants will
  be offered, if any, and the number of the Warrants that will be offered with
  each Security;
  <LI>the date or dates, if any, on or after which the Warrants and the other
  Securities with which the Warrants will be offered will be transferable
  separately;
  <LI>whether the Warrants will be subject to redemption and, if so, the terms
  of such redemption provisions;
  <LI>whether we will issue the Warrants as global securities and, if so, the
  identity of the depositary of the global securities;
  <LI>whether the Warrants will be listed on any exchange;
  <LI>material United States and Canadian federal income tax consequences of
  acquiring, owning, exercising and disposing of the Warrants; and
  <LI>any other material terms or conditions of the Warrants. </LI></UL>
<P align=justify><B>Rights of Holders Prior to Exercise </B></P>
<P align=justify>Prior to the exercise of their Warrants, holders of Warrants
will not have any of the rights of holders of the Common Shares or Preferred
Shares issuable upon exercise of the Warrants.</P>
<P align=justify><B>Exercise of Warrants </B></P>
<P align=justify>Each Warrant will entitle the holder to purchase the Common
Shares or Preferred Shares that we specify in the applicable Prospectus
Supplement at the exercise price that we describe therein. Unless we otherwise
specify in the applicable Prospectus Supplement, holders of the Warrants may
exercise the Warrants at any time up to the specified time on the expiration
date that we set forth in the applicable Prospectus Supplement. After the close
of business on the expiration date, unexercised Warrants will become void. </P>
<P align=justify>Holders of the Warrants may exercise the Warrants by delivering
the Warrant certificate representing the Warrants to be exercised together with
specified information, and paying the required amount to the Warrant Trustee, if
any, or to us, as applicable, in immediately available funds, as provided in the
applicable Prospectus Supplement. We will set forth on the Warrant certificate
and in the applicable Prospectus Supplement the information that the holder of
the Warrant will be required to deliver to the Warrant Trustee, if any, or to
us, as applicable. </P>
<P align=justify>Upon receipt of the required payment and the Warrant
certificate properly completed and duly executed at the corporate trust office
of the Warrant Trustee, if any, to us at our principal offices, as applicable,
or any other office indicated in the applicable Prospectus Supplement, we will
issue and deliver the Common Shares or Preferred Shares purchasable upon such
exercise. If fewer than all of the Warrants represented by the Warrant
certificate are exercised, then we will issue a new Warrant certificate for the
remaining amount of Warrants. If we so indicate in the applicable Prospectus
Supplement, holders of the Warrants may surrender securities as all or part of
the exercise price for Warrants. </P>
<P align=justify><B>Anti-Dilution </B></P>
<P align=justify>The Warrant Indenture, if any, and the Warrant certificate will
specify that upon the subdivision, consolidation, reclassification or other
material change of the Common Shares or Preferred Shares or any other
reorganization, amalgamation, merger or sale of all or substantially all of our
assets, the Warrants will thereafter evidence the right of the holder to receive the securities, property or cash
deliverable in exchange for or on the conversion of or in respect of the Common
Shares or Preferred Shares to which such holder would have been entitled
immediately after such event. Similarly, any distribution to all or
substantially all of the holders of Common Shares or Preferred Shares of rights,
options, warrants, evidences of indebtedness or assets will result in an
adjustment in the number of Common Shares or Preferred Shares to be issued to
holders of Warrants, as applicable. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B>Global Securities </B></P>
<P align=justify>We may issue Warrants in whole or in part in the form of one or
more global securities, which will be registered in the name of and be deposited
with a depositary, or its nominee, each of which will be identified in the
applicable Prospectus Supplement. The global securities may be in temporary or
permanent form. The applicable Prospectus Supplement will describe the terms of
any depositary arrangement and the rights and limitations of owners of
beneficial interests in any global security. The applicable Prospectus
Supplement will describe the exchange, registration and transfer rights relating
to any global security. </P>
<P align=justify><B>Modifications </B></P>
<P align=justify>The Warrant Indenture, if any, will provide for modifications
and alterations to the Warrants issued thereunder by way of a resolution of
holders of Warrants at a meeting of such holders or a consent in writing from
such holders. The number of holders of Warrants required to pass such a
resolution or execute such a written consent will be specified in the Warrant
Indenture, if any.</P>
<P align=justify>We may amend any Warrant Indenture and the Warrants, without
the consent of the holders of the Warrants, to cure any ambiguity, to cure,
correct or supplement any defective or inconsistent provision, or in any other
manner that will not materially and adversely affect the interests of holders of
outstanding Warrants.</P>
<P align=center><B>DESCRIPTION OF RIGHTS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements and free
writing prospectuses, summarizes the material terms and provisions of the Rights
that we may offer under this Prospectus. Rights may be offered independently or
together with Common Shares, Warrants, Preferred Shares or other security, or a
combination thereof, and may be attached to or separate from those Securities.
While the terms we have summarized below will apply generally to any Rights that
we may offer under this Prospectus, we will describe the particular terms of any
series of Rights in more detail in the applicable Prospectus Supplement. The
terms of any Rights offered under a Prospectus Supplement may differ from the
terms described below.</P>
<P align=justify><B>General </B></P>
<P align=justify>Rights may be issued independently or together with any other
security and may or may not be transferable. As part of any rights offering, we
may enter into a standby underwriting or other arrangement under which the
underwriters or any other person would purchase any securities that are not
purchased in such rights offering. If we issue Rights, each series of Rights
will be issued under a separate rights agreement to be entered into between us
and a bank, trust company or transfer agent, as rights agent, that will be named
in the applicable Prospectus Supplement. Further terms of the Rights will be
stated in the applicable Prospectus Supplement. The rights agent will act solely
as our agent and will not assume any obligation to any holders of Rights
certificates or beneficial owners of Rights. The rights agreements and rights
certificates will be filed with the SEC as an exhibit to the registration
statement of which this Prospectus is a part or as an exhibit to a filing
incorporated by reference in the registration statement.</P>
<P align=justify>The Prospectus Supplement relating to any Rights we offer will
describe the specific terms of the offering and the Rights, including the record
date for shareholders entitled to the Rights distribution, the number of Rights
issued and the number of Common Shares or other securities that may be purchased
upon exercise of the Rights, the exercise price of the Rights, the date on which
the Rights will become effective and the date on which the Rights will expire,
and any applicable U.S. and Canadian federal income tax considerations. </P>
<P align=justify>In general, a Right entitles the holder to purchase for cash a
specific number of Common Shares or other securities at a specified exercise
price. The Rights are normally issued to shareholders as of a specific record
date, may be exercised only for a limited period of time and become void
following the expiration of such period. If we decide to issue Rights, we will
accompany this Prospectus with a Prospectus Supplement that will describe, among
other things: </P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></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="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the record date for shareholders entitled to receive the
      Rights; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the number of Common Shares or other securities that may
      be purchased upon exercise of each Right; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the exercise price of the Rights; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the terms for changes to or adjustments in the exercise
      price, if any; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>whether the Rights are transferable; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the period during which the Rights may be exercised and
      when they will expire; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>the steps required to exercise the Rights; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>whether the Rights include &#147;oversubscription rights&#148; so
      that the holder may purchase more securities if other holders do not
      purchase their full allotments; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>whether we intend to sell Common Shares or other
      securities that are not purchased in the rights offering to an underwriter
      or other purchaser under a contractual &#147;standby&#148; commitment or other
      arrangement; </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>our ability to withdraw or terminate the rights offering;
      </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>material United States and Canadian federal income tax
      consequences of acquiring, owning, exercising and disposing of Rights; and
      </P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="10%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>other material terms, including terms relating to
      transferability, exchange, exercise or amendment of the Rights.
  </P></TD></TR></TABLE>
<P align=justify>If fewer than all of the Rights issued in any rights offering
are exercised, we may offer any unsubscribed securities directly to persons
other than shareholders, to or through agents, underwriters or dealers or
through a combination of such methods, including pursuant to standby
arrangements, as described in the applicable Prospectus Supplement. After the
close of business on the expiration date, all unexercised Rights will become
void. </P>
<P align=justify>Prior to the exercise of a holder&#146;s Rights, the holder will not
have any of the rights of holders of the securities issuable upon the exercise
of the Rights and will not be entitled to, among other things, vote or receive
dividend payments or other distributions on the securities purchasable upon
exercise. </P>
<P align=center><B>DESCRIPTION OF SUBSCRIPTION RECEIPTS </B></P>
<P align=justify>We may issue Subscription Receipts, which will entitle holders
to receive upon satisfaction of certain release conditions and for no additional
consideration, Common Shares, Warrants, Preferred Shares or any combination
thereof. Subscription Receipts will be issued pursuant to one or more
subscription receipt agreements (each, a &#147;<B>Subscription Receipt
Agreement</B>&#148;), each to be entered into between us and an escrow agent (the
&#147;<B>Escrow Agent</B>&#148;), which will establish the terms and conditions of the
Subscription Receipts. Each Escrow Agent will be a financial institution
organized under the laws of the United States or a state thereof or Canada or a
province thereof and authorized to carry on business as a trustee. We will file
as exhibits to the registration statement of which this Prospectus is a part, or
will incorporate by reference from a Current Report on Form 8-K that we file
with the SEC, any Subscription Receipt Agreement describing the terms and
conditions of Subscription Receipts we are offering before the issuance of such
Subscription Receipts.</P>
<P align=justify>The following description sets forth certain general terms and
provisions of Subscription Receipts and is not intended to be complete. The
statements made in this Prospectus relating to any Subscription Receipt
Agreement and Subscription Receipts to be issued thereunder are summaries of
certain anticipated provisions thereof and are subject to, and are qualified in
their entirety by reference to, all provisions of the applicable Subscription
Receipt Agreement and the Prospectus Supplement describing such Subscription
Receipt Agreement. </P>
<P align=center>15 </P>
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<P align=justify>The Prospectus Supplement relating to any Subscription Receipts
we offer will describe the Subscription Receipts and include specific terms
relating to their offering. All such terms will comply with the requirements of
the TSX and NYSE American relating to Subscription Receipts. If underwriters or
agents are used in the sale of Subscription Receipts, one or more of such
underwriters or agents may also be parties to the Subscription Receipt Agreement
governing the Subscription Receipts sold to or through such underwriters or
agents. </P>
<P align=justify><B>General </B></P>
<P align=justify>The Prospectus Supplement and the Subscription Receipt
Agreement for any Subscription Receipts we offer will describe the specific
terms of the Subscription Receipts and may include, but are not limited to, any
of the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the designation and aggregate number of Subscription Receipts offered; </P>
  <LI>
  <P>the price at which the Subscription Receipts will be offered; </P>
  <LI>
  <P>the currency or currencies in which the Subscription Receipts will be
  offered; </P>
  <LI>
  <P>the designation, number and terms of the Common Shares, Warrants, Preferred
  Shares or combination thereof to be received by holders of Subscription
  Receipts upon satisfaction of the release conditions, and the procedures that
  will result in the adjustment of those numbers; </P>
  <LI>
  <P>the conditions (the &#147;<B>Release Conditions</B>&#148;) that must be met in order
  for holders of Subscription Receipts to receive for no additional
  consideration Common Shares, Warrants, Preferred Shares or a combination
  thereof; </P>
  <LI>
  <P>the procedures for the issuance and delivery of Common Shares, Warrants,
  Preferred Shares or a combination thereof to holders of Subscription Receipts
  upon satisfaction of the Release Conditions; </P>
  <LI>
  <P>whether any payments will be made to holders of Subscription Receipts upon
  delivery of the Common Shares, Warrants, Preferred Shares or a combination
  thereof upon satisfaction of the Release Conditions (<I>e.g.</I>, an amount
  equal to dividends declared on Common Shares or Preferred Shares by us to
  holders of record during the period from the date of issuance of the
  Subscription Receipts to the date of issuance of any Common Shares or
  Preferred Shares pursuant to the terms of the Subscription Receipt Agreement);
  </P>
  <LI>
  <P>the terms and conditions under which the Escrow Agent will hold all or a
  portion of the gross proceeds from the sale of Subscription Receipts, together
  with interest and income earned thereon (collectively, the &#147;<B>Escrowed
  Funds</B>&#148;), pending satisfaction of the Release Conditions; </P>
  <LI>
  <P>the terms and conditions pursuant to which the Escrow Agent will hold
  Common Shares or Warrants or Preferred Shares or a combination thereof pending
  satisfaction of the Release Conditions; </P>
  <LI>
  <P>the terms and conditions under which the Escrow Agent will release all or a
  portion of the Escrowed Funds to us upon satisfaction of the Release
  Conditions; </P>
  <LI>
  <P>if the Subscription Receipts are sold to or through underwriters or agents,
  the terms and conditions under which the Escrow Agent will release a portion
  of the Escrowed Funds to such underwriters or agents in payment of all or a
  portion of their fees or commission in connection with the sale of the
  Subscription Receipts; </P>
  <LI>
  <P>procedures for the refund by the Escrow Agent to holders of Subscription
  Receipts of all or a portion of the subscription price for their Subscription
  Receipts, plus any <I>pro rata </I>entitlement to interest earned or income
  generated on such amount, if the Release Conditions are not satisfied; </P>
  <LI>
  <P>any entitlement of the Company to purchase the Subscription Receipts in the
  open market by private agreement or otherwise; </P>
  <LI>
  <P>whether we will issue the Subscription Receipts as global securities and,
  if so, the identity of the depositary for the global securities; </P>
  <LI>
  <P>whether we will issue the Subscription Receipts as bearer securities,
  registered securities or both; </P>
  <LI>
  <P>provisions as to modification, amendment or variation of the Subscription
  Receipt Agreement or any rights or terms attaching to the Subscription
  Receipts; </P>
  <LI>
  <P>the identity of the Escrow Agent; </P></LI></UL>
<P align=center>16 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>whether the Subscription Receipts will be listed on any exchange; </P>
  <LI>
  <P>material United States and Canadian federal tax consequences of acquiring,
  owning, receiving securities in exchange and disposing of the Subscription
  Receipts; and </P>
  <LI>
  <P>any other terms of the Subscription Receipts. </P></LI></UL>
<P align=justify>In addition, the Prospectus Supplement and the Subscription
Receipt Agreement for any Subscription Receipts we offer will describe all
contractual rights of rescission that will be granted to initial purchasers of
Subscription Receipts in the event this Prospectus, the Prospectus Supplement
under which the Subscription Receipts are issued or any amendment hereto or
thereto contains a misrepresentation, as discussed further under the
sub-paragraph entitled &#147;Rescission&#148; below.</P>
<P align=justify><B>The holders of Subscription Receipts will not be
shareholders of the Company. Holders of Subscription Receipts are entitled only
to receive Common Shares, Warrants, Preferred Shares or a combination thereof on
exchange of their Subscription Receipts, plus any cash payments provided for
under the Subscription Receipt Agreement, if the Release Conditions are
satisfied. If the Release Conditions are not satisfied, the holders of
Subscription Receipts shall be entitled to a refund of all or a portion of the
subscription price therefor and all or a portion of the </B><B><I>pro
rata</I></B><B> share of interest earned or income generated thereon, as
provided in the Subscription Receipt Agreement. </B></P>
<P align=justify><B>Escrow </B></P>
<P align=justify>The Escrowed Funds will be held in escrow by the Escrow Agent,
and such Escrowed Funds will be released to us (and, if the Subscription
Receipts are sold to or through underwriters or agents, a portion of the
Escrowed Funds may be released to such underwriters or agents in payment of all
or a portion of their fees in connection with the sale of the Subscription
Receipts) at the time and under the terms specified by the Subscription Receipt
Agreement. If the Release Conditions are not satisfied, holders of Subscription
Receipts will receive a refund of all or a portion of the subscription price for
their Subscription Receipts plus their <I>pro rata</I> entitlement to interest
earned or income generated on such amount, in accordance with the terms of the
Subscription Receipt Agreement. Common Shares or Warrants or Preferred Shares
may be held in escrow by the Escrow Agent, and will be released to the holders
of Subscription Receipts following satisfaction of the Release Conditions at the
time and under the terms specified in the Subscription Receipt Agreement. </P>
<P align=justify><B>Anti-Dilution </B></P>
<P align=justify>The Subscription Receipt Agreement will specify that upon the
subdivision, consolidation, reclassification or other material change of the
Common Shares or Warrants or Preferred Shares, as applicable, or any other
reorganization, amalgamation, merger or sale of all or substantially all of our
assets, the Subscription Receipts will thereafter evidence the right of the
holder to receive the securities, property or cash deliverable in exchange for
or on the conversion of or in respect of the Common Shares or Warrants or
Preferred Shares to which the holder of a Common Share or Warrant or Preferred
Share would have been entitled immediately after such event. Similarly, any
distribution to all or substantially all of the holders of Common Shares or
Preferred Shares, as applicable, of rights, options, warrants, evidences of
indebtedness or assets will result in an adjustment in the number of Common
Shares or Preferred Shares, as applicable, to be issued to holders of
Subscription Receipts whose Subscription Receipts entitle the holders thereof to
receive Common Shares or Preferred Shares, as applicable. Alternatively, such
securities, evidences of indebtedness or assets may, at our option, be issued to
the Escrow Agent and delivered to holders of Subscription Receipts on exercise
thereof. The Subscription Receipt Agreement will also provide that if other
actions of the Company affect the Common Shares or Warrants or Preferred Shares,
as applicable, which, in the reasonable opinion of our directors, would
materially affect the rights of the holders of Subscription Receipts and/or the
rights attached to the Subscription Receipts, the number of Common Shares or
Warrants or Preferred Shares, as applicable, which are to be received pursuant
to the Subscription Receipts shall be adjusted in such manner, if any, and at
such time as our directors may in their discretion reasonably determine to be
equitable to the holders of Subscription Receipts in such circumstances. </P>
<P align=justify><B>Rescission </B></P>
<P align=justify>The Subscription Receipt Agreement will also provide that any
misrepresentation in this Prospectus, the Prospectus Supplement under which the
Subscription Receipts are offered, or any amendment thereto, will entitle each
initial purchaser of Subscription Receipts to a contractual right of rescission
following the issuance of the Common Shares or Warrants or Preferred Shares, as
applicable, to such purchaser entitling such purchaser to receive the amount
paid for the Subscription Receipts upon surrender of the Common
Shares or Warrants or Preferred Shares, as applicable, provided that such remedy
for rescission is exercised in the time stipulated in the Subscription Receipt
Agreement. This right of rescission does not extend to holders of Subscription
Receipts who acquire such Subscription Receipts from an initial purchaser, on
the open market or otherwise, or to initial purchasers who acquire Subscription
Receipts in the United States. </P>
<P align=center>17 </P>
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<P align=justify><B>Global Securities </B></P>
<P align=justify>We may issue Subscription Receipts in whole or in part in the
form of one or more global securities, which will be registered in the name of
and be deposited with a depositary, or its nominee, each of which will be
identified in the applicable Prospectus Supplement. The global securities may be
in temporary or permanent form. The applicable Prospectus Supplement will
describe the terms of any depositary arrangement and the rights and limitations
of owners of beneficial interests in any global security. The applicable
Prospectus Supplement also will describe the exchange, registration and transfer
rights relating to any global security. </P>
<P align=justify><B>Modifications </B></P>
<P align=justify>The Subscription Receipt Agreement will provide for
modifications and alterations to the Subscription Receipts issued thereunder by
way of a resolution of holders of Subscription Receipts at a meeting of such
holders or a consent in writing from such holders. The number of holders of
Subscriptions Receipts required to pass such a resolution or execute such a
written consent will be specified in the Subscription Receipt Agreement. </P>
<P align=center><B>DESCRIPTION OF PREFERRED SHARES </B></P>
<P align=justify>The Preferred Shares issuable in series will have the rights,
privileges, restrictions and conditions assigned to the particular series upon
the board of directors of the Company approving their issuance, subject to the
Company&#146;s articles of continuance. The Series A Preferred Shares are
non-redeemable, non-callable, non-voting and do not have a right to dividends.
The terms of any Preferred Shares offered under this Prospectus and any related
agreements will be described in the Prospectus Supplement filed in respect of
the issuance of such Preferred Shares. </P>
<P align=center><B>DESCRIPTION OF DEBT SECURITIES </B></P>
<P align=justify>From time to time, Debt Securities may be offered and sold
under this Prospectus. The terms of any Debt Securities and any related
agreements or indentures will be described in a Prospectus Supplement to be
filed in respect of such offering.</P>
<P align=justify>We will provide particular terms and provisions of a series of
Debt Securities, and a description of how the general terms and provisions
described below may apply to that series, in a Prospectus Supplement. The
following summary may not contain all of the information that is important to
the investor. For a more complete description, prospective investors should
refer to the applicable Prospectus Supplement and to the applicable indenture
(the &#147;<B>Indenture</B>&#148;), a copy of which will be distributed in connection with
any distribution of Debt Securities under this Prospectus and filed by us with
the securities regulatory authorities in Canada and the United States after we
have entered into it. The Indenture will be subject to and governed by the U.S.
Trust Indenture Act of 1939, as amended. </P>
<P align=justify>The Indenture may not limit the aggregate principal amount of
Debt Securities which may be issued under it, and we may issue Debt Securities
in one or more series. Securities may be denominated and payable in any
currency. We may offer no more than $150,000,000 (or the equivalent in other
currencies) aggregate principal amount of Debt Securities pursuant to this
Prospectus. Unless otherwise indicated in the applicable Prospectus Supplement,
the Indenture will permit us, without the consent of the holders of any Debt
Securities, to issue additional Debt Securities under the Indenture with the
same terms and with the same CUSIP numbers as the Debt Securities offered in
that series, provided that such additional Debt Securities must be part of the
same issue as the Debt Securities offered in that series for U.S. federal income
tax purposes. We may also from time to time repurchase Debt Securities in open
market purchases or negotiated transactions without prior notice to holders.
</P>
<P align=justify>The applicable Prospectus Supplement will set forth the
following terms relating to the Debt Securities offered by such Prospectus
Supplement: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the title of the Debt Securities; </LI></UL>
<P align=center>18 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>the total principal amount of the Debt Securities;
  <LI>whether the Debt Securities will be issued in individual certificates to
  each holder or in the form of temporary or permanent global Debt Securities
  held by a depositary on behalf of holders;
  <LI>the date or dates on which the principal of and any premium on the Debt
  Securities will be payable;
  <LI>any interest rate, the date from which interest will accrue, interest
  payment dates and record dates for interest payments and whether and under
  what circumstances any additional amounts with respect to the Debt Securities
  will be payable;
  <LI>the place or places where payments on the Debt Securities will be payable;

  <LI>any provisions for optional redemption, early repayment, retraction,
  purchase for cancellation or surrender;
  <LI>any sinking fund or other provisions that would require the redemption,
  purchase or repayment of Debt Securities;
  <LI>whether payments on the Debt Securities will be payable in a foreign
  currency or currency units or another form;
  <LI>the portion of the principal amount of Debt Securities that will be
  payable if the maturity is accelerated, other than the entire principal
  amount;
  <LI>events of default by the Company and covenants of the Company;
  <LI>any restrictions or other provisions relating to the transfer or exchange
  of Debt Securities;
  <LI>any provisions permitting or restricting the issuance of additional
  securities, the incurring of additional indebtedness and other material
  negative covenants including restrictions against payment of dividends and
  restrictions against giving security on our assets or the assets of our
  subsidiaries;
  <LI>the rank and terms of subordination of any series of subordinate debt;
  <LI>whether or not the Debt Securities will be secured or unsecured, and the
  terms of any secured debt including a general description of the collateral
  and of the material terms of any related security, pledge or other agreements;

  <LI>any terms for the conversion or exchange of the Debt Securities for other
  securities of the Company or any other entity, or for the redemption on
  maturity through the issuance of Common Shares or any other securities of the
  Company; and
  <LI>any other terms of the Debt Securities not prohibited by the Indenture.
  </LI></UL>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement we will issue Debt Securities in registered form without coupons, and
in denominations of $1,000 and multiples of $1,000. Debt Securities may be
presented for exchange, and registered Debt Securities may be presented for
registration of transfer in the manner set forth in the Indenture and in the
applicable Prospectus Supplement, without service charges. We may, however,
require payment sufficient to cover any taxes or other governmental charges due
in connection with the exchange or transfer. We will appoint a trustee as
security registrar. </P>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement, the holders of the Debt Securities will not be afforded protection
under the Indenture in the event of a highly leveraged transaction or a change
in control of the Company, except in certain specified circumstances. </P>
<P align=justify>We may issue Debt Securities under the Indenture bearing no
interest or interest at a rate below the prevailing market rate at the time of
issuance and, in such circumstances, we will offer and sell those Securities at
a discount below their stated principal amount or provide conversion, retraction
or other rights. We will describe in the applicable Prospectus Supplement any
material Canadian and U.S. federal income tax consequences and other special
considerations. </P>
<P align=justify>Neither we nor any of our subsidiaries will be subject to any
financial covenants under the Indenture. In addition, neither we nor any of our
subsidiaries will be restricted under the Indenture from paying dividends,
incurring debt, or issuing or repurchasing its securities. </P>
<P align=justify>As further described in any Prospectus Supplement, any Debt
Securities issued by us may be secured or unsecured obligations of the Company
and may be senior or subordinate debt. As of the date of this Prospectus, we and
our subsidiaries had no outstanding indebtedness, other than intercompany
indebtedness, trade payables, debentures in the aggregate principal amount of
Cdn$20,870,000. </P>
<P align=center>19 </P>
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<P align=justify>We may issue Debt Securities and incur additional indebtedness
otherwise than through the offering of any Debt Securities pursuant to this
Prospectus. </P>
<P align=justify><B>Ranking and Other Indebtedness</B> </P>
<P align=justify>Unless otherwise indicated in an applicable Prospectus
Supplement, our Debt Securities will be unsecured obligations and will rank
equally with all of our other unsecured and unsubordinated debt from time to
time outstanding and equally with other securities issued under the Indenture.
The Debt Securities will be structurally subordinated to all existing and future
liabilities, including trade payables, of our subsidiaries. </P>
<P align=justify>Our board of directors may establish the extent and manner, if
any, to which payment on or in respect of a series of Debt Securities will be
senior or will be subordinated to the prior payment of our other liabilities and
obligations and whether the payment of principal, premium, if any, and interest,
if any, will be guaranteed by any other person and the nature and priority of
any security. </P>
<P align=justify><B>Debt Securities in Global Form</B> </P>
<P align=justify><I>The Depositary and Book-Entry</I> </P>
<P align=justify>Unless otherwise specified in the applicable Prospectus
Supplement, a series of the Debt Securities may be issued in whole or in part in
global form as a &#147;global security&#148; and will be registered in the name of and be
deposited with a depositary, or its nominee, each of which will be identified in
the applicable Prospectus Supplement relating to that series. Unless and until
exchanged, in whole or in part, for the Debt Securities in definitive registered
form, a global security may not be transferred except as a whole by the
depositary for such global security to a nominee of the depositary, by a nominee
of the depositary to the depositary or another nominee of the depositary or by
the depositary or any such nominee to a successor of the depositary or a nominee
of the successor. </P>
<P align=justify>The specific terms of the depositary arrangement with respect
to any portion of a particular series of the Debt Securities to be represented
by a global security will be described in the applicable Prospectus Supplement
relating to such series. We anticipate that the provisions described in this
section will apply to all depositary arrangements. </P>
<P align=justify>Upon the issuance of a global security, the depositary therefor
or its nominee will credit, on its book entry and registration system, the
respective principal amounts of the Debt Securities represented by the global
security to the accounts of such persons, designated as &#147;participants&#148;, having
accounts with such depositary or its nominee. Such accounts shall be designated
by the underwriters, dealers or agents participating in the distribution of the
Debt Securities or by us if such Debt Securities are offered and sold directly
by us. Ownership of beneficial interests in a global security will be limited to
participants or persons that may hold beneficial interests through participants.
Ownership of beneficial interests in a global security will be shown on, and the
transfer of that ownership will be effected only through, records maintained by
the depositary therefor or its nominee (with respect to interests of
participants) or by participants or persons that hold through participants (with
respect to interests of persons other than participants). The laws of some
states in the United States may require that certain purchasers of securities
take physical delivery of such securities in definitive form. </P>
<P align=justify>So long as the depositary for a global security or its nominee
is the registered owner of the global security, such depositary or such nominee,
as the case may be, will be considered the sole owner or holder of the Debt
Securities represented by the global security for all purposes under the
Indenture. Except as provided below, owners of beneficial interests in a global
security will not be entitled to have a series of the Debt Securities
represented by the global security registered in their names, will not receive
or be entitled to receive physical delivery of such series of the Debt
Securities in definitive form and will not be considered the owners or holders
thereof under the Indenture. </P>
<P align=justify>Any payments of principal, premium, if any, and interest, if
any, on global securities registered in the name of a depositary or its nominee
will be made to the depositary or its nominee, as the case may be, as the
registered owner of the global security representing such Debt Securities. None
of us, the trustee or any paying agent for the Debt Securities represented by
the global securities will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership
interests of the global security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests. </P>
<P align=center>20 </P>
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<P align=justify>We expect that the depositary for a global security or its
nominee, upon receipt of any payment of principal, premium, if any, or interest,
if any, will credit participants&#146; accounts with payments in amounts
proportionate to their respective beneficial interests in the principal amount
of the global security as shown on the records of such depositary or its
nominee. We also expect that payments by participants to owners of beneficial
interests in a global security held through such participants will be governed
by standing instructions and customary practices, as is now the case with
securities held for the accounts of customers registered in &#147;street name&#148;, and
will be the responsibility of such participants. </P>
<P align=justify><I>Discontinuance of Depositary&#146;s Services</I> </P>
<P align=justify>If a depositary for a global security representing a particular
series of the Debt Securities is at any time unwilling or unable to continue as
depositary and a successor depositary is not appointed by us within 90 days, we
will issue such series of the Debt Securities in definitive form in exchange for
a global security representing such series of the Debt Securities. If an event
of default under the Indenture has occurred and is continuing, Debt Securities
in definitive form will be printed and delivered upon written request by the
holder to the trustee. In addition, we may at any time and in our sole
discretion determine not to have a series of the Debt Securities represented by
a global security and, in such event, will issue a series of the Debt Securities
in definitive form in exchange for all of the global securities representing
that series of Debt Securities. </P>
<P align=justify><B>Debt Securities in Definitive Form</B> </P>
<P align=justify>A series of the Debt Securities may be issued in definitive
form, solely as registered securities, solely as unregistered securities or as
both registered securities and unregistered securities. Registered securities
will be issuable in denominations of US$1,000 and integral multiples of US$1,000
and unregistered securities will be issuable in denominations of US$5,000 and
integral multiples of US$5,000 or, in each case, in such other denominations as
may be set out in the terms of the Debt Securities of any particular series.
Unless otherwise indicated in the applicable Prospectus Supplement, unregistered
securities will have interest coupons attached. </P>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement, payment of principal, premium, if any, and interest, if any, on the
Debt Securities (other than global securities) will be made at the office or
agency of the trustee, or at our option we can pay principal, interest, if any,
and premium, if any, by check mailed or delivered to the address of the person
entitled at the address appearing in the security register of the trustee or
electronic funds wire or other transmission to an account of the person entitled
to receive payments. Unless otherwise indicated in the applicable Prospectus
Supplement, payment of interest, if any, will be made to the persons in whose
name the Debt Securities are registered at the close of business on the day or
days specified by us. </P>
<P align=justify>At the option of the holder of Debt Securities, registered
securities of any series will be exchangeable for other registered securities of
the same series, of any authorized denomination and of a like aggregate
principal amount and tenor. If, but only if, provided in an applicable
Prospectus Supplement, unregistered securities (with all unmatured coupons,
except as provided below, and all matured coupons in default) of any series may
be exchanged for registered securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor. In such event,
unregistered securities surrendered in a permitted exchange for registered
securities between a regular record date or a special record date and the
relevant date for payment of interest shall be surrendered without the coupon
relating to such date for payment of interest, and interest will not be payable
on such date for payment of interest in respect of the registered security
issued in exchange for such unregistered security, but will be payable only to
the holder of such coupon when due in accordance with the terms of the
Indenture. Unless otherwise specified in an applicable Prospectus Supplement,
unregistered securities will not be issued in exchange for registered
securities. </P>
<P align=justify>The applicable Prospectus Supplement may indicate the places to
register a transfer of the Debt Securities in definitive form. Except for
certain restrictions set forth in the Indenture, no service charge will be
payable by the holder for any registration of transfer or exchange of the Debt
Securities in definitive form, but we may, in certain instances, require a sum
sufficient to cover any tax or other governmental charges payable in connection
with these transactions. </P>
<P align=center>21 </P>
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<P align=justify>We shall not be required to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>issue, register the transfer of or exchange any series of the Debt
  Securities in definitive form during a period beginning at the opening of
  business 15 days before any selection of securities of that series of the Debt
  Securities to be redeemed and ending on the relevant redemption date if the
  Debt Securities for which such issuance, registration or exchange is requested
  may be among those selected for redemption;
  <LI>register the transfer of or exchange any registered security in definitive
  form, or portion thereof, called for redemption, except the unredeemed portion
  of any registered security being redeemed in part;
  <LI>exchange any unregistered security called for redemption except to the
  extent that such unregistered security may be exchanged for a registered
  security of that series and like tenor; provided that such registered security
  will be simultaneously surrendered for redemption with written instructions
  for payment consistent with the provisions of the Indenture; or
  <LI>issue, register the transfer of or exchange any of the Debt Securities in
  definitive form which have been surrendered for repayment at the option of the
  holder, except the portion, if any, thereof not to be so repaid </LI></UL>
<P align=justify><B>Merger, Conversion or Consolidation</B> </P>
<P align=justify>The Indenture will provide that we may not consolidate or merge
with or into any other person, enter into any statutory arrangement with any
person or convey, transfer or lease our properties and assets substantially as
an entirety to another person, unless among other items: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>we are the surviving person, or the resulting, surviving or transferee
  person, if other than us, is organized and existing under the laws of the
  United States, any state thereof or the District of Columbia, Canada, or any
  province or territory thereof, or, if the amalgamation, merger, consolidation,
  statutory arrangement or other transaction would not impair the rights of
  holders, any other country;
  <LI>the successor person (if not us) assumes all of our obligations under the
  Debt Securities and the Indenture; and
  <LI>we or such successor person will not be in default under the Indenture
  immediately after the transaction. </LI></UL>
<P align=justify>When such a person assumes our obligations in such
circumstances, subject to certain exceptions, we shall be discharged from all
obligations under the Debt Securities and the Indenture. </P>
<P align=justify><B>Provision of Financial Information</B> </P>
<P align=justify>We will file with the trustee, within 20 days after we file or
furnish them with the SEC, copies of our annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which we are required to file
or furnish with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.
</P>
<P align=justify><B>Events of Default</B> </P>
<P align=justify>Unless otherwise specified in the applicable Prospectus
Supplement relating to a particular series of Debt Securities, the following is
a summary of events which will, with respect to any series of the Debt
Securities, constitute an event of default under the Indenture with respect to
the Debt Securities of that series: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>we fail to pay principal of, or any premium on, any debt security of that
  series when it is due and payable;
  <LI>we fail to pay interest or any additional amounts payable on any debt
  security of that series when it becomes due and payable, and such default
  continues for 30 days;
  <LI>we fail to make any required sinking fund or analogous payment for that
  series of Debt Securities;
  <LI>we fail to observe or perform any of the covenants described in the
  section &#147;Merger, Conversion or Consolidation&#148; for a period of 30 days;
  <LI>we fail to comply with any of our other agreements in the Indenture that
  affect or are applicable to the Debt Securities for 60 days after written
  notice by the trustee or to us and the trustee by holders of at least 25% in
  aggregate principal amount of the outstanding Debt Securities of any series
  affected thereby; </LI></UL>
<P align=center>22 </P>
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<A name=page_29></A>
<UL style="TEXT-ALIGN: justify">
  <LI>a default (as defined in any Indenture or instrument under which we or one
  of our subsidiaries has at the time of the Indenture relating to this
  Prospectus or will thereafter have outstanding any indebtedness) has occurred
  and is continuing, or we or any of our subsidiaries has failed to pay
  principal amounts with respect to such indebtedness at maturity and such event
  of default or failure to pay has resulted in such indebtedness under such
  Indentures or instruments being declared due, payable or otherwise being
  accelerated, in either event so that an amount in excess of the greater of
  US$5,000,000 and 2% of our shareholders&#146; equity will be or become due, payable
  and accelerated upon such declaration or prior to the date on which the same
  would otherwise have become due, payable and accelerated (the &#147;<B>Accelerated
  Indebtedness</B>&#148;) and such acceleration will not be rescinded or annulled, or
  such event of default or failure to pay under such Indenture or instrument
  will not be remedied or cured, whether by payment or otherwise, or waived by
  the holders of such Accelerated Indebtedness, then (i) if the Accelerated
  Indebtedness will be as a result of an event of default which is not related
  to the failure to pay principal or interest on the terms, at the times, and on
  the conditions set out in any such Indenture or instrument, it will not be
  considered an event of default for the purposes of the Indenture governing the
  Debt Securities relating to this Prospectus until 30 days after such
  indebtedness has been accelerated, or (ii) if the Accelerated Indebtedness
  will occur as a result of such failure to pay principal or interest or as a
  result of an event of default which is related to the failure to pay principal
  or interest on the terms, at the times, and on the conditions set out in any
  such Indenture or instrument, then (A) if such Accelerated Indebtedness is, by
  its terms, non-recourse to us or our subsidiaries, it will be considered an
  event of default for purposes of the Indenture governing the Debt Securities
  relating to this Prospectus; or (B) if such Accelerated Indebtedness is
  recourse to us or our subsidiaries, any requirement in connection with such
  failure to pay or event of default for the giving of notice or the lapse of
  time or the happening of any further condition, event or act under such
  Indenture or instrument in connection with such failure to pay or event of
  default will be applicable together with an additional seven days before being
  considered an event of default for the purposes of the Indenture relating to
  this Prospectus;
  <LI>certain events involving our bankruptcy, insolvency or reorganization; and

  <LI>any other event of default provided for in that series of Debt Securities
  </LI></UL>
<P align=justify>A default under one series of Debt Securities will not
necessarily be a default under another series. The trustee may withhold notice
to the holders of the Debt Securities of any default, except in the payment of
principal or premium, if any, or interest, if any, if in good faith it considers
it in the interests of the holders to do so. </P>
<P align=justify>If an event of default for any series of Debt Securities occurs
and continues, the trustee or the holders of at least 25% in aggregate principal
amount of the Debt Securities of that series, subject to any subordination
provisions, may require us to repay immediately: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the entire principal and interest and premium, if any, of the Debt
  Securities of the series; or </P>
  <LI>
  <P>if the Debt Securities are discounted securities, that portion of the
  principal as is described in the applicable Prospectus Supplement.
</P></LI></UL>
<P align=justify>If an event of default relates to events involving our
bankruptcy, insolvency or reorganization, the principal of all Debt Securities
will become immediately due and payable without any action by the trustee or any
holder. Subject to certain conditions, the holders of a majority of the
aggregate principal amount of the Debt Securities of the affected series can
rescind this accelerated payment requirement. If Debt Securities are discounted
securities, the applicable Prospectus Supplement will contain provisions
relating to the acceleration of maturity of a portion of the principal amount of
the discounted securities upon the occurrence or continuance of an event of
default. </P>
<P align=justify>Other than its duties in case of a default, the trustee is not
obligated to exercise any of the rights or powers that it will have under the
Indenture at the request, order or direction of any holders, unless the holders
offer the trustee reasonable indemnity. If they provide this reasonable
indemnity, the holders of a majority in aggregate principal amount of any series
of Debt Securities may, subject to certain limitations, direct the time, method
and place of conducting any proceeding or any remedy available to the trustee,
or exercising any power conferred upon the trustee, for any series of Debt
Securities. </P>
<P align=justify>We will be required to furnish to the trustee a statement
annually as to our compliance with all conditions and covenants under the
Indenture and, if we are not in compliance, we must specify any defaults. We
will also be required to notify the trustee as soon as practicable upon becoming
aware of any event of default. </P>
<P align=center>23 </P>
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<P align=justify>No holder of a debt security of any series will have any right
to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or a trustee, or for any other remedy, unless: </P>
<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 >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the holder has previously given to the trustee written
      notice of a continuing event of default with respect to the Debt
      Securities of the affected series; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the holders of at least 25% in principal amount of the
      outstanding Debt Securities of the series affected by an event of default
      have made a written request, and the holders have offered reasonable
      indemnity, to the trustee to institute a proceeding as trustee; and
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>the trustee has failed to institute a proceeding, and has
      not received from the holders of a majority in aggregate principal amount
      of the outstanding Debt Securities of the series affected by an event of
      default a direction inconsistent with the request, within 60 days after
      their notice, request and offer of indemnity. </P></TD></TR></TABLE>
<P align=justify>However, such above-mentioned limitations do not apply to a
suit instituted by the holder of a debt security for the enforcement of payment
of the principal of or any premium, if any, or interest on such debt security on
or after the applicable due date specified in such debt security. </P>
<P align=justify><B>Defeasance</B> </P>
<P align=justify>When we use the term &#147;defeasance&#148;, we mean discharge from some
or all of our obligations under the Indenture. Unless otherwise specified in the
applicable Prospectus Supplement, if we deposit with the trustee sufficient cash
or government securities to pay the principal, interest, if any, premium, if
any, and any other sums due to the stated maturity date or a redemption date of
the Debt Securities of a series, then at our option: </P>
<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 >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>we will be discharged from the obligations with respect
      to the Debt Securities of that series; or </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>we will no longer be under any obligation to comply with
      certain restrictive covenants under the Indenture, and certain events of
      default will no longer apply to us. </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>if this happens, the holders of the Debt Securities of
      the affected series will not be entitled to the benefits of the Indenture except for registration of transfer and
      exchange of Debt Securities and the replacement of lost, stolen or
      mutilated Debt Securities. These holders may look only to the deposited
      fund for payment on their Debt Securities.
  </P></TD></TR></TABLE>
<P align=center>24 </P>
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<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 >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>to exercise our defeasance option, we must deliver to the
      trustee: </P></TD></TR></TABLE>
<blockquote>
  <blockquote>
<UL style="TEXT-ALIGN: justify">
  <LI>an opinion of counsel in the United States to the effect that the holders
  of the outstanding Debt Securities of the affected series will not recognize a
  gain or loss for U.S. federal income tax purposes as a result of a defeasance
  and will be subject to U.S. federal income tax on the same amounts, in the
  same manner and at the same times as would have been the case if the
  defeasance had not occurred;
  <LI>an opinion of counsel in Canada or a ruling from the Canada Revenue Agency
  to the effect that the holders of the outstanding Debt Securities of the
  affected series will not recognize income, or a gain or loss for Canadian
  federal, provincial or territorial income or other tax purposes as a result of
  a defeasance and will be subject to Canadian federal, provincial or
  territorial income tax and other tax on the same amounts, in the same manner
  and at the same times as would have been the case had the defeasance not
  occurred; and
  <LI>a certificate of one of our officers and an opinion of counsel, each
  stating that all conditions precedent provided for relating to defeasance have
  been complied with. </LI></UL>
  </blockquote>
</blockquote>
<P align=justify>If we are to be discharged from our obligations with respect to
the Debt Securities, and not just from our covenants, the U.S. opinion must be
based upon a ruling from or published by the United States Internal Revenue
Service or a change in law to that effect. </P>
<P align=justify>In addition to the delivery of the opinions described above,
the following conditions must be met before we may exercise our defeasance
option: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>no event of default or event that, with the passing of time or the giving
  of notice, or both, shall constitute an event of default shall have occurred
  and be continuing for the Debt Securities of the affected series;
  <LI>we are not an &#147;insolvent person&#148; within the meaning of applicable
  bankruptcy and insolvency legislation; and
  <LI>other customary conditions precedent are satisfied. </LI></UL>
<P align=justify><B>Modification and Waiver</B> </P>
<P align=center>25 </P>
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<P align=justify>Modifications and amendments of the Indenture may be made by us
and the trustee with the consent of the holders of a majority in aggregate
principal amount of the outstanding Debt Securities of each series affected by
the modification. However, without the consent of each holder affected, no
modification may: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>change the stated maturity of the principal of, premium, if any, or any
  installment of interest, if any, on any debt security;
  <LI>reduce the principal, premium, if any, or rate of interest, if any, or any
  obligation to pay any additional amounts;
  <LI>reduce the amount of principal of a debt security payable upon
  acceleration of its maturity;
  <LI>change the place or currency of any payment;
  <LI>affect the holder&#146;s right to require us to repurchase the Debt Securities
  at the holder&#146;s option;
  <LI>impair the right of the holders to institute a suit to enforce their
  rights to payment;
  <LI>adversely affect any conversion or exchange right related to a series of
  Debt Securities;
  <LI>change the percentage of Debt Securities required to modify the Indenture
  or to waive compliance with certain provisions of the Indenture; or
  <LI>reduce the percentage in principal amount of outstanding Debt Securities
  necessary to take certain actions. </LI></UL>
<P align=justify>The holders of a majority in principal amount of outstanding
Debt Securities of any series may on behalf of the holders of all Debt
Securities of that series waive, insofar as only that series is concerned, past
defaults under the Indenture and compliance by us with certain restrictive
provisions of the Indenture. However, these holders may not waive a default in
any payment on any debt security or compliance with a provision that cannot be
modified without the consent of each holder affected. </P>
<P align=justify>We may modify the Indenture without the consent of the holders
to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>evidence our successor under the Indenture;
  <LI>add covenants or surrender any right or power for the benefit of holders;
  <LI>add events of default;
  <LI>provide for unregistered securities to become registered securities under
  the Indenture and make other such changes to unregistered securities that in
  each case do not materially and adversely affect the interests of holders of
  outstanding securities;
  <LI>establish the forms of the Debt Securities;
  <LI>appoint a successor trustee under the Indenture;
  <LI>add provisions to permit or facilitate the defeasance or discharge of the
  Debt Securities as long as there is no material adverse effect on the holders;

  <LI>cure any ambiguity, correct or Supplement any defective or inconsistent
  provision, make any other provisions in each case that would not materially
  and adversely affect the interests of holders of outstanding securities and
  related coupons, if any;
  <LI>comply with any applicable laws of the United States and Canada in order
  to effect and maintain the qualification of the Indenture under the Trust
  Indenture Act; or
  <LI>change or eliminate any provisions where such change takes effect when
  there are no securities outstanding under the Indenture. </LI></UL>
<P align=justify><B>Governing Law</B> </P>
<P align=justify>The Indenture and the Debt Securities will be governed by and
construed in accordance with the laws of the State of New York. </P>
<P align=justify><B>The Trustee</B> </P>
<P align=justify>The trustee under the Indenture or its affiliates may provide
banking and other services to us in the ordinary course of their business. </P>
<P align=justify>The Indenture will contain certain limitations on the rights of
the trustee, as long as it or any of its affiliates remains our creditor, to
obtain payment of claims in certain cases or to realize on certain property
received on any claim as security or otherwise. The trustee and its affiliates
will be permitted to engage in other transactions with us. If the trustee or any affiliate acquires any conflicting interest and
a default occurs with respect to the Debt Securities, the trustee must eliminate
the conflict or resign. </P>
<P align=center>26 </P>
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<P align=justify><B>Resignation of Trustee</B> </P>
<P align=justify>The trustee may resign or be removed with respect to one or
more series of the Debt Securities and a successor trustee may be appointed to
act with respect to such series. In the event that two or more persons are
acting as trustee with respect to different series of Debt Securities, each such
trustee shall be a trustee of a trust under the Indenture separate and apart
from the trust administered by any other such trustee, and any action described
herein to be taken by the &#147;trustee&#148; may then be taken by each such trustee with
respect to, and only with respect to, the one or more series of Debt Securities
for which it is trustee. </P>
<P align=justify><B>Consent to Service</B> </P>
<P align=justify>In connection with the Indenture, we will designate and appoint
an authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Indenture or the Debt Securities that may be
instituted in any U.S. federal or New York state court located in the Borough of
Manhattan, in the City of New York, or brought by the trustee (whether in its
individual capacity or in its capacity as trustee under the Indenture), and will
irrevocably submit to the non-exclusive jurisdiction of such courts. </P>
<P align=justify><B>Enforceability of Judgments</B> </P>
<P align=justify>Since all or substantially all of our assets, as well as the
assets of some of our directors and officers, are outside the United States, any
judgment obtained in the United States against us or certain of our directors or
officers, including judgments with respect to the payment of principal on the
Debt Securities, may not be collectible within the United States. </P>
<P align=justify>We have been advised that there is doubt as to the
enforceability in Canada by a court in original actions, or in actions to
enforce judgments of U.S. courts, of civil liabilities predicated solely upon
the U.S. federal securities laws. </P>
<P align=center><B>DESCRIPTION OF UNITS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements, summarizes
the material terms and provisions of the Units that we may offer under this
Prospectus. While the terms we have summarized below will apply generally to any
Units that we may offer under this Prospectus, we will describe the particular
terms of any series of Units in more detail in the applicable Prospectus
Supplement. The terms of any Units offered under a Prospectus Supplement may
differ from the terms described below.</P>
<P align=justify>We will file as exhibits to the registration statement of which
this Prospectus is a part, or will incorporate by reference from a current
report on Form 8-K that we file with the SEC, the form of unit agreement (which
we refer to herein as the &#147;<B>Unit Agreement</B>&#148;), if any, between us and a
unit agent (which we refer to herein as the &#147;<B>Unit Agent</B>&#148;) that describes
the terms and conditions of the series of Units we are offering, and any
supplemental agreements, before the issuance of the related series of Units. The
following summaries of material terms and provisions of the Units are subject
to, and qualified in their entirety by reference to, all the provisions of the
Unit Agreement, if any, and any supplemental agreements applicable to a
particular series of Units. We urge you to read the applicable Prospectus
Supplements related to the particular series of Units that we sell under this
Prospectus, as well as the complete Unit Agreement, if any, and any supplemental
agreements that contain the terms of the Units. </P>
<P align=justify><B>General </B></P>
<P align=justify>We may issue Units comprising one or more Common Shares,
Warrants, Rights, Preferred Shares, Subscription Receipts or Debt Securities, in
any combination. Each Unit will be issued so that the holder of the Unit is also
the holder of each security included in the Unit. Thus, the holder of a Unit
will have the rights and obligations of a holder of each included security.
Units may be issued under a Unit Agreement. Any Unit Agreement under which a
Unit may be issued may provide that the securities included in the Unit may not
be held or transferred separately, at any time or at any time before a specified
date. </P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>We will describe in the applicable Prospectus Supplement the
terms of the series of Units, including: </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>the designation and terms of the Units and of the
      securities comprising the Units, including whether and under what
      circumstances those securities may be held or transferred separately;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the provisions of any governing Unit Agreement;
</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>material United States and Canadian federal income tax
      consequences of acquiring, owning, exercising, and disposing of the Units;
      and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>any provisions for the issuance, payment, settlement,
      transfer or exchange of the Units or of the securities comprising the
      Units. </P></TD></TR></TABLE>
<P align=justify>The provisions described in this section, as well as those
described under &#147;Description of Common Shares&#148;, &#147;Description of Warrants&#148;,
&#147;Description of Rights&#148;, &#147;Description of Subscription Receipts&#148;, &#147;Description of
Preferred Shares&#148; and &#147;Description of Debt Securities&#148;, will apply to each Unit
and to any Common Share, Warrant Right, Preferred Share, Subscription Receipt or
Debt Security included in each Unit, respectively.</P>
<P align=justify><B>Issuance in Series </B></P>
<P align=justify>We may issue Units in such amounts and in numerous distinct
series as we determine. </P>
<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify><B>General </B></P>
<P align=justify>We may offer and sell the Securities, separately or together:
(a) to one or more underwriters or dealers; (b) through one or more agents; or
(c) directly to one or more other purchasers. The Securities offered pursuant to
any Prospectus Supplement may be sold from time to time in one or more
transactions at: (i) a fixed price or prices, which may be changed from time to
time; (ii) market prices prevailing at the time of sale; (iii) prices related to
such prevailing market prices; or (iv) other negotiated prices, including sales
in transactions that are deemed to be &#147;at-the-market&#148; distributions, including
sales made directly on the TSX, NYSE American or other existing trading markets
for the securities. We may only offer and sell the Securities pursuant to a
Prospectus Supplement during the period that this Prospectus, including any
amendments hereto, remains effective. The Prospectus Supplement for any of the
Securities being offered thereby will set forth the terms of the offering of
such Securities, including the type of Security(ies) being offered, the name or
names of any underwriters, dealers or agents, the purchase price of such
Securities, the proceeds or consideration to us from such sale, any underwriting
commissions or discounts and other items constituting underwriters&#146; compensation
and any discounts or concessions allowed or re-allowed or paid to dealers. Only
underwriters so named in the Prospectus Supplement are deemed to be underwriters
in connection with the Securities offered thereby. </P>
<P align=justify><B>By Underwriters </B></P>
<P align=justify>If underwriters are used in the sale, the Securities will be
acquired by the underwriters for their own account and may be resold from time
to time in one or more transactions, including negotiated transactions, at a
fixed public offering price or at varying prices determined at the time of sale.
Unless otherwise set forth in the Prospectus Supplement relating thereto, the
obligations of underwriters to purchase the Securities will be subject to
certain conditions, but the underwriters will be obligated to purchase all of
the Securities offered by the Prospectus Supplement if any of such Securities
are purchased. We may offer the Securities to the public through underwriting
syndicates represented by managing underwriters or by underwriters without a
syndicate. We may agree to pay the underwriters a fee or commission for various
services relating to the offering of any Securities. Any such fee or commission
will be paid out of our general corporate funds. We may use underwriters with
whom we have a material relationship. We will describe in the Prospectus
Supplement, naming the underwriter, the nature of any such relationship. </P>
<P align=justify><B>By Dealers </B></P>
<P align=justify>If dealers are used, and if so specified in the applicable
Prospectus Supplement, we will sell such Securities to the dealers as
principals. The dealers may then resell such Securities to the public at varying
prices to be determined by such dealers at the time of resale. Any public
offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time. We will
set forth the names of the dealers and the terms of the transaction in the
applicable Prospectus Supplement.<B> </B> </P>
<P align=center>28 </P>
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<P align=justify><B>By Agents </B></P>
<P align=justify>The Securities may also be sold through agents designated by
us. Any agent involved will be named, and any fees or commissions payable by us
to such agent will be set forth, in the applicable Prospectus Supplement. Any
such fees or commissions will be paid out of our general corporate funds. Unless
otherwise indicated in the Prospectus Supplement, any agent will be acting on a
best efforts basis for the period of its appointment.</P>
<P align=justify><B>Direct Sales </B></P>
<P align=justify>Securities may also be sold directly by us at such prices and
upon such terms as agreed to by us and the purchaser. In this case, no
underwriters, dealers or agents may be involved in the offering. </P>
<P align=justify><B>General Information </B></P>
<P align=justify>Underwriters, dealers and agents that participate in the
distribution of the Securities offered by this Prospectus may be deemed
underwriters under the Securities Act, and any discounts or commissions they
receive from us and any profit on their resale of the securities may be treated
as underwriting discounts and commissions under the Securities Act. </P>
<P align=justify>Underwriters, dealers or agents who participate in the
distribution of Securities may be entitled under agreements to be entered into
with us to indemnification by us against certain liabilities, including
liabilities under Canadian provincial and territorial and United States
securities legislation, or to contribution with respect to payments which such
underwriters, dealers or agents may be required to make in respect thereof. Such
underwriters, dealers or agents may be customers of, engage in transactions
with, or perform services for, us in the ordinary course of business. </P>
<P align=justify>We may enter into derivative transactions with third parties,
or sell securities not covered by this Prospectus to third parties in privately
negotiated transactions. If the applicable Prospectus Supplement indicates, in
connection with those derivatives, the third parties may sell securities covered
by this Prospectus and the applicable Prospectus Supplement, including in short
sale transactions. If so, the third parties may use securities pledged by us or
borrowed from us or others to settle those sales or to close out any related
open borrowings of stock, and may use securities received from us in settlement
of those derivatives to close out any related open borrowings of stock. The
third parties in such sale transactions will be identified in the applicable
Prospectus Supplement. </P>
<P align=justify>One or more firms, referred to as &#147;remarketing firms,&#148; may also
offer or sell the Securities, if the Prospectus Supplement so indicates, in
connection with a remarketing arrangement upon their purchase. Remarketing firms
will act as principals for their own accounts or as agents for us. These
remarketing firms will offer or sell the Securities in accordance with the terms
of the Securities. The Prospectus Supplement will identify any remarketing firm
and the terms of its agreement, if any, with us and will describe the
remarketing firm&#146;s compensation. Remarketing firms may be deemed to be
underwriters in connection with the Securities they remarket.</P>
<P align=justify>In connection with any offering of Securities, underwriters may
over-allot or effect transactions which stabilize or maintain the market price
of the Securities offered at a level above that which might otherwise prevail in
the open market. Such transactions may be commenced, interrupted or discontinued
at any time. </P>
<P align=center><B>TRANSFER AGENT AND REGISTRAR </B></P>
<P align=justify>Our registrar and transfer agent for our Common Shares is AST
Trust Company (Canada) at its principal offices in Toronto, Ontario, Canada.
</P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>Certain legal matters related to the Securities offered by this
Prospectus will be passed upon on our behalf by Dorsey &amp; Whitney LLP, with
respect to matters of United States law, and Borden Ladner Gervais LLP, with
respect to matters of Canadian law. </P>
<P align=center>29 </P>
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<P align=center><B>EXPERTS</B><B> </B></P>
<P align=justify>Information relating to our mineral properties in this
Prospectus and the documents incorporated by reference herein has been derived
from reports, statements or opinions prepared or certified by Roscoe Postle
Associates Inc., William E. Roscoe, Douglas T. Underhill, Thomas C. Pool, Robert
Michaud, Stuart E. Collins, Mark B. Mathisen, Harold R. Roberts, David A. Ross,
Peters Geosciences, Douglas C. Peters, BRS Inc., Douglas L. Beahm, W. Paul
Goranson, Douglass Graves, John H. White, III, Don R. Woody, Woody Enterprises,
Trec, Inc., Allan Moran, Frank A. Daviess, SRK Consulting (U.S.) Inc.,
Christopher Moreton, Valerie Wilson and Jeffrey Woods, and this information has
been included in reliance on such companies&#146; and persons&#146; expertise.</P>
<P align=justify>None of Roscoe Postle Associates Inc., William E. Roscoe,
Douglas T. Underhill, Thomas C. Pool, Robert Michaud, Stuart E. Collins, Mark B.
Mathisen, Harold R. Roberts, David A. Ross, Peters Geosciences, Douglas C.
Peters, BRS Inc., Douglas L. Beahm, W. Paul Goranson, Douglass Graves, John H.
White, III, Don R. Woody, Woody Enterprises, Trec, Inc., Allan Moran, Frank A.
Daviess, SRK Consulting (U.S.) Inc., Christopher Moreton, Valerie Wilson and
Jeffrey Woods, each being companies and persons who have prepared or certified
the preparation of reports, statements or opinions in this Prospectus and the
documents incorporated by reference herein relating to our mineral properties,
or any director, officer, employee or partner thereof, as applicable, received
or has received a direct or indirect interest in our property or of any of our
associates or affiliates. As at the date hereof, the aforementioned persons,
companies and persons at the companies specified above who participated in the
preparation of such reports, statements or opinions, as a group, beneficially
own, directly or indirectly, less than 1% of our outstanding Common Shares. </P>
<P align=justify>The consolidated financial statements of Energy Fuels Inc. as
of December 31, 2017, and for the year ended December 31, 2017, have been
incorporated by reference herein in reliance upon the report of KPMG LLP (US),
independent registered public accounting firm, incorporated by reference herein,
and upon the authority of said firm as experts in accounting and auditing.</P>
<P align=justify>Our consolidated financial statements as at December 31, 2016,
and for each of the years in the two-year period ended December 31, 2016, have
been incorporated by reference herein in reliance upon the report of KPMG LLP
(Canada), independent registered public accounting firm, also incorporated by
reference herein, and upon the authority of that firm as experts in accounting
and auditing. </P>
<P align=center>30 </P>
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<P align=center><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>
<P align=justify>We file annual, quarterly and current reports, proxy statements
and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&#146;s web site at <U><FONT
color=#0000ff>http://www.sec.gov.</FONT></U></P>
<P align=justify>This Prospectus is part of a registration statement and, as
permitted by SEC rules, does not contain all of the information included in the
registration statement. Whenever a reference is made in this Prospectus to any
of our contracts or other documents, the reference may not be complete and, for
a copy of the contract or document, you should refer to the exhibits that are
part of the registration statement. You may call the SEC at 1-800-SEC-0330 for
more information on the public reference rooms and their copy charges. You may
also read and copy any document we file with the SEC at the SEC&#146;s public
reference rooms at: </P>
<P align=center>100 F Street, N.E. <BR>Room 1580 <BR>Washington, D.C. 20549
<BR></P>
<P align=center>31 </P>
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<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B> </P>
<P align=justify><B>ITEM 14- OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</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 align=left width="1%">&nbsp;</TD>
    <TD align=center width="17%"><B>Amount</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Securities and Exchange Commission
      Registration Fee </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="17%" bgColor=#e6efff>&nbsp;18,180 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Legal Fees and Expenses* </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">40,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounting Fees and Expenses* </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>10,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Printing and Engraving Expenses* </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="17%">2,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Total*</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="17%" bgColor=#e6efff><B>&nbsp;</B>70,180 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>* Except for Securities and Exchange Commission Registration
Fee, all other amounts are estimates based on expenses incurred in connection
with the filing of the shelf registration statement. Expenses in connection with
the offer and sale of securities are expected to increase depending on the
securities offered. </P>
<P align=justify><B>ITEM 15- INDEMNIFICATION OF DIRECTORS AND OFFICERS</B> </P>
<P align=justify>Under the Business Corporations Act (Ontario), the Registrant
may indemnify a director or officer, a former director or officer or another
individual who acts or acted at the Registrant&#146;s request as a director or
officer, or an individual acting in a similar capacity, of another entity,
against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect
of any civil, criminal, administrative, investigative or other proceeding in
which the individual is involved because of that association with the Registrant
or other entity on condition that (i) the individual acted honestly and in good
faith with a view to the best interests of the Registrant or, as the case may
be, to the best interests of the other entity for which the individual acted as
a director or officer or in a similar capacity at the Registrant&#146;s request, and
(ii) in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for
believing that his conduct was lawful. Further, the Registrant may, with court
approval, indemnify a person described above in respect of an action by or on
behalf of the Registrant or other entity to obtain a judgment in its favor, to
which the individual is made a party because of the individual&#146;s association
with the Registrant or other entity, against all costs, charges and expenses
reasonably incurred by the individual in connection with such action if the
individual fulfills conditions (i) and (ii) above. An individual as described
above is entitled to indemnification from the Registrant as a matter of right if
the individual was not judged by a court or other competent authority to have
committed any fault or omitted to do anything the individual ought to have done,
and he fulfills conditions (i) and (ii) above.</P>
<P align=justify>In accordance with the Business Corporations Act (Ontario), the
by-laws of the Registrant provide that the Registrant shall indemnify a director
or officer, a former director or officer, or a person who acts or acted at the
Registrant&#146;s request as a director or officer, or an individual acting in a
similar capacity, of another entity, and such person&#146;s heirs and legal
representatives, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by the
individual in respect of any civil, criminal, administrative, investigative or
other proceeding in which the individual is involved because of that association
with the Registrant or other entity, provided that (i) (a) the individual acted
honestly and in good faith with a view to the best interests of the Registrant
or, as the case may be, to the best interest of the other entity for which the
individual acted as a director or officer or in a similar capacity at the
Registrant&#146;s request; and (ii) in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the person had
reasonable grounds for believing that the individual&#146;s conduct was lawful.</P>
<P align=justify>A policy of directors&#146; and officers&#146; liability insurance is
maintained by the Registrant which insures directors and officers for losses as
a result of claims against the directors and officers of the Registrant in their
capacity as directors and officers and also reimburses the Registrant for
payments made pursuant to the indemnity provisions under the by-laws of the
Registrant and the Business Corporations Act (Ontario). </P>
<P align=justify>Insofar as indemnification for liabilities arising under the
U.S. Securities Act, may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant
has been informed that in the opinion of the Commission such indemnification is
against public policy as expressed in the U.S. Securities Act, and is therefore
unenforceable.</P>
<P align=justify><B>ITEM 16- EXHIBITS</B> </P>
<P align=justify>Other than contracts made in the ordinary course of business,
the following are the material contracts and other material exhibits as of the
date of this registration statement: </P>
<p align="center">II-1</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="1259">

  <TR vAlign=top>
    <TD align=center height="15"><B>Exhibit</B> </TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center height="16"><B>Number</B>
</TD>
    <TD align=center width="2%" height="16"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="90%" height="16"><B>Description</B> </TD></TR>
  <TR>
    <TD align=center height="15"></TD>
    <TD align=center width="2%" height="15"></TD>
    <TD align=center width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316010849/exhibit4-1.htm">4.1
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316010849/exhibit4-1.htm">The
      Amended and Restated Convertible Debenture Indenture dated August 4, 2016
      between Energy Fuels Inc., BNY Trust Company of Canada and the Bank of New
      York Mellon providing for the issuance of debentures.(1) </a> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008327/exhibit4-1.htm">4.2
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008327/exhibit4-1.htm">Warrant
      Indenture between Energy Fuels Inc. and CST Trust Company providing for
      the issue of common share purchase warrants dated March 14, 2016.(2) </a>
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316009114/exhibit4-1.htm">4.3
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316009114/exhibit4-1.htm">First
      Supplemental Indenture among Energy Fuels Inc., CST Trust Company and
      American Stock Transfer &amp; Trust Company, LLC dated April 14, 2016.(3)
      </a>
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011518/exhibit4-1.htm">4.4
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011518/exhibit4-1.htm">Warrant
      Indenture between Energy Fuels Inc., CST Trust Company and American Stock
      Transfer &amp; Trust Company, LLC dated September 20, 2016.(4) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318002459/exhibit4-1.htm">4.5
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318002459/exhibit4-1.htm">Amended
      and Restated Shareholder Rights Plan Agreement dated March 29, 2018. (5)
      </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit4-6.htm">4.6
</A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit4-6.htm">Form
      of Indenture. </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit5-1.htm">5.1 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit5-1.htm">Opinion
      of Borden Ladner Gervais LLP. </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008249/exhibit10-1.htm">10.1
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008249/exhibit10-1.htm">Underwriting
      Agreement by and among the Company, Cantor Fitzgerald Canada Corporation,
      Haywood Securities Inc. and Roth Capital Partners, LLC dated March 9,
      2016. (6) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011496/exhibit1-1.htm">10.2
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011496/exhibit1-1.htm">Underwriting
      Agreement by and among the Company, Cantor Fitzgerald Canada Corporation
      and Rodman &amp; Renshaw (a unit of H.C. Wainwright &amp; Co. LLC) dated
      September 14, 2016. (7) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011496/exhibit1-2.htm">10.3
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316011496/exhibit1-2.htm">Amended
      and Restated Underwriting Agreement by and among the Company, Cantor
      Fitzgerald Canada Corportion and Rodman &amp; Renshaw (a unit of H.C.
      Wainwright &amp; Co. LLC) dated September 15, 2016.(8) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299313005863/exhibit99-84.htm">10.4
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299313005863/exhibit99-84.htm">Energy
      Fuels 2013 Amended and Restated Stock Option Plan.(9) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="13">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299315003531/exhibit4-1.htm">10.5
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="13">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="13">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299315003531/exhibit4-1.htm">Energy
      Fuels Inc. Omnibus Compensation Plan dated January 28, 2015.(10) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316012830/exhibit1-1.htm">10.6
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316012830/exhibit1-1.htm">Sales
      Agreement between Energy Fuels Inc. and Cantor Fitzgerald &amp; Co. dated
      December 23, 2016.(11) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008353/form10k.htm">10.7
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316008353/form10k.htm">Form
      of Indemnity Agreement between Energy Fuels and its officers and
      directors.(12) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10610k.htm">10.8
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10610k.htm">Employment
      Agreement between Energy Fuels Inc. and David C. Frydenlund effective
      March 2, 2018.(13) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10710k.htm">10.9
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10710k.htm">Employment
      Agreement between Energy Fuels Inc. and W. Paul Goranson effective
      February 14, 2018.(14) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316009444/exhibit10-11.htm">10.10
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299316009444/exhibit10-11.htm">Employment
      Agreement between Energy Fuels Inc. and Mark S. Chalmers effective April
      14, 2016.(15) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10910k.htm">10.11
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000018/ex10910k.htm">Employment
      Agreement between Energy Fuels Inc. and Mark S. Chalmers effective
      February 1, 2018.(16) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299317005389/exhibit1-1.htm">10.12
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299317005389/exhibit1-1.htm">Amendment
      No. 1 to the Sales Agreement between Energy Fuels Inc. and Cantor
      Fitzgerald &amp; Co. dated December 23, 2016.(17) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="30">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318001480/exhibit1-1.htm">10.13
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="30">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="30">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318001480/exhibit1-1.htm">Consulting
      Agreement between Energy Fuels Inc. and Liviakis Financial Communications,
      Inc. dated March 29, 2018 and effective October 1, 2017.(18) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left height="15">&nbsp; </TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318001583/def14a.htm#page_111">10.14
    </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000106299318001583/def14a.htm#page_111">Energy
      Fuels 2018 Omnibus Equity Incentive Compensation Plan.(19) </a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      </TD></TR>
  <TR>
    <TD align=left height="15" bgcolor="#EEEEEE">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000068/efr93018-ex416.htm">10.15</a></TD>
    <TD align=left width="2%" height="15" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" height="15" bgcolor="#EEEEEE">
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000068/efr93018-ex416.htm">October 2018 Amended and Restated Consulting Agreement between Energy
      Fuels Inc. and Liviakis Financial Communications, Inc. dated October 1,
      2018.(20)</a></TD>
  </TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      </TD></TR>
  <TR>
    <TD align=left height="15" bgcolor="#EEEEEE">
    <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000068/ex415uranerzreleasewying.htm">10.16</a></TD>
    <TD align=left width="2%" height="15" bgcolor="#EEEEEE">&nbsp;</TD>
    <TD align=left width="90%" height="15" bgcolor="#EEEEEE">
      <a href="http://www.sec.gov/Archives/edgar/data/1385849/000138584918000068/ex415uranerzreleasewying.htm">Release Of Mortgage, Assignment Of Revenues, Security Agreement, Fixture
      Filing And Financing Statement dated September 11, 2018.(21)</a></TD>
  </TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15"><a href="exhibit12-1.htm">12.1 </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify>
  <a href="exhibit12-1.htm">Statement of Combined Fixed Charges and  Preference Dividends.</a></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-1.htm">23.1
      </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-1.htm">Consent
      of KPMG LLP, Independent Registered Public Accounting Firm, U.S.
    </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-2.htm">23.2 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-2.htm">Consent
      of Roscoe Postle Associates Inc. </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-3.htm">23.3 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-3.htm">Consent
      of William E. Roscoe </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-4.htm">23.4 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-4.htm">Consent
      of Douglas H. Underhill </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-5.htm">23.5
      </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-5.htm">Consent
      of Thomas C. Pool </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-6.htm">23.6
      </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-6.htm">Consent
      of Robert Michaud </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-7.htm">23.7 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-7.htm">Consent
      of Stuart E. Collins </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-8.htm">23.8
      </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-8.htm">Consent
      of Mark Mathisen </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-9.htm">23.9 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-9.htm">Consent
      of Harold R. Roberts </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-10.htm">23.10
      </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-10.htm">Consent
      of David A. Ross </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-11.htm">23.11 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-11.htm">Consent
      of Peters Geosciences </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-12.htm">23.12 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-12.htm">Consent
      of Douglas C. Peters </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-13.htm">23.13
    </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-13.htm">Consent
      of BRS Inc. </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-14.htm">23.14 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-14.htm">Consent
      of Douglas L. Beahm </A></P></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="2%" height="15"></TD>
    <TD align=left width="90%" height="15">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-15.htm">23.15 </A></TD>
    <TD align=left width="2%" bgColor=#eeeeee height="15">&nbsp;</TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
      <P align=justify><A
      href="exhibit23-15.htm">Consent
      of W. Paul Goranson </A></P></TD></TR></TABLE>
<p align="center">II-2</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="435">

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-16.htm">23.16
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-16.htm">Consent
      of Douglass Graves </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-17.htm">23.17
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-17.htm">Consent
      of John H. White, III </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-18.htm">23.18
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-18.htm">Consent
      of Don R. Woody </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-19.htm">23.19
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-19.htm">Consent
      of Trec, Inc. </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-20.htm">23.20
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-20.htm">Consent
      of Woody Enterprises </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-21.htm">23.21
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-21.htm">Consent
      of Allan Moran </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-22.htm">23.22
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-22.htm">Consent
      of Frank A. Daviess </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-23.htm">23.23
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-23.htm">Consent
      of SRK Consulting (U.S.) Inc. </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-24.htm">23.24
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-24.htm">Consent
      of Christopher Moreton </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-25.htm">23.25
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-25.htm">Consent
      of Valerie Wilson </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-26.htm">23.26
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-26.htm">Consent
      of Jeffrey Woods </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-27.htm">23.27
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-27.htm">Consent
      of Mark Chalmers </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <a href="exhibit5-1.htm">23.28 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <a href="exhibit5-1.htm">Consent
      of Borden Ladner Gervais LLP (included in Exhibit 5.1) </a></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15">
    <A
      href="exhibit23-29.htm">23.29
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <A
      href="exhibit23-29.htm">Consent
      of KPMG LLP, Independent Registered Public Accounting Firm, Canada
  </A></TD></TR>
  <TR>
    <TD align=left height="15"></TD>
    <TD align=left width="90%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee height="15"><a href="#POWER OF ATTORNEY">24.1
    </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee height="15">
    <a href="#POWER OF ATTORNEY">Powers
      of Attorney (included on signature page hereto) </a></TD></TR></TABLE>__________________________________<BR>
<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>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 10-Q filed with the SEC on August 5, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on March 14, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on April 20, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on September 20, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed with the SEC on June 1, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.1 to Energy
      Fuels&#146; Form 8-K filed March 10, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 1.1 to Energy Fuels&#146;
      Form 8-K filed on September 16, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 1.2 of Energy Fuels&#146;
      Form 8-K filed with the SEC on September 16, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Incorporated by reference from Schedule B of Exhibit
      99.84 of Energy Fuels&#146; registration statement on Form 40-F filed with the
      SEC on November 15, 2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form S-8 filed on June 24, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 1.1 to Energy Fuels&#146;
      Form 8-K filed on December 23, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(12) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.4 to Energy
      Fuels&#146; Form 10-K filed with the SEC on March 15, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(13) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.6 to Energy
      Fuels&#146; Form 10-K filed with the SEC on March 12, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(14) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.7 to Energy
      Fuels&#146; Form 10-K filed with the SEC on March 12, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(15) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.11 to Energy
      Fuels&#146; Form 10-Q filed with the SEC on May 6, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(16) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.9 to Energy
      Fuels&#146; Form 10-K filed with the SEC on March 12, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(17) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 1.1 to Energy Fuels&#146;
      Form 8-K filed with the SEC on December 29, 2017.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(18) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.11 to Energy
      Fuels&#146; Form 8-K filed with the SEC on April 3, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(19) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Schedule &#147;C&#148; to Energy
      Fuels&#146; SCHEDULE 14A filed on April 11, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(20) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.16 to Energy
      Fuels&#146; Form 10-Q for its fiscal quarter ended September 30, 2018.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(21) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.15 to Energy
      Fuels&#146; Form 10-Q for its fiscal quarter ended September 30, 2018.</P></TD></TR>
  </TABLE>
<P align=justify><B>ITEM 17 &#150; UNDERTAKINGS </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement: </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;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933; </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;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or
events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; </P>
<p align="center">II-3</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A>
<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;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>provided,
however</I>, that the undertakings set forth in paragraphs (1)(i), (1)(ii) and
(1)(iii) above do not apply if the registration statement is on Form S-3 or Form
F-3 and the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statements
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is
part of the registration statement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining liability under the Securities Act of 1933
to any purchaser: </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;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be
deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; 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;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be
part of and included in the registration statement as of the earlier of the date
such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the
prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be
a new effective date of the registration statement relating to the securities in
the registration statement to which that prospectus relates, and the offering of
such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining liability of the registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the
securities, the undersigned registrant undertakes that in a primary offering of
securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to
the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a
seller to the purchaser and will be considered to offer or sell such securities
to such purchaser: (i) any preliminary prospectus or prospectus of the
undersigned registrant relating to the offering required to be filed pursuant to
Rule 424; (ii) any free writing prospectus relating to the offering prepared by
or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant; (iii) the portion of any other free writing prospectus
relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned
registrant; and (iv) any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or
15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue. </P>
<p align="center">II-4</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file an application for the purpose of determining the eligibility of the
trustee to act under subsection (a) of Section 310 of the Trust Indenture Act of
1939, as amended in accordance with the rules and regulations prescribed by the
Commission under Section 305(b)(2) of the Trust Indenture Act of 1939, as
amended. </P>
<p align="center">II-5</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, as
amended, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-3 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Lakewood, State of Colorado, United States of
America on November 5, 2018. </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="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Mark S. Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark S.
      Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;President, Chief Executive Officer and Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left
      width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal
      Executive Officer) </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David
      C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left
      width="50%">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Chief
      Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left
      width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal
      Financial Officer) </TD></TR></TABLE>
<P align=center><B>POWER OF ATTORNEY</B><B> </B></P>
<P align=justify>Each person whose signature appears below constitutes and
appoints Mark S. Chalmers and David C. Frydenlund as his or her
attorney-in-fact, with the power of substitution, for them in any and all
capacities, to sign any amendments to this registration statement, and to file
the same, with exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming all
that said attorneys-in-fact, or their substitute or substitutes, may do or cause
to be done by virtue hereof. </P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, as
amended, this registration statement has been signed by the following persons on
behalf of the Registrant in the capacities and on the date indicated: </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=center><B><U>Signature</U></B> </TD>
    <TD align=center width="33%"><B><U>Title</U></B> </TD>
    <TD align=center width="33%"><B><U>Date</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Mark S.
      Chalmers </TD>
    <TD align=center width="33%">President, Chief Executive Officer and
      Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Mark S. Chalmers </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ David C.
      Frydenlund </TD>
    <TD align=center width="33%">Chief Financial Officer </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>David C. Frydenlund </TD>
    <TD align=center width="33%">(Principal Financial Officer) </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Matthew J.
      Tarnowski </TD>
    <TD align=center width="33%">Chief Accounting Officer and Controller </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Matthew J. Tarnowski </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ J. Birks
      Bovaird </TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>J. Birks Bovaird </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Paul A.
    Carroll</TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Paul A. Carroll </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE>
<p align="center">II-6</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></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-BOTTOM: #000000 1px solid" align=center>/s/ Benjamin
      Eshleman III </TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Benjamin Eshleman III </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Barbara A. Filas </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Bruce D.
      Hansen </TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Bruce D. Hansen </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Dennis L.
      Higgs </TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Dennis L. Higgs </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>/s/ Robert W.
      Kirkwood </TD>
    <TD align=center width="33%">Director </TD>
    <TD align=center width="33%">November 5, 2018 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Robert W. Kirkwood </TD>
    <TD align=center width="33%">&nbsp; </TD>
    <TD align=center width="33%">&nbsp; </TD></TR></TABLE>
<p align="center">II-7</p>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>2
<FILENAME>exhibit4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 4.6 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><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 style="BORDER-TOP: #000000 1px solid" align=center
    >&nbsp;</TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>as Issuer</B>&nbsp; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;<B>and</B>&nbsp; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>[&nbsp;&nbsp;&nbsp;&nbsp; </B><B>]</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>as U.S. Trustee</B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;<B>and</B>&nbsp; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>[&nbsp;&nbsp;&nbsp;&nbsp; </B><B>]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>as Canadian Trustee</B> </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Indenture</B>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><STRONG>Dated as of [&nbsp;&nbsp;&nbsp;&nbsp;
      ]</STRONG>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</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=center>TABLE OF CONTENTS </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 colSpan=2><A href="#page_7"><B>ARTICLE ONE
      DEFINITIONS AND OTHER PROVISIONS OF GENERAL</B>
      <STRONG>APPLICATION</STRONG> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_7">1 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_7">SECTION 1.01 </A></TD>
    <TD align=left width="75%"><A href="#page_7">Definitions </A></TD>
    <TD align=right width="10%" ><A href="#page_7">1 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_16">SECTION 1.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_16">Rules of
      Construction </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_16">10 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_16">SECTION 1.03 </A></TD>
    <TD align=left width="75%"><A href="#page_16">Compliance Certificates and
      Opinions </A></TD>
    <TD align=right width="10%" ><A href="#page_16">10 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_17">SECTION 1.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_17">Form of
      Documents Delivered to Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_17">11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_18">SECTION 1.05 </A></TD>
    <TD align=left width="75%"><A href="#page_18">Acts of Holders </A></TD>
    <TD align=right width="10%" ><A href="#page_18">12 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_19">SECTION 1.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_19">Notices,
      Etc. to Trustees and Company </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_19">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_19">SECTION 1.07 </A></TD>
    <TD align=left width="75%"><A href="#page_19">Notice to Holders; Waiver
      </A></TD>
    <TD align=right width="10%" ><A href="#page_19">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_20">SECTION 1.08 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_20">Effect of
      Headings and Table of Contents </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_20">14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_20">SECTION 1.09 </A></TD>
    <TD align=left width="75%"><A href="#page_20">Successors and Assigns
    </A></TD>
    <TD align=right width="10%" ><A href="#page_20">14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_20">SECTION 1.10 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_20">Severability
      Clause </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_20">14 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_21">SECTION 1.11 </A></TD>
    <TD align=left width="75%"><A href="#page_21">Benefits of Indenture
</A></TD>
    <TD align=right width="10%" ><A href="#page_21">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_21">SECTION 1.12 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_21">Governing
      Law </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_21">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_21">SECTION 1.13 </A></TD>
    <TD align=left width="75%"><A href="#page_21">Legal Holidays </A></TD>
    <TD align=right width="10%" ><A href="#page_21">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_21">SECTION 1.14 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_21">Agent for
      Service; Submission to Jurisdiction; Waiver of Immunities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_21">15 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_22">SECTION 1.15 </A></TD>
    <TD align=left width="75%"><A href="#page_22">Conversion of Judgment
      Currency </A></TD>
    <TD align=right width="10%" ><A href="#page_22">16 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_23">SECTION 1.16 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_23">Currency
      Equivalent </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_23">17 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_23">SECTION 1.17 </A></TD>
    <TD align=left width="75%"><A href="#page_23">Conflict with Trust
      Indenture Legislation </A></TD>
    <TD align=right width="10%" ><A href="#page_23">17 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_23">SECTION 1.18 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_23">Incorporators, Shareholders, Officers and Directors of the
      Company Exempt from Individual Liability </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_23">17 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_24">SECTION 1.19 </A></TD>
    <TD align=left width="75%"><A href="#page_24">Waiver of Jury Trial </A></TD>
    <TD align=right width="10%" ><A href="#page_24">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_24">SECTION 1.20 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_24">Counterparts
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_24">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_24">SECTION 1.21 </A></TD>
    <TD align=left width="75%"><A href="#page_24">Force Majeure </A></TD>
    <TD align=right width="10%" ><A href="#page_24">18 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="10%" bgColor=#eeeeee >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A href="#page_24"><B>ARTICLE TWO SECURITIES
      FORMS</B> </A></TD>
    <TD align=right width="10%" ><A href="#page_24">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_24">SECTION 2.01 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_24">Forms
      Generally </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_24">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_24">SECTION 2.02 </A></TD>
    <TD align=left width="75%"><A href="#page_24">Form of Trustee&#146;s
      Certificate of Authentication </A></TD>
    <TD align=right width="10%" ><A href="#page_24">18 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_25">SECTION 2.03 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_25">Securities
      Issuable in Global Form </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_25">19 </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_26"><B>ARTICLE
      THREE THE SECURITIES</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_26">20 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_26">SECTION 3.01 </A></TD>
    <TD align=left width="75%"><A href="#page_26">Issuable in Series </A></TD>
    <TD align=right width="10%" ><A href="#page_26">20 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_29">SECTION 3.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_29">Denominations </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_29">23 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_30">SECTION 3.03 </A></TD>
    <TD align=left width="75%"><A href="#page_30">Execution, Authentication,
      Delivery and Dating </A></TD>
    <TD align=right width="10%" ><A href="#page_30">24 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_31">SECTION 3.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_31">Temporary
      Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_31">25 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_33">SECTION 3.05 </A></TD>
    <TD align=left width="75%"><A href="#page_33">Registration, Registration
      of Transfer and Exchange </A></TD>
    <TD align=right width="10%" ><A href="#page_33">27 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_37">SECTION 3.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_37">Mutilated,
      Destroyed, Lost and Stolen Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_37">31 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_38">SECTION 3.07 </A></TD>
    <TD align=left width="75%"><A href="#page_38">Payment of Principal,
      Premium and Interest; Interest Rights Preserved; Optional Interest Reset
      </A></TD>
    <TD align=right width="10%" ><A href="#page_38">32 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_40">SECTION 3.08 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_40">Optional
      Extension of Stated Maturity </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_40">34 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_41">SECTION 3.09 </A></TD>
    <TD align=left width="75%"><A href="#page_41">Persons Deemed Owners
</A></TD>
    <TD align=right width="10%" ><A href="#page_41">35 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_42">SECTION 3.10 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_42">Cancellation
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_42">36 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_42">SECTION 3.11 </A></TD>
    <TD align=left width="75%"><A href="#page_42">Computation of Interest
    </A></TD>
    <TD align=right width="10%" ><A href="#page_42">36
  </A></TD></TR></TABLE>
<P align=center>i </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 vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_42">SECTION
      3.12 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_42">Currency and
      Manner of Payments in Respect of Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_42">36
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_45">SECTION 3.13</A> </TD>
    <TD align=left width="75%"><A href="#page_45">Appointment and Resignation of Successor
      Exchange Rate Agent</A></TD>
    <TD align=right width="10%"><A href="#page_45">39</A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee >&nbsp;<A
      href="#page_45"></A></TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;<A href="#page_45"></A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
href="#page_45">39</A></TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A href="#page_46"><B>ARTICLE FOUR SATISFACTION
      AND DISCHARGE</B> </A></TD>
    <TD align=right width="10%"><A href="#page_46">40 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_46">SECTION
      4.01 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_46">Satisfaction
      and Discharge of Indenture </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_46">40
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_47">SECTION 4.02 </A></TD>
    <TD align=left width="75%"><A href="#page_47">Application of Trust Money
      </A></TD>
    <TD align=right width="10%"><A href="#page_47">41 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee >&nbsp;</TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A href="#page_47"><B>ARTICLE FIVE REMEDIES</B>
      </A></TD>
    <TD align=right width="10%"><A href="#page_47">41 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_47">SECTION
      5.01 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_47">Events of
      Default </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_47">41
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_48">SECTION 5.02 </A></TD>
    <TD align=left width="75%"><A href="#page_48">Acceleration of Maturity;
      Rescission and Annulment </A></TD>
    <TD align=right width="10%"><A href="#page_48">42 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_49">SECTION
      5.03 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_49">Collection
      of Debt and Suits for Enforcement by Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_49">43
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_50">SECTION 5.04 </A></TD>
    <TD align=left width="75%"><A href="#page_50">Trustees May File Proofs of
      Claim </A></TD>
    <TD align=right width="10%"><A href="#page_50">44 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_50">SECTION
      5.05 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_50">Trustees May
      Enforce Claims Without Possession of Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_50">44
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_51">SECTION 5.06 </A></TD>
    <TD align=left width="75%"><A href="#page_51">Application of Money
      Collected </A></TD>
    <TD align=right width="10%"><A href="#page_51">45 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_51">SECTION
      5.07 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_51">Limitation
      on Suits </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_51">45
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_52">SECTION 5.08 </A></TD>
    <TD align=left width="75%"><A href="#page_52">Unconditional Right of
      Holders to Receive Principal, Premium and Interest </A></TD>
    <TD align=right width="10%"><A href="#page_52">46 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_52">SECTION
      5.09 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_52">Restoration
      of Rights and Remedies </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_52">46
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_52">SECTION 5.10 </A></TD>
    <TD align=left width="75%"><A href="#page_52">Rights and Remedies
      Cumulative </A></TD>
    <TD align=right width="10%"><A href="#page_52">46 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_52">SECTION
      5.11 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_52">Delay or
      Omission Not Waiver </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_52">46
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_52">SECTION 5.12 </A></TD>
    <TD align=left width="75%"><A href="#page_52">Control by Holders </A></TD>
    <TD align=right width="10%"><A href="#page_52">46 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_53">SECTION
      5.13 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_53">Waiver of
      Past Defaults </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_53">47
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_53">SECTION 5.14 </A></TD>
    <TD align=left width="75%"><A href="#page_53">Waiver of Stay or Extension
      Laws </A></TD>
    <TD align=right width="10%"><A href="#page_53">47 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_53">SECTION
      5.15 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_53">Undertaking
      for Costs </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_53">47
  </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_54"><B>ARTICLE SIX
      THE TRUSTEES</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_54">48
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_54">SECTION 6.01 </A></TD>
    <TD align=left width="75%"><A href="#page_54">Notice of Defaults </A></TD>
    <TD align=right width="10%"><A href="#page_54">48 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_54">SECTION
      6.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_54">Certain
      Duties and Responsibilities of Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_54">48
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_55">SECTION 6.03 </A></TD>
    <TD align=left width="75%"><A href="#page_55">Certain Rights of Trustees
      </A></TD>
    <TD align=right width="10%"><A href="#page_55">49 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_56">SECTION
      6.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_56">Trustees Not
      Responsible for Recitals or Issuance of Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_56">50
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_57">SECTION 6.05 </A></TD>
    <TD align=left width="75%"><A href="#page_57">May Hold Securities </A></TD>
    <TD align=right width="10%"><A href="#page_57">51 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_57">SECTION
      6.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_57">Money Held
      in Trust </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_57">51
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_57">SECTION 6.07 </A></TD>
    <TD align=left width="75%"><A href="#page_57">Compensation and
      Reimbursement </A></TD>
    <TD align=right width="10%"><A href="#page_57">51 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_58">SECTION
      6.08 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_58">Corporate
      Trustees Required; Eligibility </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_58">52
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_58">SECTION 6.09 </A></TD>
    <TD align=left width="75%"><A href="#page_58">Resignation and Removal;
      Appointment of Successor </A></TD>
    <TD align=right width="10%"><A href="#page_58">52 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_60">SECTION
      6.10 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_60">Acceptance
      of Appointment by Successor </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_60">54
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_61">SECTION 6.11 </A></TD>
    <TD align=left width="75%"><A href="#page_61">Merger, Conversion,
      Consolidation or Succession to Business </A></TD>
    <TD align=right width="10%"><A href="#page_61">55 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_61">SECTION
      6.12 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_61">Appointment
      of Authenticating Agent </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_61">55
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_63">SECTION 6.13 </A></TD>
    <TD align=left width="75%"><A href="#page_63">Joint Trustees </A></TD>
    <TD align=right width="10%"><A href="#page_63">57 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_63">SECTION
      6.14 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_63">Other Rights
      of Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_63">57
  </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_65"><B>ARTICLE
      SEVEN HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND</B>
      <STRONG>COMPANY</STRONG> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_65">59
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_65">SECTION 7.01 </A></TD>
    <TD align=left width="75%"><A href="#page_65">Company to Furnish Trustees
      Names and Addresses of Holders </A></TD>
    <TD align=right width="10%"><A href="#page_65">59 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A href="#page_65">SECTION
      7.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_65">Preservation
      of List of Names and Addresses of Holders </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_65">59
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A href="#page_65">SECTION 7.03 </A></TD>
    <TD align=left width="75%"><A href="#page_65">Disclosure of Names and
      Addresses of Holders </A></TD>
    <TD align=right width="10%"><A href="#page_65">59 </A></TD></TR></TABLE>
<P align=center>ii </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 vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_65">SECTION 7.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_65">Reports by
      Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_65">59
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_66">SECTION 7.05 </A></TD>
    <TD align=left width="75%"><A href="#page_66">Reports by the Company
    </A></TD>
    <TD align=right width="10%"><A href="#page_66">60 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B><A href="#page_66">ARTICLE EIGHT CONSOLIDATION, MERGER,
      CONVEYANCE, TRANSFEROR LEASE</A></B> </TD>
    <TD align=right width="10%"><A href="#page_66">60</A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>&nbsp;<A href="#page_66"></A></TD>
    <TD align=left width="75%" bgColor=#eeeeee>&nbsp;<A
href="#page_66"></A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_66">60
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_66">SECTION 8.01 </A></TD>
    <TD align=left width="75%"><A href="#page_66">Company May Consolidate,
      etc., only on Certain Terms </A></TD>
    <TD align=right width="10%"><A href="#page_66">60 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_67">SECTION 8.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_67">Successor
      Person Substituted </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_67">61
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_67"><B>ARTICLE
      NINE SUPPLEMENTAL INDENTURES</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_67">61
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_67">SECTION 9.01 </A></TD>
    <TD align=left width="75%"><A href="#page_67">Supplemental Indentures
      Without Consent of Holders </A></TD>
    <TD align=right width="10%"><A href="#page_67">61 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_69">SECTION 9.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_69">Supplemental
      Indentures with Consent of Holders </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_69">63
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_70">SECTION 9.03 </A></TD>
    <TD align=left width="75%"><A href="#page_70">Execution of Supplemental
      Indentures </A></TD>
    <TD align=right width="10%"><A href="#page_70">64 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_70">SECTION 9.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_70">Effect of
      Supplemental Indentures </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_70">64
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_70">SECTION 9.05 </A></TD>
    <TD align=left width="75%"><A href="#page_70">Conformity with Trust
      Indenture Legislation </A></TD>
    <TD align=right width="10%"><A href="#page_70">64 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_70">SECTION 9.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_70">Reference in
      Securities to Supplemental Indentures </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_70">64
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_70">SECTION 9.07 </A></TD>
    <TD align=left width="75%"><A href="#page_70">Notice of Supplemental
      Indentures </A></TD>
    <TD align=right width="10%"><A href="#page_70">64 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A href="#page_71"><B>ARTICLE TEN COVENANTS</B>
      </A></TD>
    <TD align=right width="10%"><A href="#page_71">65 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_71">SECTION 10.01 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_71">Payment of
      Principal, Premium and Interest </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_71">65
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_71">SECTION 10.02 </A></TD>
    <TD align=left width="75%"><A href="#page_71">Maintenance of Office or
      Agency </A></TD>
    <TD align=right width="10%"><A href="#page_71">65 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_72">SECTION 10.03 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_72">Money for
      Securities Payments to Be Held in Trust </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_72">66
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_73">SECTION 10.04 </A></TD>
    <TD align=left width="75%"><A href="#page_73">Statement as to Compliance
      </A></TD>
    <TD align=right width="10%"><A href="#page_73">67 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_74">SECTION 10.05 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_74">Payment of
      Taxes and Other Claims </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_74">68
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_74">SECTION 10.06 </A></TD>
    <TD align=left width="75%"><A href="#page_74">Corporate Existence </A></TD>
    <TD align=right width="10%"><A href="#page_74">68 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_74">SECTION 10.07 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_74">Waiver of
      Certain Covenants </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_74">68
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_74"><B>ARTICLE
      ELEVEN REDEMPTION OF SECURITIES</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_74">68
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_74">SECTION 11.01 </A></TD>
    <TD align=left width="75%"><A href="#page_74">Applicability of Article
    </A></TD>
    <TD align=right width="10%"><A href="#page_74">68 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_74">SECTION 11.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_74">Election to
      Redeem; Notice to Trustees </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_74">68
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_75">SECTION 11.03 </A></TD>
    <TD align=left width="75%"><A href="#page_75">Selection by Trustees of
      Securities to Be Redeemed </A></TD>
    <TD align=right width="10%"><A href="#page_75">69 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_75">SECTION 11.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_75">Notice of
      Redemption </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_75">69
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_76">SECTION 11.05 </A></TD>
    <TD align=left width="75%"><A href="#page_76">Deposit of Redemption Price
      </A></TD>
    <TD align=right width="10%"><A href="#page_76">70 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_76">SECTION 11.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_76">Securities
      Payable on Redemption Date </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_76">70
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_77">SECTION 11.07 </A></TD>
    <TD align=left width="75%"><A href="#page_77">Securities Redeemed in Part
      </A></TD>
    <TD align=right width="10%"><A href="#page_77">71 </A></TD></TR>
  <TR>
    <TD align=center bgColor=#eeeeee>&nbsp;</TD>
    <TD width="75%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A href="#page_77"><B>ARTICLE TWELVE </B>SINKING
      FUNDS </A></TD>
    <TD align=right width="10%"><A href="#page_77">71 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_77">SECTION 12.01 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_77">Applicability of Article </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_77">71
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_77">SECTION 12.02 </A></TD>
    <TD align=left width="75%"><A href="#page_77">Satisfaction of Sinking Fund
      Payments with Securities </A></TD>
    <TD align=right width="10%"><A href="#page_77">71 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_78">SECTION 12.03 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_78">Redemption
      of Securities for Sinking Fund </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_78">72
  </A></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A href="#page_79"><B>ARTICLE
      THIRTEEN </B>REPAYMENT AT OPTION OF HOLDERS </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_79">73
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_79">SECTION 13.01 </A></TD>
    <TD align=left width="75%"><A href="#page_79">Applicability of Article
    </A></TD>
    <TD align=right width="10%"><A href="#page_79">73 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_79">SECTION 13.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_79">Repayment of
      Securities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_79">73
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_79">SECTION 13.03 </A></TD>
    <TD align=left width="75%"><A href="#page_79">Exercise of Option </A></TD>
    <TD align=right width="10%"><A href="#page_79">73 </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><A href="#page_80">SECTION 13.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A href="#page_80">When
      Securities Presented for Repayment Become Due and Payable </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A href="#page_80">74
  </A></TD></TR>
  <TR vAlign=top>
    <TD align=center><A href="#page_80">SECTION 13.05 </A></TD>
    <TD align=left width="75%"><A href="#page_80">Securities Repaid in Part
      </A></TD>
    <TD align=right width="10%"><A href="#page_80">74 </A></TD></TR></TABLE>
<P align=center>iii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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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 colSpan=2><A
      href="#page_81"><B>ARTICLE
      FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_81">75
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_81">SECTION
      14.01 </A></TD>
    <TD align=left width="75%"><A
      href="#page_81">Company&#146;s
      Option to Effect Defeasance or Covenant Defeasance </A></TD>
    <TD align=right width="10%" ><A
      href="#page_81">75
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_81">SECTION
      14.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_81">Defeasance
      and Discharge </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_81">75
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_81">SECTION
      14.03 </A></TD>
    <TD align=left width="75%"><A
      href="#page_81">Covenant
      Defeasance </A></TD>
    <TD align=right width="10%" ><A
      href="#page_81">75
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_82">SECTION
      14.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_82">Conditions
      to Defeasance or Covenant Defeasance </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_82">76
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_83">SECTION
      14.05 </A></TD>
    <TD align=left width="75%"><A
      href="#page_83">Deposited
      Money and Government Obligations to Be Held in Trust; Other Miscellaneous
      Provisions </A></TD>
    <TD align=right width="10%" ><A
      href="#page_83">77
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_84">SECTION
      14.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_84">Reinstatement
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_84">78
      </A></TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD align=right width="10%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_85"><B>ARTICLE
      FIFTEEN MEETINGS OF HOLDERS OF SECURITIES</B> </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_85">79
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_85">SECTION
      15.01 </A></TD>
    <TD align=left width="75%"><A
      href="#page_85">Purposes
      for Which Meetings May Be Called </A></TD>
    <TD align=right width="10%" ><A
      href="#page_85">79
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_85">SECTION
      15.02 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_85">Call,
      Notice and Place of Meetings </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_85">79
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_85">SECTION
      15.03 </A></TD>
    <TD align=left width="75%"><A
      href="#page_85">Persons
      Entitled to Vote at Meetings </A></TD>
    <TD align=right width="10%" ><A
      href="#page_85">79
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_85">SECTION
      15.04 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_85">Quorum;
      Action </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_85">79
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center ><A
      href="#page_86">SECTION
      15.05 </A></TD>
    <TD align=left width="75%"><A
      href="#page_86">Determination
      of Voting Rights; Conduct and Adjournment of Meetings </A></TD>
    <TD align=right width="10%" ><A
      href="#page_86">80
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><A
      href="#page_87">SECTION
      15.06 </A></TD>
    <TD align=left width="75%" bgColor=#eeeeee><A
      href="#page_87">Counting
      Votes and Recording Action of Meetings </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee ><A
      href="#page_87">81
      </A></TD></TR></TABLE>
<P align=center>iv </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=center colSpan=2>CROSS-REFERENCE TABLE </TD>
    <TD align=center width="46%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="49%">&nbsp; </TD>
    <TD width="46%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="49%">&nbsp; </TD>
    <TD width="46%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center >TIA </TD>
    <TD align=left width="49%">&nbsp; </TD>
    <TD align=left width="46%">Indenture </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><U>Section</U> </TD>
    <TD align=left width="46%">&nbsp;<U>Section</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >310 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">6.08(1) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">6.09 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >311 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">6.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">6.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >312 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">7.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">7.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">7.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >313 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">7.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">7.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">7.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(d) </TD>
    <TD align=left width="46%">7.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >314 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">7.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(a)(4) </TD>
    <TD align=left width="46%">10.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c)(1) </TD>
    <TD align=left width="46%">1.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c)(2) </TD>
    <TD align=left width="46%">1.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(d) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(e) </TD>
    <TD align=left width="46%">1.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(f) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >315 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">6.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">6.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">6.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(d) </TD>
    <TD align=left width="46%">6.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(e) </TD>
    <TD align=left width="46%">5.15 </TD></TR>
  <TR vAlign=top>
    <TD align=left >316 </TD>
    <TD align=left width="49%">(a)(last sentence) </TD>
    <TD align=left width="46%">1.02 (&#147;Outstanding&#148;) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(a)(1)(A) </TD>
    <TD align=left width="46%">5.12 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(a)(1)(B) </TD>
    <TD align=left width="46%">5.02, 5.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(a)(2) </TD>
    <TD align=left width="46%">Not Applicable </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">5.08 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(c) </TD>
    <TD align=left width="46%">1.04(e) </TD></TR>
  <TR vAlign=top>
    <TD align=left >317 </TD>
    <TD align=left width="49%">(a)(1) </TD>
    <TD align=left width="46%">5.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(a)(2) </TD>
    <TD align=left width="46%">5.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="49%">(b) </TD>
    <TD align=left width="46%">10.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >318 </TD>
    <TD align=left width="49%">(a) </TD>
    <TD align=left width="46%">1.16 </TD></TR></TABLE></DIV>
<P align=justify>Note: This Cross-Reference Table shall not, for any purpose, be
deemed to be part of this Indenture. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_7></A>
<P align=justify style="text-indent:5%">INDENTURE, dated as of
____________________, between ENERGY FUELS INC., a corporation duly continued
and existing under the laws of the Province of Ontario, Canada (herein called
the &#147;<B>Company</B>&#148;), having its principal office at 225 Union Blvd., Suite
600, Lakewood, Colorado, and ______________________, a ______________________,
organized under the laws of ______________________, as U.S. trustee (herein
called the &#147;<B>U.S. Trustee</B>&#148;), and______________________, a
______________________, organized under the laws of ______________________, as
Canadian trustee (the &#147;<B>Canadian Trustee</B>&#148; and, together with the U.S.
Trustee, the &#147;<B>Trustees</B>&#148;). </P>
<P align=center><B>RECITALS</B> </P>
<P align=justify style="text-indent:5%">The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from
time to time of its debentures, notes, bonds or other evidences of indebtedness
(herein called the &#147;<B>Securities</B>&#148;), which may be convertible into or
exchangeable for any securities of any person (including the Company), to be
issued in one or more series as in this Indenture provided. </P>
<P align=justify style="text-indent:5%">This Indenture is subject to the
provisions of Trust Indenture Legislation that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions.
</P>
<P align=justify style="text-indent:5%">All things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have
been done. </P>
<P align=justify>NOW, THEREFORE, THIS INDENTURE WITNESSETH: </P>
<P align=justify style="text-indent:5%">For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows: </P>
<P align=center><B>ARTICLE ONE <BR></B><B>DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION </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>SECTION 1.01</B> </TD>
    <TD align=left width="90%"><B>Definitions</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">&#147;<B>Act</B>,&#148; when used with
respect to any Holder, has the meaning specified in Section 1.04.</P>
<P align=justify style="text-indent:5%">&#147;<B>Affiliate</B>&#148; of any
specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, &#147;control&#148; when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing. </P>
<P align=justify style="text-indent:5%">&#147;<B>Authenticating Agent</B>&#148;
means any Person authorized by the applicable Trustee pursuant to Section 6.12
to act on behalf of such Trustee to authenticate Securities. </P>
<P align=justify style="text-indent:5%">&#147;<B>Authorized Newspaper</B>&#148;
means a newspaper, in the English language or in an official language of the
country of publication, customarily published on each Business Day, and of
general circulation in each place in connection with which the term is used or
in the financial community of each such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify style="text-indent:5%">&#147;<B>Base Currency</B>&#148; has the
meaning specified in Section 1.14. </P>
<P align=justify style="text-indent:5%">&#147;<B>Bearer Security</B>&#148; means
any Security except a Registered Security. </P>
<P align=justify style="text-indent:5%">&#147;<B>Board of Directors</B>&#148; means
the board of directors of the Company or any duly authorized committee thereof.
</P>
<P align=justify style="text-indent:5%">&#147;<B>Board Resolution</B>&#148; means a
copy of a resolution certified by the Corporate Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and
to be in full force and effect on the date of such certification, and delivered
to the Trustees. </P>
<P align=justify style="text-indent:5%">&#147;<B>Branch Register</B>&#148; has the
meaning specified in Section 3.05. </P>
<P align=justify style="text-indent:5%">&#147;<B>Branch Security
Registrar</B>&#148; has the meaning specified in Section 3.05. </P>
<P align=justify style="text-indent:5%">&#147;<B>Business Day</B>,&#148; when used
with respect to any Place of Payment or any other particular location referred
to in this Indenture or in the Securities, means, unless otherwise specified
with respect to any Securities pursuant to Section 3.01, any day other than
Saturday, Sunday or any other day on which commercial banking institutions in
that Place of Payment or other location are permitted or required by any
applicable law, regulation or executive order to close. </P>
<P align=justify style="text-indent:5%">&#147;<B>calculation period</B>&#148; has
the meaning specified in Section 3.11. </P>
<P align=justify style="text-indent:5%">&#147;<B>Canadian Trustee</B>&#148; means
the Person named as the &#147;Canadian Trustee&#148; in the first paragraph of this
Indenture until a successor Canadian Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter &#147;Canadian Trustee&#148;
shall mean or include each Person who is then a Canadian Trustee hereunder;
<I>provided, however</I>, that if at any time there is more than one such
Person, &#147;Canadian Trustee&#148; as used with respect to the Securities of any series
shall mean only the Canadian Trustee with respect to Securities of that series.
</P>
<P align=justify style="text-indent:5%">&#147;<B>Central Register</B>&#148; has the
meaning specified in Section 3.05. </P>
<P align=justify style="text-indent:5%">&#147;<B>Central Security
Registrar</B>&#148; has the meaning specified in Section 3.05. </P>
<P align=justify style="text-indent:5%">&#147;<B>Commission</B>&#148; means the
U.S. Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this
Indenture such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at
such time. </P>
<P align=justify style="text-indent:5%">&#147;<B>Company</B>&#148; means the Person
named as the &#147;Company&#148; in the first paragraph of this Indenture until a
successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter &#147;Company&#148; shall mean such successor Person. </P>
<P align=justify style="text-indent:5%">&#147;<B>Company Request</B>&#148; or
&#147;<B>Company Order</B>&#148; means a written request or order signed in the name of
the Company by an Officer and delivered to the Trustees. </P>
<P align=justify style="text-indent:5%">&#147;<B>Component Currency</B>&#148; has
the meaning specified in Section 3.12(h) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Conversion Date</B>&#148; has the
meaning specified in Section 3.12(d) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Conversion Event</B>&#148; means
the cessation of use of (i) a Foreign Currency (other than the Euro or other
Currency unit) both by the government of the country which issued such Currency
and by a central bank or other public institution of or within the international
banking community for the settlement of transactions, (ii) the Euro or (iii) any
currency unit (or composite currency) other than the Euro for the purposes for
which it was established. </P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify style="text-indent:5%">&#147;<B>Corporate Trust Office</B>&#148;
  means the principal corporate trust office of the U.S. Trustee or the Canadian
  Trustee, as applicable, at which at any particular time its corporate trust
  business may be administered, such an office on the date of execution of this
  Indenture of the U.S. Trustee is located at _________________________,
  Attention: _______________________, and of the Canadian Trustee is located at
  ______________________, Attention: ____________________________, except that
with respect to presentation of Securities for payment or for registration of
transfer or exchange, such term shall mean the office or agency of the U.S.
Trustee or the Canadian Trustee, as applicable, designated in writing to the
Company at which, at any particular time, its corporate agency business shall be
conducted. </P>
<P align=justify style="text-indent:5%">&#147;<B>coupon</B>&#148; means any
interest coupon appertaining to a Bearer Security. </P>
<P align=justify style="text-indent:5%">&#147;<B>covenant defeasance</B>&#148; has
the meaning specified in Section 14.03. </P>
<P align=justify style="text-indent:5%">&#147;<B>Currency</B>&#148; means any
currency or currencies, composite currency or currency unit or currency units,
including, without limitation, the Euro, issued by the government of one or more
countries or by any recognized confederation or association of such governments.
</P>
<P align=justify style="text-indent:5%">&#147;<B>Default</B>&#148; means any event
which is, or after notice or passage of time or both would be, an Event of
Default. </P>
<P align=justify style="text-indent:5%">&#147;<B>Defaulted Interest</B>&#148; has
the meaning specified in Section 3.07.</P>
<P align=justify style="text-indent:5%">&#147;<B>defeasance</B>&#148; has the
meaning specified in Section 14.02. </P>
<P align=justify style="text-indent:5%">&#147;<B>Depositary</B>&#148; means, with
respect to the Securities of any series issuable or issued in the form of one or
more Registered Securities, the Person designated as Depositary by the Company
pursuant to Section 3.05 until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
&#147;Depositary&#148; shall mean or include each Person who is then a Depositary
hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the
Depositary with respect to the Registered Securities of that series. </P>
<P align=justify style="text-indent:5%">&#147;<B>Dollar</B>&#148; or &#147;<B>$</B>&#148;
means a dollar or other equivalent unit in such coin or currency of the United
States of America as at the time shall be legal tender for the payment of public
and private debts. </P>
<P align=justify style="text-indent:5%">&#147;<B>Dollar Equivalent of the
Currency Unit</B>&#148; has the meaning specified in Section 3.12(g) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Dollar Equivalent of the
Foreign Currency</B>&#148; has the meaning specified in Section 3.12(f) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Election Date</B>&#148; has the
meaning specified in Section 3.12(h) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Euro</B>&#148; means the single
currency of the participating member states from time to time of the European
Union described in legislation of the European Counsel for the operation of a
single unified European currency (whether known as the Euro or otherwise). </P>
<P align=justify style="text-indent:5%">&#147;<B>Event of Default</B>&#148; has the
meaning specified in Section 5.01. </P>
<P align=center>3 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Exchange Act</B>&#148; means the
United States Securities Exchange Act of 1934, as amended. </P>
<P align=justify style="text-indent:5%">&#147;<B>Exchange Date</B>&#148; has the
meaning specified in Section 3.04. </P>
<P align=justify style="text-indent:5%">&#147;<B>Exchange Rate Agent</B>&#148;
means, with respect to Securities of or within any series, unless otherwise
specified with respect to any Securities pursuant to Section 3.01, a New York
clearing house bank, designated pursuant to Section 3.01 or Section 3.13. </P>
<P align=justify style="text-indent:5%">&#147;<B>Exchange Rate Officer&#146;s
Certificate</B>&#148; means a tested telex or a certificate setting forth (i) the
applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts
of principal, premium (if any) and interest (if any) (on an aggregate basis and
on the basis of a Security having the lowest denomination principal amount
determined in accordance with Section 3.02 in the relevant Currency), payable
with respect to a Security of any series on the basis of such Market Exchange
Rate, sent (in the case of a telex) or signed (in the case of a certificate) by
the Chief Executive Officer, President or Chief Financial Officer of the
Company. </P>
<P align=justify style="text-indent:5%">&#147;<B>Extension Notice</B>&#148; has the
meaning specified in Section 3.08. </P>
<P align=justify style="text-indent:5%">&#147;<B>Extension Period</B>&#148; has the
meaning specified in Section 3.08. </P>
<P align=justify style="text-indent:5%">&#147;<B>Final Maturity</B>&#148; has the
meaning specified in Section 3.08. </P>
<P align=justify style="text-indent:5%">&#147;<B>First Currency</B>&#148; has the
meaning specified in Section 1.15. </P>
<P align=justify style="text-indent:5%">&#147;<B>Foreign Currency</B>&#148; means
any Currency other than Currency of the United States. </P>
<P align=justify style="text-indent:5%">&#147;<B>GAAP</B>&#148; means generally
accepted accounting principles in Canada in effect from time to time, unless the
Person&#146;s most recent audited or quarterly financial statements are not prepared
in accordance with generally accepted accounting principles in Canada, in which
case &#147;GAAP&#148; shall mean generally accepted accounting principles in the United
States in effect from time to time. </P>
<P align=justify style="text-indent:5%">&#147;<B>Government Obligations</B>&#148;
means, unless otherwise specified with respect to any series of Securities
pursuant to Section 3.01, securities which are (i) direct obligations of the
government which issued the Currency in which the Securities of a particular
series are payable or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the government which issued the
Currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed by such government, which, in either case,
are full faith and credit obligations of such government payable in such
Currency and are not callable or redeemable at the option of the issuer thereof
and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of any such Government Obligation held by such
custodian for the account of the holder of a depository receipt; <I>provided</I>
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Obligation or
the specific payment of interest or principal of the Government Obligation
evidenced by such depository receipt. </P>
<P align=justify style="text-indent:5%">&#147;<B>Holder</B>&#148; means, in the
case of a Registered Security, the Person in whose name a Security is registered
in the Security Register and, in the case of a Bearer Security, the bearer
thereof and, when used with respect to any coupon, shall mean the bearer
thereof. </P>
<P align=center>4 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Indenture</B>&#148; means this
instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms
of particular series of Securities established as contemplated by Section 3.01;
<I>provided, however,</I> that, if at any time more than one Person is acting as
Trustee under this instrument, &#147;Indenture&#148; shall mean, with respect to any one
or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of the particular
series of Securities for which such Person is Trustee established as
contemplated by Section 3.01, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party. </P>
<P align=justify style="text-indent:5%">&#147;<B>Indexed Security</B>&#148; means a
Security the terms of which provide that the principal amount thereof payable at
Stated Maturity may be more or less than the principal face amount thereof at
original issuance. </P>
<P align=justify style="text-indent:5%">&#147;<B>interest</B>,&#148; when used with
respect to an Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity at the rate
prescribed in such Original Issue Discount Security. </P>
<P align=justify style="text-indent:5%">&#147;<B>Interest Payment Date</B>,&#148;
when used with respect to any Security, means the Stated Maturity of an
installment of interest on such Security. </P>
<P align=justify style="text-indent:5%">&#147;<B>Judgment Currency</B>&#148; has
the meaning specified in Section 1.14. </P>
<P align=justify style="text-indent:5%">&#147;<B>Lien</B>&#148; means any mortgage,
pledge, hypothecation, charge, assignment, deposit arrangement, encumbrance,
security interest, lien (statutory or other), or preference, priority or other
security or similar agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any agreement to give or grant a Lien
or any lease, conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing). </P>
<P align=justify style="text-indent:5%">&#147;<B>mandatory sinking fund
payment</B>&#148; has the meaning specified in Section 12.01. </P>
<P align=justify style="text-indent:5%">&#147;<B>Market Exchange Rate</B>&#148;
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, (i) for any conversion involving a Currency unit on the one hand
and Dollars or any Foreign Currency on the other, the exchange rate between the
relevant Currency unit and Dollars or such Foreign Currency calculated by the
method specified pursuant to Section 3.01 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency, the noon
(New York City time) buying rate for such Foreign Currency for cable transfers
quoted in New York City as certified for customs purposes by the Federal Reserve
Bank of New York and (iii) for any conversion of one Foreign Currency into
Dollars or another Foreign Currency, the spot rate at noon local time in the
relevant market at which, in accordance with normal banking procedures, the
Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from
major banks located in New York City, Toronto, London or any other principal
market for Dollars or such purchased Foreign Currency, in each case determined
by the Exchange Rate Agent. Unless otherwise specified with respect to any
Securities pursuant to Section 3.01, in the event of the unavailability of any
of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii),
the Exchange Rate Agent shall use, in its sole discretion and without liability
on its part, such quotation of the Federal Reserve Bank of New York as of the
most recent available date, or quotations from one or more major banks in New York City, Toronto, London or another
principal market for the Currency in question, or such other quotations as the
Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the
Exchange Rate Agent, if there is more than one market for dealing in any
Currency by reason of foreign exchange regulations or otherwise, the market to
be used in respect of such Currency shall be that upon which a non-resident
issuer of securities designated in such Currency would purchase such Currency in
order to make payments in respect of such securities. </P>
<P align=center>5 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Maturity</B>,&#148; when used with
  respect to any Security, means the date on which the principal of such Security
  or an installment of principal becomes due and payable as therein or herein
  provided, whether at the Stated Maturity or by declaration of acceleration,
notice of redemption, notice of option to elect repayment or otherwise. </P>
<P align=justify style="text-indent:5%">&#147;<B>Notice of Default</B>&#148; has
the meaning specified in Section 6.01. </P>
<P align=justify style="text-indent:5%">&#147;<B>Officer</B>&#148; means the Chair
of the Board of Directors, the Chief Executive Officer, the President, the Chief
Financial Officer, the Chief Operating Officer, any Executive Vice President,
any Vice President, the Treasurer or the Corporate Secretary of the Company or,
in the event that the Company is a partnership or a limited liability company
that has no such officers, a person duly authorized under applicable law by the
general partner, managers, members or a similar body to act on behalf of the
Company.</P>
<P align=justify style="text-indent:5%">&#147;<B>Officer&#146;s Certificate</B>&#148;
means a certificate, which shall comply with this Indenture, signed by an
Officer and delivered to the Trustees. </P>
<P align=justify style="text-indent:5%">&#147;<B>Opinion of Counsel</B>&#148; means
a written opinion of counsel, who may be counsel for the Company, including an
employee of the Company, who shall be acceptable to the Trustees, which opinion
may contain customary exceptions and qualifications as to the matters set forth
therein. </P>
<P align=justify style="text-indent:5%">&#147;<B>Optional Reset Date</B>&#148; has
the meaning specified in Section 3.07. </P>
<P align=justify style="text-indent:5%">&#147;<B>optional sinking fund
payment</B>&#148; has the meaning specified in Section 12.01. </P>
<P align=justify style="text-indent:5%">&#147;<B>Original Issue Discount
Security</B>&#148; means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 5.02. </P>
<P align=justify style="text-indent:5%">&#147;<B>Original Stated Maturity</B>&#148;
has the meaning specified in Section 3.08. </P>
<P align=justify style="text-indent:5%">&#147;<B>Other Currency</B>&#148; has the
meaning specified in Section 1.15. </P>
<P align=justify style="text-indent:5%">&#147;<B>Outstanding</B>,&#148; when used
with respect to Securities, means, as of the date of determination, all
Securities theretofore authenticated and delivered under this Indenture, except:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Securities theretofore cancelled by either Trustee or
      delivered to either Trustee for cancellation;</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%">(ii) </TD>
    <TD>
      <P align=justify>Securities, or portions thereof, for whose payment or
      redemption or repayment at the option of the Holder, money in the
      necessary amount has been theretofore deposited with either Trustee or any
      Paying Agent (other than the Company) in trust or set aside and segregated
      in trust by the Company (if the Company shall act as its own Paying Agent)
      for the Holders of such Securities and any coupons appertaining thereto;
      <I>provided </I>that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustees has been made; </P></TD></TR></TABLE>
<P align=center>6 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Securities, except to the extent provided in Section
      14.02 and Section 14.03, with respect to which the Company has effected
      defeasance and/or covenant defeasance as provided in Article Fourteen;
  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%">(iv) </TD>
    <TD>
      <P align=justify>Securities which have been paid pursuant to Section 3.06
      or in exchange for or in lieu of which other Securities have been
      authenticated and delivered pursuant to this Indenture, other than any
      such Securities in respect of which there shall have been presented to the
      Trustees proof satisfactory to them that such Securities are held by a
      protected purchaser (as defined in Article 8 of the UCC) in whose hands
      such Securities are valid obligations of the
Company;</P></TD></TR></TABLE>
<P align=justify><I>provided, however</I>, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder or are present at a meeting of Holders for quorum purposes, and for
the purpose of making the calculations required by TIA Section 313, (i) the
principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of principal thereof
that would be (or shall have been declared to be) due and payable, at the time
of such determination, upon a declaration of acceleration of the maturity
thereof pursuant to Section 5.02, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such
determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined as of the date such
Security is originally issued by the Company as set forth in an Exchange Rate
Officer&#146;s Certificate delivered to the Trustees, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of
such date of original issuance of the amount determined as provided in clause
(i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall
be deemed outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Security pursuant to Section 3.01, and (iv) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustees shall be
protected in making such calculation or in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities
which the Trustees know to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustees the pledgee&#146;s right
so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor. </P>
<P align=justify style="text-indent:5%">&#147;<B>Paying Agent</B>&#148; means any
Person (including the Company acting as Paying Agent) authorized by the Company
to pay the principal of, premium (if any) or interest (if any) on any Securities
on behalf of the Company. Such Person must be capable of making payment in the
Currency of the issued Security. </P>
<P align=justify style="text-indent:5%">&#147;<B>Person</B>&#148; means any
individual, corporation, body corporate, partnership, limited partnership,
limited liability partnership, joint venture, limited liability company,
unlimited liability company, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof. </P>
<P align=center>7 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Place of Payment</B>&#148; means,
when used with respect to the Securities of or within any series, each place
where the principal of, premium (if any) and interest (if any) on such
Securities are payable as specified as contemplated by Sections 3.01 and 10.02.
</P>
<P align=justify style="text-indent:5%">&#147;<B>Predecessor Security</B>&#148; of
any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security; and, for
the purposes of this definition, any security authenticated and delivered under
Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security or a Security to which a mutilated, destroyed, lost or stolen
coupon appertains shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security or the Security to which the mutilated,
destroyed, lost or stolen coupon appertains, as the case may be. </P>
<P align=justify style="text-indent:5%">&#147;<B>Privacy Laws</B>&#148; has the
meaning specified in Section 6.14. </P>
<P align=justify style="text-indent:5%">&#147;<B>rate(s) of exchange</B>&#148; has
the meaning specified in Section 1.14. </P>
<P align=justify style="text-indent:5%">&#147;<B>Redemption Date</B>,&#148; when
used with respect to any Security to be redeemed, in whole or in part, means the
date fixed for such redemption by or pursuant to this Indenture. </P>
<P align=justify style="text-indent:5%">&#147;<B>Redemption Price</B>,&#148; when
used with respect to any Security to be redeemed, in whole or in part, means the
price at which it is to be redeemed pursuant to this Indenture, plus accrued and
unpaid interest thereon to the Redemption Date. </P>
<P align=justify style="text-indent:5%">&#147;<B>Registered Security</B>&#148;
means any Security registered in the Security Register. </P>
<P align=justify style="text-indent:5%">&#147;<B>Regular Record Date</B>&#148; for
the interest payable on any Interest Payment Date on the Registered Securities
of or within any series means the date specified for that purpose as
contemplated by Section 3.01. </P>
<P align=justify style="text-indent:5%">&#147;<B>Repayment Date</B>&#148; means,
when used with respect to any Security to be repaid at the option of the Holder,
the date fixed for such repayment pursuant to this Indenture. </P>
<P align=justify style="text-indent:5%">&#147;<B>Reset Notice</B>&#148; has the
meaning specified in Section 3.07. </P>
<P align=justify style="text-indent:5%">&#147;<B>Responsible Officer</B>,&#148;
when used with respect to a Trustee, means any vice president, secretary, any
assistant secretary, treasurer, any assistant treasurer, any senior trust
officer, any trust officer, the controller within the corporate trust
administration division of a Trustee or any other officer of a Trustee
customarily performing functions similar to those performed by any of the
above-designated officers, and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject. </P>
<P align=justify style="text-indent:5%">&#147;<B>Securities</B>&#148; has the
meaning stated in the first recital of this Indenture and more particularly
means any Securities authenticated and delivered under this Indenture;
<I>provided, however,</I> that if at any time there is more than one Person
acting as Trustee under this Indenture, &#147;Securities&#148; with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in
the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee. </P>
<P align=justify style="text-indent:5%">&#147;<B>Security Register</B>&#148; and
&#147;<B>Security Registrar</B>&#148; have the respective meanings specified in Section
3.05. </P>
<P align=center>8 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Special Record Date</B>&#148; for
the payment of any Defaulted Interest on the Registered Securities of or within
any series means a date fixed by the Trustees pursuant to Section 3.07. </P>
<P align=justify style="text-indent:5%">&#147;<B>Specified Amount</B>&#148; has the
meaning specified in Section 3.12(h) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Stated Maturity</B>,&#148; when
used with respect to any Security or any installment of principal thereof or
interest thereon, means the date specified in such Security or a coupon
representing such installment of interest as the fixed date on which the
principal of such Security or such installment of principal or interest is due
and payable, as such date may be extended pursuant to the provisions of Section
3.08 (if applicable). </P>
<P align=justify style="text-indent:5%">&#147;<B>Subsequent Interest
Period</B>&#148; has the meaning specified in Section 3.07. </P>
<P align=justify style="text-indent:5%">&#147;<B>Trust Indenture Act</B>&#148; or
&#147;<B>TIA</B>&#148; means the United States Trust Indenture Act of 1939, as amended, as
in force at the date as of which this Indenture was executed, except as provided
in Section 9.05. </P>
<P align=justify style="text-indent:5%">&#147;<B>Trust Indenture
Legislation</B>&#148; means, at any time, the provisions of (i) any applicable
statute of Canada or any province or territory thereof and the regulations
thereunder as amended or re-enacted from time to time, but only to the extent
applicable, or (iii) the Trust Indenture Act and regulations thereunder, in each
case, relating to trust indentures and to the rights, duties and obligations of
trustees under trust indentures and of corporations issuing debt obligations
under trust indentures, to the extent that such provisions are at such time in
force and applicable to this Indenture or the Company or the Trustees. </P>
<P align=justify style="text-indent:5%">&#147;<B>Trustee</B>&#148; or
&#147;<B>Trustees</B>&#148; means the U.S. Trustee and the Canadian Trustee. If a Canadian
Trustee is not appointed under this Indenture, or resigns or is removed and,
pursuant to Section 6.09, the Company is not required to appoint a successor
Trustee to the Canadian Trustee, &#147;Trustee,&#148; &#147;Trustees&#148; and any reference to
&#147;either Trustee,&#148; &#147;both of the Trustees&#148; or such similar references shall mean
the Person named as the U.S. Trustee or any successor thereto appointed pursuant
to the applicable provisions of this Indenture. Except to the extent otherwise
indicated, &#147;Trustees&#148; shall refer to the Canadian Trustee (if appointed and
still serving) and the U.S. Trustee, both jointly and individually. </P>
<P align=justify style="text-indent:5%">&#147;<B>UCC</B>&#148; means the New York
uniform commercial code in effect from time to time. </P>
<P align=justify style="text-indent:5%">&#147;<B>U.S. Federal Bankruptcy
Code</B>&#148; means the Bankruptcy Act of Title 11 of the United States Code, as
amended from time to time. </P>
<P align=justify style="text-indent:5%">&#147;<B>U.S. Trustee</B>&#148; means the
Person named as the &#147;U.S. Trustee&#148; in the first paragraph of this Indenture
until a successor U.S. Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;U.S. Trustee&#148; shall mean or
include each Person who is then a U.S. Trustee hereunder; <I>provided,
however,</I> that if at any time there is more than one such Person, &#147;U.S.
Trustee&#148; as used with respect to the Securities of any series shall mean only
the U.S. Trustee with respect to Securities of that series. </P>
<P align=justify style="text-indent:5%">&#147;<B>United States</B>&#148; means,
unless otherwise specified with respect to any Securities pursuant to Section
3.01, the United States of America (including the states and the District of
Columbia), its territories, its possessions and other areas subject to its
jurisdiction. </P>
<P align=justify style="text-indent:5%">&#147;<B>United States person</B>&#148;
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, an individual who is a citizen or resident of the United States, a
corporation, partnership (including any entity treated as a corporation or as a
partnership for United States federal income tax purposes) or other entity created or organized in or under the
laws of the United States, any state thereof or the District of Columbia, an
estate the income of which is subject to United States federal income taxation
regardless of its source, or a trust if (A) it is subject to the primary
supervision of a court within the United States and one or more United States
persons have the authority to control all substantial decisions of the trust or
(B) it has a valid election in effect under applicable United States Treasury
Regulations to be treated as a United States person. </P>
<P align=center>9 </P>
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<P align=justify style="text-indent:5%">&#147;<B>Valuation Date</B>&#148; has the
meaning specified in Section 3.12(c) . </P>
<P align=justify style="text-indent:5%">&#147;<B>Writing</B>&#148; has the meaning
specified in Section 6.13. </P>
<P align=justify style="text-indent:5%">&#147;<B>Yield to Maturity</B>&#148; means
the yield to maturity, computed at the time of issuance of a Security (or, if
applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United
States bond yield computation principles. </P>
<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>SECTION 1.02</B> </TD>
    <TD align=left width="90%"><B>Rules of Construction</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">For all purposes of this
Indenture, except as otherwise expressly provided or unless the context
otherwise requires: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the terms defined in this Indenture have the meanings
      assigned to them hereinand include the plural as well as the
    singular;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all terms used herein which are defined in the Trust
      Indenture Act, either directly or by reference therein, have the meanings
      assigned to them therein, and the terms &#147;cash transaction&#148; and
      &#147;self-liquidating paper,&#148; as used in TIA Section 319, shall have the
      meanings assigned to them in the rules of the Commission adopted under the
      Trust Indenture Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder&#148; and other
      words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision;</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%">(4) </TD>
    <TD>
      <P align=justify>&#147;or&#148; is not exclusive;</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%">(5) </TD>
    <TD>
      <P align=justify>words implying any gender shall apply to all
    genders;</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%">(6) </TD>
    <TD>
      <P align=justify>the words Subsection, Section and Article refer to the
      Subsections, Sections and Articles, respectively, of this Indenture unless
      otherwise noted; 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%">(7) </TD>
    <TD>
      <P align=justify>&#147;include,&#148; &#147;includes&#148; or &#147;including&#148; means include,
      includes or including, in each case, without
limitation.</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 vAlign=top>
    <TD align=left ><B>SECTION 1.03</B> </TD>
    <TD align=left width="90%"><B>Compliance Certificates and Opinions</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon any application or request
by the Company to the Trustees to take any action under any provision of this
Indenture, the Company shall furnish to the Trustees an Officer&#146;s Certificate
stating that all conditions precedent, if any, provided for in this Indenture
(including any covenant compliance with which constitutes a condition precedent)
relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished. </P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=justify style="text-indent:5%">Every certificate or opinion with
  respect to compliance with a covenant or condition provided for in this
Indenture (other than pursuant to Section 10.04) shall include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>a statement that each individual signing such certificate
      or opinion has read such covenant or condition and the definitions herein
      relating thereto;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>a brief statement as to the nature and scope of the
      examination or investigation upon which the statements or opinions
      contained in such certificate or opinion are based;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>a statement that, in the opinion of each such individual,
      he has made such examination or investigation as is necessary to enable
      him to express an informed opinion as to whether or not such covenant or
      condition has been complied with; and</P></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%">(4) </TD>
    <TD>
      <P align=justify>a statement as to whether, in the opinion of each such
      individual, such covenant or condition has been complied
  with.</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 vAlign=top>
    <TD align=left ><B>SECTION 1.04</B> </TD>
    <TD align=left width="90%"><B>Form of Documents Delivered to Trustees</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In any case where several matters
are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons may certify or give
an opinion with respect to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.</P>
<P align=justify style="text-indent:5%">Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal matters,
upon an Opinion of Counsel, a certificate of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters
upon which his certificate or opinion is based are erroneous. Any such
certificate or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such
factual matters is in the possession of the Company, unless such counsel knows,
or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous.</P>
<P align=justify style="text-indent:5%">Any certificate or opinion of an
officer of the Company or counsel may be based, insofar as it relates to
accounting matters, upon a certificate or opinion of, or representations by, an
accountant or firm of accountants in the employ of the Company, unless such
officer or counsel, as the case may be, knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with
respect to the accounting matters upon which such certificate or opinion may be
based are erroneous.Any certificate or opinion of any independent firm of public
accountants filed with the Trustees shall contain a statement that such firm is
independent. </P>
<P align=justify style="text-indent:5%">Where any Person is required to
make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument. </P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></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 ><B>SECTION 1.05</B> </TD>
    <TD align=left width="90%"><B>Acts of Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of the
Outstanding Securities of all series or one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agents duly appointed in
writing. If Securities of a series are issuable as Bearer Securities, any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of such series
may, alternatively, be embodied in and evidenced by the record of Holders of
Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of
such series duly called and held in accordance with the provisions of Article
Fifteen, or a combination of such instruments and any such record. Except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustees
and, where it is hereby expressly required, to the Company. Such instrument or
instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the &#147;<B>Act</B>&#148; of the Holders
signing such instrument or instruments or so voting at any such meeting. Proof
of execution of any such instrument or of a writing appointing any such agent,
or of the holding by any Person of a Security, shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustees and the
Company, if made in the manner provided in this Section 1.05. The record of any
meeting of Holders of Securities shall be proved in the manner provided in
Section 15.06. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of authority.
The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other
manner which the Trustees deem sufficient. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount and serial numbers of Registered Securities held by any Person,
and the date of holding the same, shall be proved by the Security Register. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount and serial numbers of Bearer Securities held by any Person, and
the date of holding the same, may be proved by the production of such Bearer
Securities or by a certificate executed, as depositary, by any trust company,
bank, banker or other depositary, wherever situated, if such certificate shall
be deemed by the Trustees to be satisfactory, showing that at the date therein
mentioned such Person had on deposit with such depositary, or exhibited to it,
the Bearer Securities therein described; or such facts may be proved by the
certificate or affidavit of the Person holding such Bearer Securities, if such
certificate or affidavit is deemed by the Trustees to be satisfactory. The
Trustees and the Company may assume that such ownership of any Bearer Security
continues until (1) another certificate or affidavit bearing a later date issued
in respect of the same Bearer Security is produced, or (2) such Bearer Security
is produced to the Trustees by some other Person, or (3) such Bearer Security is
surrendered in exchange for a Registered Security, or (4) such Bearer Security
is no longer Outstanding. The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may also be
proved in any other manner that the Trustees deem sufficient. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Company shall solicit from the Holders of Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date
for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. Notwithstanding Trust Indenture Legislation,
including TIA Section 316(c), such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a date not
earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that
purpose the Outstanding Securities shall be computed as of such record date;
  <i>provided</i> that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after
the record date. </P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Any request, demand, authorization, direction, notice, consent, waiver or other
  Act of the Holder of any Security shall bind every future Holder of the same
  Security and the Holder of every Security issued upon the registration of
  transfer thereof or in exchange therefor or in lieu thereof in respect of
  anything done, omitted or suffered to be done by the Trustees or the Company in
  reliance thereon, whether or not notation of such action is made upon such
Security. </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>SECTION 1.06</B> </TD>
    <TD align=left width="90%"><B>Notices, Etc. to Trustees and Company</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other
documents provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the U.S. Trustee, by the Canadian Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the U.S. Trustee at its
      Corporate Trust Office, Attention: ________________, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Canadian Trustee, by the U.S. Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the Canadian Trustee at
      its Corporate Trust Office, Attention: ________________, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company by either Trustee or any Holder shall be
      sufficient for every purpose hereunder (unless otherwise herein expressly
      provided) if in writing and mailed, first- class postage prepaid, to the
      Company at 6420 Abrams, Ville Saint Laurent, Quebec H4S 1Y2, Canada,
      Attention: Corporate Secretary or such other address and/or officer as the
      Company may designate on written notice to the
Trustees.</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 vAlign=top>
    <TD align=left ><B>SECTION 1.07</B> </TD>
    <TD align=left width="90%"><B>Notice to Holders; Waiver</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Where this Indenture provides for
notice of any event to Holders of Registered Securities by the Company or the
Trustees, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each such Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where
notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided.</P>
<P align=center>13 </P>
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<P align=justify>Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice. </P>
<P align=justify style="text-indent:5%">In case, by reason of the
suspension of or irregularities in regular mail service or by reason of any
other cause, it shall be impractical to mail notice of any event to Holders of
Registered Securities when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustees shall be deemed to be sufficient giving of such
notice for every purpose hereunder. </P>
<P align=justify style="text-indent:5%">Except as otherwise expressly
provided herein or otherwise specified with respect to any Securities pursuant
to Section 3.01, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given to Holders of
Bearer Securities if published in an Authorized Newspaper in The City of New
York and in such other city or cities as may be specified in such Securities on
a Business Day at least twice, the first such publication to be not earlier than
the earliest date, and not later than the latest date, prescribed for the giving
of such notice. Any such notice shall be deemed to have been given on the date
of the first such publication. </P>
<P align=justify style="text-indent:5%">In case, by reason of the
suspension of publication of any Authorized Newspaper or Authorized Newspapers
or by reason of any other cause, it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to
Holders of Bearer Securities as shall be satisfactory to the Trustees shall be
deemed to be sufficient giving of such notice for every purpose hereunder.
Neither the failure to give notice by publication to Holders of Bearer
Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders of Bearer
Securities or the sufficiency of any notice to Holders of Registered Securities
given as provided herein. </P>
<P align=justify style="text-indent:5%">Any request, demand,
authorization, direction, notice, consent or waiver required or permitted under
this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication. </P>
<P align=justify style="text-indent:5%">Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustees, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver. </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>SECTION 1.08</B> </TD>
    <TD align=left width="90%"><B>Effect of Headings and Table of
      Contents</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. </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>SECTION 1.09</B> </TD>
    <TD align=left width="90%"><B>Successors and Assigns</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">All covenants and agreements in
this Indenture by the Company and the Trustees shall bind their successors and
assigns, whether so expressed or not. </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>SECTION 1.10</B> </TD>
    <TD align=left width="90%"><B>Severability Clause</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">In case any provision in this
Indenture or in any Security or coupon shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. </P>
<P align=center>14 </P>
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<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>SECTION 1.11</B> </TD>
    <TD align=left width="90%"><B>Benefits of Indenture</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Nothing in this Indenture or in
the Securities or coupons, express or implied, shall give to any Person, other
than the parties hereto, any Authenticating Agent, any Paying Agent, any
Securities Registrar and their successors hereunder and the Holders of
Securities or coupons, any benefit or any legal or equitable right, remedy or
claim under this Indenture. Subject to Section 1.16, at all times in relation to
this Indenture and any action to be taken hereunder, the Company and the
Trustees each shall observe and comply with Trust Indenture Legislation and the
Company, the Trustees and each Holder of a Security shall be entitled to the
benefits of Trust Indenture Legislation. </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>SECTION 1.12</B> </TD>
    <TD align=left width="90%"><B>Governing Law</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Indenture and the Securities
and coupons shall be governed by and construed in accordance with the law of the
State of New York, but without giving effect to applicable principles of
conflicts of law to the extent that the application of the law of another
jurisdiction would be required thereby. Each Trustee and the Company agrees to
comply with all provisions of Trust Indenture Legislation applicable to or
binding upon it in connection with this Indenture and any action to be taken
hereunder. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions. Notwithstanding the preceding
sentence, the exercise, performance or discharge by the Canadian Trustee of any
of its rights, powers, duties or responsibilities hereunder shall be construed
in accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable thereto. </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>SECTION 1.13</B> </TD>
    <TD align=left width="90%"><B>Legal Holidays</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In any case where any Interest
Payment Date, Redemption Date, sinking fund payment date or Stated Maturity or
Maturity of any Security shall not be a Business Day at any Place of Payment or
other location contemplated hereunder, then (notwithstanding any other provision
of this Indenture or of any Security or coupon other than a provision in the
Securities of any series which specifically states that such provision shall
apply in lieu of this Section 1.13), payment of principal, premium (if any) or
interest (if any), need not be made at such Place of Payment or other location
contemplated hereunder on such date, but may be made on the next succeeding
Business Day at such Place of Payment or other location contemplated hereunder
with the same force and effect as if made on the Interest Payment Date or
Redemption Date or sinking fund payment date, or at the Stated Maturity or
Maturity; <I>provided</I> that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date, sinking fund payment date,
Stated Maturity or Maturity, as the case may be. </P>
<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>SECTION 1.14</B> </TD>
    <TD align=left width="90%"><B>Agent for Service; Submission to
      Jurisdiction; Waiver of Immunities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">By the execution and delivery of
this Indenture, the Company (i) acknowledges that it has irrevocably designated
and appointed _____________________as its authorized agent upon which process
may be served in any suit, action or proceeding arising out of or relating to
the Securities or this Indenture that may be instituted in any United States
federal or New York state court located in The Borough of Manhattan, The City of
New York, or brought by the Trustees (whether in their individual capacity or in
their capacity as Trustees hereunder), (ii) irrevocably submits to the
non-exclusive jurisdiction of any such court in any such suit or proceeding, and
(iii) agrees that service of process upon _____________________and written
notice of said service to the Company (mailed or delivered to the Company at
6420 Abrams, Ville Saint Laurent, Quebec H4S 1Y2, Canada, Attention: Corporate
Secretary or such other address and/or officer as the Company may designate on
written notice to the Trustees), shall be deemed in every respect effective
service of process upon the Company in any such suit or proceeding. The Company
further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of
_____________________in full force and effect so long as this Indenture shall be
in full force and effect. </P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=justify style="text-indent:5%">To the extent that the Company
  has or hereafter may acquire any immunity from jurisdiction of any court or from
  any legal process (whether through service of notice, attachment prior to
  judgment, attachment in aid of execution, execution or otherwise) with respect
  to itself or its property, the Company hereby irrevocably waives such immunity
  in respect of its obligations under this Indenture and the Securities, to the
extent permitted by law. </P>
<P align=justify style="text-indent:5%">The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of venue of any such action,
suit or proceeding in any such court or any appellate court with respect
thereto. The Company irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of any such action, suit
or proceeding in any such court. </P>
<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>SECTION 1.15</B> </TD>
    <TD align=left width="90%"><B>Conversion of Judgment Currency</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants and agrees that the following provisions shall apply to
conversion of Currency in the case of the Securities and this Indenture, to the
fullest extent permitted by applicable law: </P>
<P align=justify style="text-indent:5%;margin-left:5%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
for the purposes of obtaining judgment in, or enforcing the judgment of, any
court in any country, it becomes necessary to convert into a Currency (the
&#147;<B>Judgment Currency</B>&#148;) an amount due or contingently due in any other
Currency under the Securities of any series and this Indenture (the &#147;<B>Base
Currency</B>&#148;), then the conversion shall be made at the rate of exchange
prevailing on the Business Day before the day on which the final judgment is
given or the order of enforcement is made, as the case may be (unless a court
shall otherwise determine). </P>
<P align=justify style="text-indent:5%;margin-left:5%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment referred to in (i) above is given or an
order of enforcement is made, as the case may be (or such other date as a court
shall determine), and the date of receipt of the amount due, the Company shall
pay such additional (or, as the case may be, such lesser) amount, if any, as may
be necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount
in the Base Currency originally due. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of the winding-up of the Company at any time while any amount or
damages owing under the Securities and this Indenture, or any judgment or order
rendered in respect thereof, shall remain outstanding, the Company shall
indemnify and hold the Holders and the Trustees harmless against any deficiency
arising or resulting from any variation in rates of exchange between (1) the
date as of which the equivalent of the amount in the Base Currency due or
contingently due under the Securities and this Indenture (other than under this
Subsection (b)) is calculated for the purposes of such winding-up and (2) the
final date for the filing of proofs of claim in such winding-up. For the purpose
of this Subsection (b) the final date for the filing of proofs of claim in the
winding-up of the Company shall be the date fixed by the liquidator or otherwise
in accordance with the relevant provisions of applicable law as being the latest
practicable date as at which liabilities of the Company may be ascertained for
such winding-up prior to payment by the liquidator or otherwise in respect
thereto. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The obligations contained in Subsections (a)(ii) and (b) of this Section 1.15
shall constitute separate and independent obligations of the Company from its
other obligations under the Securities and this Indenture, shall give rise to separate and
independent causes of action against the Company, shall apply irrespective of
any waiver or extension granted by any Holder or the Trustees from time to time
and shall continue in full force and effect notwithstanding any judgment or
order or the filing of any proof of claim in the winding up of the Company for a
liquidated sum in respect of amounts due hereunder (other than under Subsection
(b) above) or under any such judgment or order. Any such deficiency as aforesaid
shall be deemed to constitute a loss suffered by the Holders or the Trustees, as
the case may be, and no proof or evidence of any actual loss shall be required
by the Company or its liquidator. In the case of Subsection (b) above, the
amount of such deficiency shall not be deemed to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the
date of any liquidating distribution. </P>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify style="text-indent:5%">The term &#147;<B>rate(s) of
  exchange</B>&#148; shall mean the rate of exchange quoted by a Canadian chartered
  bank as may be designated in writing by the Company to the Trustees from time to
  time, at its central foreign exchange desk in its main office in Toronto at
  12:00 noon (Toronto time) on the relevant date for purchases of the Base
  Currency with the Judgment Currency and includes any premiums and costs of
  exchange payable. The Trustees shall have no duty or liability with respect to
monitoring or enforcing this Section 1.15. </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>SECTION 1.16</B> </TD>
    <TD align=left width="90%"><B>Currency Equivalent</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as otherwise provided in
this Indenture, for purposes of the construction of the terms of this Indenture
or of the Securities, in the event that any amount is stated herein in the
Currency of one nation (the &#147;<B>First Currency</B>&#148;), as of any date such amount
shall also be deemed to represent the amount in the Currency of any other
relevant nation (the &#147;<B>Other Currency</B>&#148;) which is required to purchase such
amount in the First Currency at the Bank of Canada noon rate as reported by
Telerate on screen 3194 (or such other means of reporting the Bank of Canada
noon rate as may be agreed upon by each of the parties to this Indenture) on the
date of determination. </P>
<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>SECTION 1.17</B> </TD>
    <TD align=left width="90%"><B>Conflict with Trust Indenture
      Legislation</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with any mandatory
requirement of Trust Indenture Legislation, such mandatory requirement shall
control. If and to the extent that any provision hereof modifies or excludes any
provision of Trust Indenture Legislation that may be so modified or excluded,
the latter provision shall be deemed to apply hereof as so modified or to be
excluded, as the case may be. </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>SECTION 1.18</B> </TD>
    <TD align=left width="90%"><B>Incorporators, Shareholders, Officers and
      Directors of the Company</B> <B>Exempt from Individual Liability</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, or in any
Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future shareholder,
officer or director, as such, of the Company or of any successor, either
directly or through the Company or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders and as
part of the consideration for the issue of the Securities. </P>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></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 ><B>SECTION 1.19</B> </TD>
    <TD align=left width="90%"><B>Waiver of Jury Trial</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each of the Company and the
Trustees hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Indenture, the Securities or the transactions
contemplated hereby. </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>SECTION 1.20</B> </TD>
    <TD align=left width="90%"><B>Counterparts</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Indenture may be executed in
any number of counterparts (either by facsimile or by original manual
signature), each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same Indenture. </P>
<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>SECTION 1.21</B> </TD>
    <TD align=left width="90%"><B>Force Majeure</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except for the payment
obligations of the Company contained herein, neither the Company nor the
Trustees shall be liable to each other, or held in breach of this Indenture, if
prevented, hindered, or delayed in the performance or observance of any
provision contained herein by reason of act of God, riots, terrorism, acts of
war, epidemics, governmental action or judicial order, earthquakes, or any other
similar causes (including, but not limited to, mechanical, electronic or
communication interruptions, disruptions or failures). Performance times under
this Indenture shall be extended for a period of time equivalent to the time
lost because of any delay that is excusable under this Section 1.21. </P>
<P align=center><B>ARTICLE TWO <BR>SECURITIES FORMS </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>SECTION 2.01</B> </TD>
    <TD align=left width="90%"><B>Forms Generally</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Registered Securities, if
any, of each series and the Bearer Securities, if any, of each series and
related coupons, if any, shall be in substantially the forms as shall be
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the Officer executing such Securities or coupons, as evidenced by
the execution of such Securities or coupons by such Officer. If the forms of
Securities or coupons of any series are established by action taken pursuant to
a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Corporate Secretary or an Assistant Secretary of the Company
and delivered to the Trustees at or prior to the delivery of the Company Order
contemplated by Section 3.03 for the authentication and delivery of such
Securities or coupons. Any portion of the text of any Security may be set forth
on the reverse thereof, with an appropriate reference thereto on the face of the
Security. </P>
<P align=justify style="text-indent:5%">Unless otherwise specified as
contemplated by Section 3.01, Bearer Securities shall have interest coupons
attached. </P>
<P align=justify style="text-indent:5%">Either Trustee&#146;s certificate of
authentication shall be in substantially the form set forth in this Article Two.
</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>SECTION 2.02</B> </TD>
    <TD align=left width="90%"><B>Form of Trustee&#146;s Certificate of
      Authentication</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to Section 6.12, either
Trustee&#146;s certificate of authentication shall be in substantially the following
form: </P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=center>TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </P>
<P align=center>(Certificate of Authentication may be executed by either
Trustee) </P>
<P align=left>Dated: ____________<BR></P>
<P align=justify style="text-indent:5%">_______________________, as U.S.
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2>,
</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>as U.S. Trustee </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=center>&nbsp;</TD>
<TD align=center width="95%">Authorized Officer </TD></TR></TABLE></DIV>
<P align=justify>Dated: ____________<BR></P>
<P align=justify style="text-indent:5%">____________________, as Canadian
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2>,
</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>as Canadian Trustee </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD align=center width="95%">Authorized Officer
</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 vAlign=top>
    <TD align=left ><B>SECTION 2.03</B> </TD>
    <TD align=left width="90%"><B>Securities Issuable in Global Form</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If Securities of or within a
series are issuable in global form, as specified and contemplated by Section
3.01, then any such Security shall represent such of the Outstanding Securities
of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities of such series from
time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased
or decreased to reflect exchanges. Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustees in such manner and
upon instructions given by the Holder or its nominee as shall be specified
therein or in the Company Order to be delivered to the Trustees pursuant to
Section 3.03 or 3.04. Subject to the provisions of Sections 3.03 and 3.04 (if
applicable), the Trustees shall deliver and redeliver any Security in global
form in the manner and upon instructions given by the Holder or its nominee as
shall be specified therein or in the applicable Company Order. If a Company
Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is,
delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 1.03 and need not be accompanied by an Opinion of
Counsel. </P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=justify style="text-indent:5%">Notwithstanding the provisions of
Section 3.07, unless otherwise specified as contemplated by Section 3.01,
payment of principal of, premium (if any) and interest (if any) on any Security
in permanent global form shall be made to the Holder or its nominee specified
therein. </P>
<P align=justify style="text-indent:5%">Notwithstanding Section 3.09 and
except as provided in the preceding paragraph, the Company, the Trustees and any
agent of the Company and the Trustees shall treat as the Holder of such
principal amount of Outstanding Securities represented by a permanent global
Security (i) in the case of a permanent global Security in registered form, the
Holder of such permanent global Security in registered form, or (ii) in the case
of a permanent global Security in bearer form, the Depositary. </P>
<P align=center><B>ARTICLE THREE</B> <BR><B>THE SECURITIES </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>SECTION 3.01</B> </TD>
    <TD align=left width="90%"><B>Issuable in Series</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. </P>
<P align=justify style="text-indent:5%">The Securities may be issued in
one or more series and may be denominated and payable in Dollars or any Foreign
Currency. There shall be established in one or more Board Resolutions or
pursuant to authority granted by one or more Board Resolutions and set forth in,
or determined in the manner provided in, an Officer&#146;s Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series, any or all of the following, as applicable: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the title of the Securities of the series (which shall
      distinguish the Securities of such series from the Securities of all other
      series);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the aggregate principal amount of the Securities of the
      series and any limit upon the aggregate principal amount of the Securities
      of the series that may be authenticated and delivered under this Indenture
      (except for Securities authenticated and delivered upon registration of
      transfer (including any restriction or condition on the transferability of
      the Securities of such series) of, or in exchange for, or in lieu of,
      other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06,
      11.07 or 13.05) and, in the event that no limit upon the aggregate
      principal amount of the Securities of that series is specified, the
      Company shall have the right, subject to any terms, conditions or other
      provisions specified pursuant to this Section 3.01 with respect to the
      Securities of such series, to re- open such series for the issuance of
      additional Securities of such series from time to time;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the extent and manner, if any, to which payment on or in
      respect of the Securities of the series will be senior or will be
      subordinated to the prior payment of other liabilities and obligations of
      the Company, and whether the payment of principal, premium (if any) and
      interest (if any) will be guaranteed by any other Person and the nature
      and priority of any security;</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%">(4) </TD>
    <TD>
      <P align=justify>the percentage or percentages of principal amount at
      which the Securities of the series will be issued;</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%">(5) </TD>
    <TD>
      <P align=justify>the date or dates, or the method by which such date or
      dates will be determined or extended, on which the Securities of the
      series may be issued and the date or dates, or the method by which such
      date or dates will be determined or extended, on which the principal of
      and premium (if any) on the Securities of the series is
  payable;</P></TD></TR></TABLE>
<P align=center>20 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the rate or rates at which the Securities of the series
      shall bear interest, whether fixed or variable (if any), or the method by
      which such rate or rates shall be determined, whether such interest shall
      be payable in cash or additional Securities of the same series or shall
      acure and increase the aggregate principal aount outstanding of such
      series, the date or dates from which such interest shall accrue, or the
      method by which such date or dates shall be determined, the Interest
      Payment Dates on which such interest shall be payable and the Regular
      Record Date, if any, for the interest payable on any Registered Security
      on any Interest Payment Date, or the method by which such date or dates
      shall be determined, and the basis upon which interest shall be calculated
      if other than on the basis of a 360-day year of twelve 30-day
    months;</P></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%">(7) </TD>
    <TD>
      <P align=justify>the place or places, if any, other than or in addition to
      the Borough of Manhattan, The City of New York, where the principal of,
      premium (if any) and interest (if any) on Securities of the series shall
      be payable, where any Registered Securities of the series may be
      surrendered for registration of transfer, where Securities of the series
      may be surrendered for exchange, where Securities of the series that are
      convertible or exchangeable may be surrendered for conversion or exchange,
      as applicable and, if different than the location specified in Section
      1.06, the place or places where notices or demands to or upon the Company
      in respect of the Securities of the series and this Indenture may be
      served;</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%">(8) </TD>
    <TD>
      <P align=justify>the period or periods within which, the date or dates on
      which, the price or prices at which, the Currency in which, and other
      terms and conditions upon which Securities of the series may be redeemed,
      in whole or in part, at the option of the Company, if the Company is to
      have that option;</P></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%">(9) </TD>
    <TD>
      <P align=justify>the obligation, if any, of the Company to redeem, repay
      or purchase Securities of the series pursuant to any sinking fund,
      amortization or analogous provisions or at the option of a Holder thereof,
      and the period or periods within which, the price or prices at which, the
      Currency in which, and other terms and conditions upon which Securities of
      the series shall be redeemed, repaid or purchased, in whole or in part,
      pursuant to such obligation;</P></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%">(10) </TD>
    <TD>
      <P align=justify>if other than denominations of $1,000 and any integral
      multiple thereof, the denomination or denominations in which any
      Registered Securities of the series shall be issuable and, if other than
      denominations of $5,000, the denomination or denominations in which any
      Bearer Securities of the series shall be issuable;</P></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%">(11) </TD>
    <TD>
      <P align=justify>the identity of each Security Registrar and/or Paying
      Agent;</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%">(12) </TD>
    <TD>
      <P align=justify>if other than the principal amount thereof, the portion
      of the principal amount of Securities of the series that shall be payable
      upon declaration of acceleration of the Maturity thereof pursuant to
      Section 5.02 or the method by which such portion shall be
    determined;</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%">(13) </TD>
    <TD>
      <P align=justify>if other than Dollars, the Foreign Currency in which
      payment of the principal of, premium (if any) or interest (if any) on the
      Securities of the series shall be payable or in which the Securities of
      the series shall be denominated and the particular provisions applicable
      thereto in accordance with, in addition to or in lieu of any of the
      provisions of Section 3.12;</P></TD></TR></TABLE>
<P align=center>21 </P>
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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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(14) </TD>
    <TD>
      <P align=justify>whether the amount of payments of principal of, premium
      (if any) or interest (if any) on the Securities of the series may be
      determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      Currencies, commodities, equity indices or other indices), and the manner
      in which such amounts shall be determined;</P></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%">(15) </TD>
    <TD>
      <P align=justify>whether the principal of, premium (if any) or interest
      (if any) on the Securities of the series are to be payable, at the
      election of the Company or a Holder thereof, in a Currency other than that
      in which such Securities are denominated or stated to be payable, the
      period or periods within which (including the Election Date), and the
      terms and conditions upon which, such election may be made, and the time
      and manner of determining the exchange rate between the Currency in which
      such Securities are denominated or stated to be payable and the Currency
      in which such Securities are to be so payable, in each case in accordance
      with, in addition to or in lieu of any of the provisions of Section
      3.12;</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%">(16) </TD>
    <TD>
      <P align=justify>the designation of the initial Exchange Rate Agent, if
      any;</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%">(17) </TD>
    <TD>
      <P align=justify>the applicability, if any, of Sections 14.02 and/or 14.03
      to the Securities of the series and any provisions in modification of, in
      addition to or in lieu of any of the provisions of Article Fourteen that
      shall be applicable to the Securities of the series;</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%">(18) </TD>
    <TD>
      <P align=justify>provisions, if any, granting special rights to the
      Holders of Securities of the series upon the occurrence of such events as
      may be specified;</P></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%">(19) </TD>
    <TD>
      <P align=justify>any deletions from, modifications of or additions to the
      Events of Default or covenants (including any deletions from,
      modifications of or additions to Section 10.09) of the Company with
      respect to Securities of the series, whether or not such Events of Default
      or covenants are consistent with the Events of Default or covenants set
      forth herein;</P></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%">(20) </TD>
    <TD>
      <P align=justify>whether Securities of the series are to be issuable as
      Registered Securities, Bearer Securities (with or without coupons) or
      both, any restrictions applicable to the offer, sale or delivery of
      Securities of the series, whether any Securities of the series are to be
      issuable initially in temporary global form and whether any Securities of
      the series are to be issuable in permanent global form with or without
      coupons and, if so, whether beneficial owners of interests in any such
      permanent global Security may exchange such interests for Securities of
      such series and of like tenor of any authorized form and denomination and
      the circumstances under which any such exchanges may occur, if other than
      in the manner provided in Section 3.05, whether Registered Securities of
      the series may be exchanged for Bearer Securities of the series (if
      permitted by applicable laws and regulations), whether Bearer Securities
      of the series may be exchanged for Registered Securities of such series,
      and the circumstances under which and the place or places where any such
      exchanges may be made and, if Securities of the series are to be issuable
      in global form, the designation of any Depositary therefor;</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%">(21) </TD>
    <TD>
      <P align=justify>the date as of which any Bearer Securities of the series
      and any temporary global Security of the series shall be dated if other
      than the date of original issuance of the first Security of the series to
      be issued;</P></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%">(22) </TD>
    <TD>
      <P align=justify>the Person to whom any interest on any Registered
      Security of the series shall be payable, if other than the Person in whose
      name that Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, the manner in which, or the Person to
whom, any interest on any Bearer Security of the series shall be payable, if
otherwise than upon presentation and surrender of the coupons appertaining
thereto as they severally mature, and the extent to which, or the manner in
which, any interest payable on a temporary global Security on an Interest
Payment Date will be paid if other than in the manner provided in Section 3.04;</P></TD></TR></TABLE>
<P align=center>22 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(23) </TD>
    <TD>
      <P align=justify>if Securities of the series are to be issuable in
      definitive form (whether upon original issue or upon exchange of a
      temporary Security of such series) only upon receipt of certain
      certificates or other documents or satisfaction of other conditions, the
  form and/or terms of such certificates, documents or conditions;</P></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%">(24) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be issued upon the
      exercise of warrants or subscription receipts, the time, manner and place
      for such Securities to be authenticated and delivered;</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%">(25) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be convertible
      into or exchangeable for any securities or property of any Person
      (including the Company), the terms and conditions upon which such
      Securities will be so convertible or exchangeable, and any additions or
      changes to permit or facilitate such conversion or exchange;</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%">(26) </TD>
    <TD>
      <P align=justify>provisions as to modification, amendment or variation of
      any rights or terms attaching to the 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%">(27) </TD>
    <TD>
      <P align=justify>whether the Securities will be secured or unsecured;
      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%">(28) </TD>
    <TD>
      <P align=justify>any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences) relating to the series (which
      terms shall not be inconsistent with the requirements of Trust Indenture
Legislation or the provisions of this Indenture).</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">All Securities of any one series
and the coupons appertaining to any Bearer Securities of such series shall be
substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to such
Board Resolution (subject to Section 3.03) and set forth in such Officer&#146;s
Certificate or in any such indenture supplemental hereto. Not all Securities of
any one series need be issued at the same time, and, unless otherwise provided,
a series may be reopened for issuances of additional Securities of such series.
</P>
<P align=justify style="text-indent:5%">If any of the terms of the series
are established by action taken pursuant to one or more Board Resolutions, such
Board Resolutions shall be delivered to the Trustees at or prior to the delivery
of the Officer&#146;s Certificate setting forth the terms of the series. </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>SECTION 3.02</B> </TD>
    <TD align=left width="90%"><B>Denominations</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by
Section 3.01. With respect to Securities of any series denominated in Dollars,
in the absence of any such provisions, the Registered Securities of such series,
other than Registered Securities issued in global form (which may be of any
denomination), shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series, other than the Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in a denomination of $5,000 and any integral multiples thereof. </P>
<P align=center>23 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>SECTION 3.03</B> </TD>
    <TD align=left width="90%"><B>Execution, Authentication, Delivery and
      Dating</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Securities and any coupons
appertaining thereto shall be executed on behalf of the Company by an Officer.
The signature of an Officer on the Securities or coupons may be the manual or
facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Securities. </P>
<P align=justify style="text-indent:5%">Securities or coupons bearing the
manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities or coupons. </P>
<P align=justify style="text-indent:5%">At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver
Securities of any series together with any coupons appertaining thereto,
executed by the Company to the applicable Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities, and
the applicable Trustee in accordance with such Company Order shall authenticate
and deliver such Securities; <I>provided, however</I>, that, in connection with
its original issuance, no Bearer Security shall be mailed or otherwise delivered
to any location in the United States; <I>provided further</I> that, unless
otherwise specified with respect to any series of Securities pursuant to Section
3.01, a Bearer Security may be delivered in connection with its original
issuance only if the Person entitled to receive such Bearer Security shall have
furnished a certificate in the form set forth in Exhibit A-1 to this Indenture,
dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary Security and this Indenture. If any Security shall be represented
by a permanent global Bearer Security, then, for purposes of this Section 3.03
and Section 3.04, the notation of a beneficial owner&#146;s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary
global Security shall be deemed to be delivery in connection with its original
issuance of such beneficial owner&#146;s interest in such permanent global Security.
Except as permitted by Section 3.06, the Trustees shall not authenticate and
deliver any Bearer Security unless all appurtenant coupons for interest then
matured have been detached and cancelled. If not all the Securities of any
series are to be issued at one time and if the Board Resolution or supplemental
indenture establishing such series shall so permit, such Company Order may set
forth procedures acceptable to the Trustees for the issuance of such Securities
and determining terms of particular Securities of such series such as interest
rate, Stated Maturity, date of issuance and date from which interest shall
accrue. </P>
<P align=justify style="text-indent:5%">In authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustees shall be entitled to receive, and
(subject to Trust Indenture Legislation and TIA Sections 315(a) through 315(d))
shall be fully protected in relying upon, an Opinion of Counsel stating: </P>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the form or forms of such Securities and any coupons have been established in
conformity with the provisions of this Indenture; </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the terms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture; </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that such Securities, together with any coupons appertaining thereto, when
completed by appropriate insertions and executed and delivered by the Company to
the applicable Trustee for authentication in accordance with this Indenture,
authenticated and delivered by the applicable Trustee in accordance with this
Indenture and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute the
legal, valid and binding obligations of the Company, enforceable in accordance
with their terms; </P>
<P align=center>24 </P>
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<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  the execution and delivery by the Company of such Securities, any coupons and
  any supplemental indenture will not contravene the articles of incorporation or
  continuance, or such other constating documents then in effect, if any, or the
by-laws of the Company, or violate applicable laws; and </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company has the corporate power to issue such Securities and any coupons,
and has duly taken all necessary corporate action with respect to such issuance.
</P>
<P align=justify style="text-indent:5%">Notwithstanding the provisions of
Section 3.01 and of the preceding two paragraphs, if not all the Securities of
any series are to be issued at one time, it shall not be necessary to deliver
the Officer&#146;s Certificate otherwise required pursuant to Section 3.01 or the
Company Order and Opinion of Counsel otherwise required pursuant to the
preceding two paragraphs prior to or at the time of issuance of each Security,
but such documents shall be delivered prior to or at the time of issuance of the
first Security of such series. </P>
<P align=justify style="text-indent:5%">The Trustees shall not be
required to authenticate and deliver any such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustees&#146; own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustees. </P>
<P align=justify style="text-indent:5%">Each Registered Security shall be
dated the date of its authentication and each Bearer Security shall be dated as
of the date specified as contemplated by Section 3.01. </P>
<P align=justify style="text-indent:5%">No Security or coupon shall
entitle a Holder to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein duly executed by
the applicable Trustee by manual signature of an authorized officer thereof, and
such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustees for cancellation as provided in Section 3.10 together
with a written statement (which need not comply with Section 1.03 and need not
be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered
hereunder and shall never entitle a Holder to the benefits of this Indenture.
</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>SECTION 3.04</B> </TD>
    <TD align=left width="90%"><B>Temporary Securities</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company
Order the applicable Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued, in registered
form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the Officer executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Such temporary
Securities may be in global form. </P>
<P align=center>25 </P>
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<P align=justify style="text-indent:5%">Except in the case of temporary
Securities in global form (which shall be exchanged in accordance with the
provisions of the following paragraphs), if temporary Securities of any series
are issued, the Company will cause definitive Securities of that series to be
prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the
temporary Securities of such series at the office or agency of the Company in a
Place of Payment for that series, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series
(accompanied by any unmatured coupons appertaining thereto), the Company shall
execute and the applicable Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of
authorized denominations; <I>provided, however</I>, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security;
<I>provided further</I> that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section 3.03. Until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series. </P>
<P align=justify style="text-indent:5%">If temporary Securities of any
series are issued in global form, any such temporary global Security shall,
unless otherwise provided therein, be delivered to the office of the Depositary
for credit to the respective accounts of the beneficial owners of such
Securities (or to such other accounts as they may direct). </P>
<P align=justify style="text-indent:5%">Without unnecessary delay, but in
any event not later than the date specified in, or determined pursuant to the
terms of, any such temporary global Security (the &#147;<B>Exchange Date</B>&#148;), the
Company shall deliver to the Trustees definitive Securities, in aggregate
principal amount equal to the principal amount of such temporary global
Security, executed by the Company. On or after the Exchange Date, such temporary
global Security shall be surrendered by the Depositary to the Trustees, as the
Company&#146;s agent for such purpose, to be exchanged, in whole or from time to time
in part, for definitive Securities without charge and the applicable Trustee
shall authenticate and deliver, in exchange for each portion of such temporary
global Security, an equal aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor as the portion of
such temporary global Security to be exchanged. The definitive Securities to be
delivered in exchange for any such temporary global Security shall be in bearer
form, registered form, permanent global bearer form or permanent global
registered form, or any combination thereof, as specified as contemplated by
Section 3.01, and, if any combination thereof is so specified, as requested by
the beneficial owner thereof; <I>provided, however</I>, that, unless otherwise
specified in such temporary global Security, upon such presentation by the
Depositary, such temporary global Security is accompanied by a certificate dated
the Exchange Date or a subsequent date and signed by the Depositary as to the
portion of such temporary global Security held for its account then to be
exchanged and a certificate dated the Exchange Date or a subsequent date, each
in the form set forth in Exhibit A-2 to this Indenture (or in such other form as
may be established pursuant to Section 3.01); <I>provided further</I> that
definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section
3.03. </P>
<P align=justify style="text-indent:5%">Unless otherwise specified in
such temporary global Security, the interest of a beneficial owner of Securities
of a series in a temporary global Security shall be exchanged for definitive
Securities of the same series and of like tenor following the Exchange Date when
the account holder instructs the Depositary to request such exchange on his
behalf and delivers to the Depositary a certificate in the form set forth in
Exhibit A-1 to this Indenture (or in such other form as may be established
pursuant to Section 3.01), dated no earlier than 15 days prior to the Exchange
Date, copies of which certificate shall be available from the offices of the
Depositary, the Trustees, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person receiving definitive
Securities must bear the cost of insurance, postage, transportation and the like
in the event that such Person does not take delivery of such definitive
Securities in person at the offices of the Depositary. Definitive Securities in
bearer form to be delivered in exchange for any portion of a temporary global
Security shall be delivered only outside the United States. </P>
<P align=center>26 </P>
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<P align=justify style="text-indent:5%">Until exchanged in full as
  hereinabove provided, the temporary Securities of any series shall in all
  respects be entitled to the same benefits under this Indenture as definitive
  Securities of the same series and of like tenor authenticated and delivered
  hereunder, except that, unless otherwise specified as contemplated by Section
  3.01, interest payable on a temporary global Security on an Interest Payment
  Date for Securities of such series occurring prior to the applicable Exchange
  Date shall be payable to the Depositary on such Interest Payment Date upon
  delivery by the Depositary to the Trustees of a certificate or certificates in
  the form set forth in Exhibit A-2 to this Indenture (or in such other form as
  may be established pursuant to Section 3.01), for credit without further
  interest thereon on or after such Interest Payment Date to the respective
  accounts of the Persons who are the beneficial owners of such temporary global
  Security on such Interest Payment Date and who have each delivered to the
  Depositary a certificate dated no earlier than 15 days prior to the Interest
  Payment Date occurring prior to such Exchange Date in the form set forth in
  Exhibit A-1 to this Indenture (or in such other form as may be established
  pursuant to Section 3.01) . Notwithstanding anything to the contrary herein
  contained, the certifications made pursuant to this paragraph shall satisfy the
  certification requirements of the preceding two paragraphs of this Section 3.04
  and of the third paragraph of Section 3.03 and the interests of the Persons who
  are the beneficial owners of the temporary global Security with respect to which
  such certification was made will be exchanged for definitive Securities of the
  same series and of like tenor on the Exchange Date or the date of certification
  if such date occurs after the Exchange Date, without further act or deed by such
  beneficial owners. Except as otherwise provided in this paragraph, no payments
  of principal of, premium (if any) or interest (if any) owing with respect to a
  beneficial interest in a temporary global Security will be made unless and until
  such interest in such temporary global Security shall have been exchanged for an
  interest in a definitive Security. Any interest so received by the Depositary
  and not paid as herein provided shall be returned to the Trustees immediately
  prior to the expiration of two years after such Interest Payment Date in order
to be repaid to the Company in accordance with Section 10.03. </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>SECTION 3.05</B> </TD>
    <TD align=left width="90%"><B>Registration, Registration of Transfer and
      Exchange</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">So long as required by Trust
Indenture Legislation, the Company shall cause to be kept at the Corporate Trust
Offices of the Trustees a register for each series of Securities (the registers
maintained in the Corporate Trust Offices of the Trustees and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the &#147;<B>Central Register</B>&#148;) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for
the registration of the Holders of Registered Securities and of transfers of
Registered Securities. The Central Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. At all reasonable times, the Central Register shall be open to inspection
by the Trustees. The Company will cause the particulars of each such issue,
exchange or transfer of Securities to be recorded in the Central Register. There
shall be two such Central Registers, one for U.S. Securities and one for
Canadian Securities. The Company hereby appoints the Canadian Trustee as the
Central Registrar and Transfer Agent for the Canadian Securities and the U.S.
Trustee as the Central Registrar and Transfer Agent for the U.S. Securities
(collectively, the &#147;<B>Central Securities Registrars</B>&#148;). If permitted by
Trust Indenture Legislation, the Company may appoint a Person other than the
Company or a trust corporation registered under the <I>Trust and Loan Companies
Act</I>, S.C. 1991, c. 45 as the Central Securities Registrar; provided that, no
such removal or replacement shall be effective until a successor Central
Security Registrar with respect to such series of Registered Securities shall
have been appointed by the Company and shall have accepted such appointment by
the Company. In the event that the Trustees shall not be or shall cease to be the Central Securities Registrar with respect to a series of
Securities, they shall have the right to examine the Central Register for such
series at all reasonable times. There shall be only one Central Securities
Register for such series of Securities. </P>
<P align=center>27 </P>
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<P align=justify style="text-indent:5%">The Company may, subject to the
  consent of the applicable Trustee, also cause to be maintained a branch register
  (a &#147;<B>Branch Register</B>&#148;) or Branch Registers of Holders of Securities in
  accordance with Section 11.02 in the same manner and containing the same
  information with respect to each entry contained therein as contained in the
  Central Register. A copy of every entry in a Branch Register shall, promptly
  after the entry is made, be transmitted to the Central Security Registrar. If
  there is a conflict between the information contained in the Central Register
  and the information contained in the Branch Register, the information contained
  in the Central Register shall prevail. The Central Register together with each
  Branch Register are collectively referred to herein as the &#147;<B>Security
    Register</B>&#148;. At all reasonable times, the Security Register shall be open to
  inspection by the Trustees. The Company may appoint from time to time one or
  more branch security registrars (&#147;<B>Branch Security Registrars</B>&#148;) and may
  from time to time rescind any such appointment. The Central Security Registrar
  together with each Branch Security Registrar are collectively referred to herein
as the &#147;<B>Security Registrar</B>&#148;. </P>
<P align=justify style="text-indent:5%">Upon surrender for registration
of transfer of any Registered Security of any series at the office or agency in
a Place of Payment for that series, the Company shall execute, and the
applicable Trustee shall authenticate and deliver, in the name of the designated
transferee, one or more new Registered Securities of the same series, of any
authorized denominations and of a like aggregate principal amount and tenor.
</P>
<P align=justify style="text-indent:5%">For Canadian Securities, the
Security must be duly endorsed for transfer or in a duly endorsed transferable
form as applicable and must comply with the current industry practice in
accordance with the Securities Transfer Association of Canada. </P>
<P align=justify style="text-indent:5%">At the option of the Holder,
Registered Securities of any series may be exchanged for other Registered
Securities of the same series, of any authorized denomination and of a like
aggregate principal amount and tenor, upon surrender of the Registered
Securities to be exchanged at such office or agency. Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the
applicable Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive. Unless otherwise
specified with respect to any series of Securities as contemplated by Section
3.01, Bearer Securities may not be issued in exchange for Registered Securities.
The applicable Trustee shall update the Security Register, or, if the applicable
Trustee is not the Authenticating Agent, the applicable Trustee shall
immediately provide a copy of the new Registered Security to the Central
Registrar so that the Security Register may be updated. </P>
<P align=justify style="text-indent:5%">If (but only if) expressly
permitted in or pursuant to the applicable Board Resolution and (subject to
Section 3.03) set forth in the applicable Officer&#146;s Certificate, or in any
indenture supplemental hereto, delivered as contemplated by Section 3.01, at the
option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denomination and of a
like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at the office of the applicable Trustee, with all
unmatured coupons and all matured coupons in default thereto appertaining. If
the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, any such permitted exchange
may be effected if the Bearer Securities are accompanied by payment in funds
acceptable to the Company in an amount equal to the face amount of such missing
coupon or coupons, or the surrender of such missing coupon or coupons may be
waived by the Company and the Trustees if there is furnished to them such
security or indemnity as they may require to save each of them and any Paying
Agent harmless. If thereafter the Holder of such Security shall surrender to any
Paying Agent any such missing coupon in respect of which such a payment shall
have been made, such Holder shall be entitled to receive the amount of such
payment; <i>provided, however</i>, that, except as otherwise provided in
Section 10.02, interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture. </P>
<P align=center>28 </P>
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<P align=justify style="text-indent:5%">Whenever any Securities are so
  surrendered for exchange, the Company shall execute, and the applicable Trustee
  shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive. </P>
<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 3.01, any permanent
global Security shall be exchangeable only as provided in this paragraph. If any
beneficial owner of an interest in a permanent global Security is entitled to
exchange such interest for Securities of such series and of like tenor and
principal amount of another authorized form and denomination, as contemplated by
Section 3.01 and provided that any applicable notice provided in the permanent
global Security shall have been given to the Company, the Trustees and the
Depositary, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the applicable Trustee definitive Securities in aggregate principal
amount equal to the principal amount of such beneficial owner&#146;s interest in such
permanent global Security, executed by the Company. On or after the earliest
date on which such interests may be so exchanged, such permanent global Security
shall be surrendered by the Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the applicable Trustee,
as the Company&#146;s agent for such purpose, to be exchanged in whole or from time
to time in part, for definitive Securities without charge, and the applicable
Trustee shall authenticate and deliver, in exchange for each portion of such
permanent global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 3.01, shall be in
the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof. The applicable
Trustee shall promptly provide to the Depository a replacement global Security
in the aggregate principal amount of the global Security not being so exchanged.
The applicable Trustee shall note the exchange on the Security Register. No
Bearer Security delivered in exchange for a portion of a permanent global
Security shall be mailed or otherwise delivered to any location in the United
States. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency
where such exchange occurs on (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office
or agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Registered Security, but will be payable on such Interest
Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such permanent global
Security is payable in accordance with the provisions of this Indenture. </P>
<P align=center>29 </P>
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<P align=justify style="text-indent:5%">Transfers of global Securities
shall be limited to transfers in whole, but not in part, to the Depositary, its
successors or their respective nominees. If at any time the Depositary for
Securities of a series notifies the Company that it is unwilling, unable or no
longer qualifies to continue as Depositary for Securities of such series or if
at any time the Depositary for such series shall no longer be registered or in
good standing under the Exchange Act, or other applicable statute or regulation,
the Company shall appoint a successor Depositary for the Securities of such
series. If a successor to the Depositary for Securities of such series is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such condition, as the case may be, the Company&#146;s election
pursuant to Section 3.01 shall no longer be effective with respect to the
Securities for such series and the Company will execute, and the applicable
Trustee, upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities
of such series in definitive, registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global
Security or Securities. </P>
<P align=justify style="text-indent:5%">The Company may at any time and
in its sole discretion determine that the Securities of any series issued in the
form of one or more global Securities shall no longer be represented by such
global Security or Securities. In such event the Company will execute, and the
applicable Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive, registered form, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the global Security or Securities representing such series in exchange
for such global Security or Securities. </P>
<P align=justify style="text-indent:5%">Interests of a beneficial owner
in global Securities may also be transferred or exchanged for definitive
Securities if, after the occurrence of an Event of Default with respect to such
Securities, and while such Event of Default is continuing, such owner notifies
the Trustees in writing that it wishes to receive a Security in definitive,
registered form and provides to the Trustees evidence reasonably satisfactory to
the Trustees of its ownership interest in such Securities. In such event the
Company will execute, and the applicable Trustee, upon receipt of a Company
Order for the authentication and delivery of definitive Securities of such
series, will authenticate and deliver Securities of such series in definitive,
registered form, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the global Security or Securities
representing such series in exchange for such global Security or Securities.
</P>
<P align=justify style="text-indent:5%">Upon the exchange of a global
Security for Securities in definitive registered form, such global Security
shall be cancelled by the applicable Trustee. Securities issued in exchange for
a global Security pursuant to this Section 3.05 shall be registered in such
names and in such authorized denominations as the Depositary for such global
Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the applicable Trustee in writing. The applicable
Trustee shall deliver such Securities to the Persons in whose names such
Securities are so registered. </P>
<P align=justify style="text-indent:5%">All Securities issued upon any
registration of transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Securities surrendered upon such
registration of transfer or exchange. </P>
<P align=justify style="text-indent:5%">Every Registered Security
presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Security Registrar or applicable securities
transfer industry practices) be duly endorsed, or be accompanied by a written
instrument of transfer, in form satisfactory to the Company and the Security
Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing. </P>
<P align=center>30 </P>
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<P align=justify style="text-indent:5%">Any registration of transfer or
exchange of Securities may be subject to service charges by the Central
Securities Registrar and the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any
transfer. </P>
<P align=justify style="text-indent:5%">The Company shall not be required
(i) to issue, register the transfer of or exchange Securities of any series in
definitive form during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of that series
under Section 11.03 or 12.03 and ending at the close of business on (A) if
Securities of the series are issuable only as Registered Securities, the day of
the mailing of the relevant notice of redemption and (B) if Securities of the
series are issuable as Bearer Securities, the day of the first publication of
the relevant notice of redemption or, (C) if Securities of the series are also
issuable as Registered Securities and there is no publication, the mailing of
the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Registered Security in definitive form so selected for redemption
in whole or in part, except the unredeemed portion of any Security being
redeemed in part, or (iii) to exchange any Bearer Security so selected for
redemption except that such a Bearer Security may be exchanged for a Registered
Security of that series and like tenor; <I>provided</I> that such Registered
Security shall be simultaneously surrendered for redemption, or (iv) to issue,
register the transfer of or exchange any Security in definitive form which has
been surrendered for repayment at the option of the Holder, except the portion,
if any, of such Security not to be so repaid. </P>
<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>SECTION 3.06</B> </TD>
    <TD align=left width="90%"><B>Mutilated, Destroyed, Lost and Stolen
      Securities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If any mutilated Security or a
Security with a mutilated coupon appertaining to it is surrendered to the
applicable Trustee, the Company shall execute and the applicable Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series
and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security, or, in case any such mutilated
Security or coupon has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security,
pay such Security or coupon. If there shall be delivered to the Company and to
the Trustees (i) evidence to their satisfaction of the destruction, loss or
theft of any Security or coupon and (ii) such security (or surety in the case of
the Canadian Trustee) or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustees that such Security or coupon has been acquired by a
protected purchaser (as defined in Article 8 of the UCC), the Company shall
execute and upon Company Order the applicable Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security or in exchange
for the Security for which a destroyed, lost or stolen coupon appertains (with
all appurtenant coupons not destroyed, lost or stolen), a new Security of the
same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains. </P>
<P align=justify style="text-indent:5%">Notwithstanding the provisions of
the previous two paragraphs, in case any such mutilated, destroyed, lost or
stolen Security or coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to such mutilated, destroyed,
lost or stolen Security or to the Security to which such mutilated, destroyed,
lost or stolen coupon appertains, pay such Security or coupon; <I>provided,
however</I>, that payment of principal of, premium (if any) and interest (if
any) on Bearer Securities shall, except as otherwise provided in Section 10.02,
be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated
by Section 3.01, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the coupons appertaining thereto. </P>
<P align=center>31 </P>
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<P align=justify style="text-indent:5%">Upon the issuance of any new
  Security under this Section 3.06, the Company may require the payment of a sum
  sufficient to cover any tax or other governmental charge that may be imposed in
  relation thereto and any other expenses (including the fees and expenses of the
Trustees) connected therewith. </P>
<P align=justify style="text-indent:5%">Every new Security of any series
with its coupons, if any, issued pursuant to this Section 3.06 in lieu of any
mutilated, destroyed, lost or stolen Security or in exchange for a Security to
which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute
an original additional contractual obligation of the Company, whether or not the
mutilated, destroyed, lost or stolen Security and its coupons, if any, or the
mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and the Holders of such Security shall be entitled to all the benefits
of this Indenture equally and proportionately with the Holders of any and all
other Securities of that series and their coupons, if any, duly issued
hereunder. </P>
<P align=justify style="text-indent:5%">The provisions of this Section
3.06 as amended or supplemented pursuant to this Indenture with respect to a
particular series of Securities or generally are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or
coupons. </P>
<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>SECTION 3.07</B> </TD>
    <TD align=left width="90%"><B>Payment of Principal, Premium and Interest;
      Interest Rights Preserved;</B> <B>Optional Interest Reset</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided as contemplated by Section 3.01 with respect to any series of
Securities, interest (if any) on any Registered Security which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be
paid by the Paying Agent to the Person in whose name such Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest at the office or agency of the Company
maintained for such purpose pursuant to Section 10.02; <I>provided, however</I>,
that each installment of interest (if any) on any Registered Security may at the
Company&#146;s option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 3.09,
to the address of such Person as it appears on the Security Register or (ii)
wire transfer to an account located in the United States maintained by the payee
of a Holder of $2.0 million or more in aggregate principal amount of such
Securities (with wire transfer instructions provided to the Trustees not less
than 15 days prior to payment of interest). The Paying Agent shall confirm in
writing to the Canadian Trustee upon payment having been made to Holders of
Canadian Securities. Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Securities, principal and premium (if any) paid in
relation to any Security shall be paid to the Holder of such Security only upon
presentation and surrender of such Security at the office or agency of the
Company maintained for such purpose pursuant to Section 10.02. </P>
<P align=justify style="text-indent:5%">Unless otherwise provided as
contemplated by Section 3.01 with respect to the Securities of any series,
payment of interest (if any) may be made, in the case of a Bearer Security, by
transfer to an account located outside the United States maintained by the
payee. </P>
<P align=justify style="text-indent:5%">Unless otherwise provided as
contemplated by Section 3.01, every permanent global Security will provide that
interest (if any) payable on any Interest Payment Date will be paid to the
Depositary with respect to that portion of such permanent global Security held
for its account by the Depositary, for the purpose of permitting the Depositary to credit the interest (if
any) received by it in respect of such permanent global Security to the accounts
of the beneficial owners thereof. </P>
<P align=center>32 </P>
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<P align=justify style="text-indent:5%">Any interest on any Registered
  Security of any series which is payable, but is not punctually paid or duly
  provided for, on any Interest Payment Date shall forthwith cease to be payable
  to the Holder on the relevant Regular Record Date by virtue of having been such
  Holder, and such defaulted interest and, if applicable, interest on such
  defaulted interest (to the extent lawful) at the rate specified in the
  Securities of such series (such defaulted interest and, if applicable, interest
  thereon herein collectively called &#147;<B>Defaulted Interest</B>&#148;) must be paid by
  the Company as provided for in either clause (1) or (2), at the Company&#146;s
election: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Registered Securities of such
      series (or their respective Predecessor Securities) are registered at the
      close of business on a Special Record Date for the payment of such
      Defaulted Interest, which shall be fixed in the following manner. The
      Company shall notify the Trustees in writing of the amount of Defaulted
      Interest proposed to be paid on each Registered Security of such series
      and the date of the proposed payment, and at the same time the Company
      shall deposit with the applicable Trustee an amount of money in the
      Currency in which the Securities of such series are payable (except as
      otherwise specified pursuant to Section 3.01 for the Securities of such
      series and except, if applicable, as provided in Sections 3.12(b), 3.12(d)
      and 3.12(e)) equal to the aggregate amount proposed to be paid in respect
      of such Defaulted Interest or shall make arrangements satisfactory to the
      Trustees for such deposit on or prior to the date of the proposed payment,
      such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this clause provided.
      Thereupon the Trustees shall fix a Special Record Date for the payment of
      such Defaulted Interest which shall be not more than 15 days and not less
      than 10 days prior to the date of the proposed payment and not less than
      10 days after the receipt by the Trustees of the notice of the proposed
      payment. The Trustees shall promptly notify the Company of such Special
      Record Date and, in the name and at the expense of the Company, shall
      cause notice of the proposed payment of such Defaulted Interest and the
      Special Record Date therefor to be given in the manner provided in Section
      1.07, not less than 10 days prior to such Special Record Date. Notice of
      the proposed payment of such Defaulted Interest and the Special Record
      Date therefor having been so given, such Defaulted Interest shall be paid
      to the Persons in whose name the Registered Securities of such series (or
      their respective Predecessor Securities) are registered at the close of
      business on such Special Record Date and shall no longer be payable
      pursuant to the following clause (2).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company may make payment of any Defaulted Interest on
      the Registered Securities of any series in any other lawful manner not
      inconsistent with the requirements of any securities exchange on which
      such Securities may be listed, and, upon such notice as may be required by
      such exchange, if, after notice given by the Company to the Trustees of
      the proposed payment pursuant to this clause, such manner of payment shall
      be deemed practicable by the Trustees.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions of this Section 307(b) may be made applicable to any series of
Securities pursuant to Section 3.01 (with such modifications, additions or
substitutions as may be specified pursuant to such Section 3.01) . The interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) on any Security of such series may be reset by the Company on the
date or dates specified on the face of such Security (each an &#147;<B>Optional Reset
Date</B>&#148;). The Company may exercise such option with respect to such Security by notifying the
Trustees of such exercise at least 50 but not more than 60 days prior to an
Optional Reset Date for such Security. Not later than 40 days prior to each
Optional Reset Date, the Trustees shall transmit, in the manner provided for in
Section 1.07, to the Holder of any such Security a notice (the &#147;<b>Reset
Notice</b>&#148;) indicating whether the Company has elected to reset the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable), and if so (i) such new interest rate (or such new spread or
spread multiplier, if applicable) and (ii) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity of such Security (each such period a &#147;<b>Subsequent Interest
Period</b>&#148;), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during
the Subsequent Interest Period. </P>
<P align=center>33 </P>
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<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
  not later than 20 days prior to the Optional Reset Date, the Company may, at its
  option, revoke the interest rate (or the spread or spread multiplier used to
  calculate such interest rate, if applicable) provided for in the Reset Notice
  and establish an interest rate (or the spread or spread multiplier, if
  applicable) that is higher than the interest rate (or the spread or spread
  multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
  Interest Period by causing the Trustees to transmit, in the manner provided for
  in Section 1.07, notice of such higher interest rate (or such higher spread or
  spread multiplier, if applicable) to the Holder of such Security. Such notice
  shall be irrevocable. All Securities with respect to which the interest rate (or
  the spread or spread multiplier used to calculate such interest rate, if
  applicable) is reset on an Optional Reset Date, and with respect to which the
  Holders of such Securities have not tendered such Securities for repayment (or
  have validly revoked any such tender) pursuant to the next succeeding paragraph,
  will bear such higher interest rate (or such higher spread or spread multiplier,
if applicable). </P>
<P align=justify style="text-indent:5%">The Holder of any such Security
will have the option to elect repayment by the Company of the principal of such
Security on each Optional Reset Date at a price equal to the principal amount
thereof plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustees shall be at least 25 but not
more than 35 days prior to such Optional Reset Date and except that, if the
Holder has tendered any Security for repayment pursuant to the Reset Notice, the
Holder may, by written notice to the Trustees, revoke such tender or repayment
until the close of business on the tenth day before such Optional Reset Date.
</P>
<P align=justify style="text-indent:5%">Subject to the foregoing
provisions of this Section 3.07 and Section 3.05, each Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security. </P>
<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>SECTION 3.08</B> </TD>
    <TD align=left width="90%"><B>Optional Extension of Stated Maturity</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The provisions of this Section
3.08 may be made applicable to any series of Securities pursuant to Section 3.01
(with such modifications, additions or substitutions as may be specified
pursuant to such Section 3.01) . The Stated Maturity of any Security of such
series may be extended at the option of the Company for the period or periods
specified on the face of such Security (each an &#147;<B>Extension Period</B>&#148;) up to
but not beyond the date (the &#147;<B>Final Maturity</B>&#148;) set forth on the face of
such Security. The Company may exercise such option with respect to any Security
by notifying the Trustees of such exercise at least 50 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise of
such option (the &#147;<B>Original Stated Maturity</B>&#148;). If the Company exercises
such option, the Trustees shall transmit, in the manner provided for in Section
1.07, to the Holder of such Security not later than 40 days prior to the
Original Stated Maturity a notice (the &#147;<B>Extension Notice</B>&#148;) indicating
(i) the election of the Company to extend the Stated Maturity,
(ii) the new Stated Maturity, (iii) the interest rate (if any) applicable to the
Extension Period and (iv) the provisions, if any, for redemption during such
Extension Period. Upon the Trustees&#146; transmittal of the Extension Notice, the
Stated Maturity of such Security shall be extended automatically and, except as
modified by the Extension Notice and as described in the next paragraph, such
Security will have the same terms as prior to the transmittal of such Extension
Notice. </P>
<P align=center>34 </P>
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<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
  not later than 20 days before the Original Stated Maturity of such Security, the
  Company may, at its option, revoke the interest rate provided for in the
  Extension Notice and establish a higher interest rate for the Extension Period
  by causing the Trustees to transmit, in the manner provided for in Section 1.07,
  notice of such higher interest rate to the Holder of such Security. Such notice
  shall be irrevocable. All Securities with respect to which the Stated Maturity
is extended will bear such higher interest rate. </P>
<P align=justify style="text-indent:5%">If the Company extends the
Maturity of any Security, the Holder will have the option to elect repayment of
such Security by the Company on the Original Stated Maturity at a price equal to
the principal amount thereof, plus interest accrued to such date. In order to
obtain repayment on the Original Stated Maturity once the Company has extended
the Maturity thereof, the Holder must follow the procedures set forth in Article
Thirteen for repayment at the option of Holders, except that the period for
delivery or notification to the Trustees shall be at least 25 but not more than
35 days prior to the Original Stated Maturity and except that, if the Holder has
tendered any Security for repayment pursuant to an Extension Notice, the Holder
may by written notice to the Trustees revoke such tender for repayment until the
close of business on the tenth day before the Original Stated Maturity. </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>SECTION 3.09</B> </TD>
    <TD align=left width="90%"><B>Persons Deemed Owners</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Prior to due presentment of a
Registered Security for registration of transfer, the Company, the Trustees and
any agent of the Company or the Trustees may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of, premium (if any) and (subject
to Sections 3.05 and 3.07) interest (if any) on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and none of the
Company, the Trustees or any agent of the Company or the Trustees shall be
affected by notice to the contrary. </P>
<P align=justify style="text-indent:5%">Title to any Bearer Security and
any coupons appertaining thereto shall pass by delivery. The Company, the
Trustees and any agent of the Company or the Trustees may treat the bearer of
any Bearer Security and the bearer of any coupon as the absolute owner of such
Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security or
coupons be overdue, and none of the Company, the Trustees or any agent of the
Company or the Trustees shall be affected by notice to the contrary. </P>
<P align=justify style="text-indent:5%">The Depositary for Securities may
be treated by the Company, the Trustees, and any agent of the Company or the
Trustees as the owner of such global Security for all purposes whatsoever. None
of the Company, the Trustees, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Security in
global form or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. </P>
<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
with respect to any global Security, nothing herein shall prevent the Company,
the Trustees, or any agent of the Company or the Trustees, from giving effect to
any written certification, proxy or other authorization furnished by any
Depositary, as a Holder, with respect to such global Security or impair, as between such Depositary
and owners of beneficial interests in such global Security, the operation of
customary practices governing the exercise of the rights of such Depositary (or
its nominee) as Holder of such global Security. </P>
<P align=center>35 </P>
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<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>SECTION 3.10</B> </TD>
<TD align=left width="90%"><B>Cancellation</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">All Securities and coupons
surrendered for payment, redemption, repayment at the option of the Holder,
registration of transfer or exchange or for credit against any current or future
sinking fund payment shall, if surrendered to any Person other than a Trustee,
be delivered to either Trustee. All Securities and coupons so delivered to
either Trustee shall be promptly cancelled by such Trustee. The Company may at
any time deliver to a Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to either Trustee (or to any other Person for
delivery to such Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly cancelled by such Trustee. If the
Company shall so acquire any of the Securities, however, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are surrendered to either Trustee for
cancellation. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section 3.10, except as expressly
permitted by this Indenture. All cancelled Securities held by either Trustee
shall be disposed of by such Trustee in accordance with its customary procedures
and certification of their disposal delivered to the Company unless by Company
Order the Company shall direct that cancelled Securities be returned to it. </P>
<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>SECTION 3.11</B> </TD>
    <TD align=left width="90%"><B>Computation of Interest</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as otherwise specified as
contemplated by Section 3.01 with respect to any Securities, interest (if any)
on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months. For the purposes of disclosure under the Interest
Act (Canada), the yearly rate of interest to which interest calculated under a
Security for any period in any calendar year (the &#147;<B>calculation period</B>&#148;)
is equivalent, is the rate payable under a Security in respect of the
calculation period multiplied by a fraction the numerator of which is the actual
number of days in such calendar year and the denominator of which is the actual
number of days in the calculation period.</P>
<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>SECTION 3.12</B> </TD>
    <TD align=left width="90%"><B>Currency and Manner of Payments in Respect
      of Securities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Registered Securities of any series not permitting the election
provided for in paragraph (b) below or the Holders of which have not made the
election provided for in paragraph (b) below, and with respect to Bearer
Securities of any series, except as provided in paragraph (d) below, payment of
the principal of, premium (if any) and interest (if any) on such Registered
Security or Bearer Security of such series will be made in the Currency in which
such Registered Security or Bearer Security, as the case may be, is payable. The
provisions of this Section 3.12 may be modified or superseded with respect to
any Securities pursuant to Section 3.01. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
may be provided pursuant to Section 3.01 with respect to Registered Securities
of any series that Holders shall have the option, subject to paragraphs (d) and
(e) below, to receive payments of principal of, premium (if any) or interest (if
any) on such Registered Securities in any of the Currencies which may be
designated for such election by delivering to the Trustees a written election
with signature guarantees and in the applicable form established pursuant to
Section 3.01, not later than the close of business on the Election Date
immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such Currency, such election will remain in effect
for such Holder or any transferee of such Holder until changed by such Holder or
such transferee by written notice to the Trustees (but any such change must be made not later than the
close of business on the Election Date immediately preceding the next payment
date to be effective for the payment to be made on such payment date and no such
change of election may be made with respect to payments to be made on any
Registered Security of such series with respect to which an Event of Default has
occurred or with respect to which the Company has deposited funds pursuant to
Article Four or Fourteen or with respect to which a notice of redemption has
been given by the Company or a notice of option to elect repayment has been sent
by such Holder or such transferee). Any Holder of any such Registered Security
who shall not have delivered any such election to the Trustees not later than
the close of business on the applicable Election Date will be paid the amount
due on the applicable payment date in the relevant Currency as provided in
Section 3.12(a) . The Trustees shall notify the Exchange Rate Agent as soon as
practicable after the Election Date of the aggregate principal amount of
Registered Securities for which Holders have made such written election. </P>
<P align=center>36 </P>
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<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
  otherwise specified pursuant to Section 3.01, if the election referred to in
  paragraph (b) above has been provided for pursuant to Section 3.01, then, unless
  otherwise specified pursuant to Section 3.01, not later than the fourth Business
  Day after the Election Date for each payment date for Registered Securities of
  any series, the Exchange Rate Agent will deliver to the Company a written notice
  specifying, in the Currency in which Registered Securities of such series are
  payable, the respective aggregate amounts of principal of, premium (if any) and
  interest (if any) on the Registered Securities to be paid on such payment date,
  specifying the amounts in such Currency so payable in respect of the Registered
  Securities as to which the Holders of Registered Securities of such series shall
  have elected to be paid in another Currency as provided in paragraph (b) above.
  If the election referred to in paragraph (b) above has been provided for
  pursuant to Section 3.01 and if at least one Holder has made such election,
  then, unless otherwise specified pursuant to Section 3.01, on the second
  Business Day preceding such payment date the Company will deliver to the
  Trustees for such series of Registered Securities an Exchange Rate Officer&#146;s
  Certificate in respect of the Dollar or Foreign Currency payments to be made on
  such payment date. Unless otherwise specified pursuant to Section 3.01, the
  Dollar or Foreign Currency amount receivable by Holders of Registered Securities
  who have elected payment in a Currency as provided in paragraph (b) above shall
  be determined by the Company on the basis of the applicable Market Exchange Rate
  in effect on the third Business Day (the &#147;<B>Valuation Date</B>&#148;) immediately
  preceding each payment date, and such determination shall be conclusive and
binding for all purposes, absent manifest error. </P>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a Conversion Event occurs with respect to a Foreign Currency in which any of
the Securities are denominated or payable other than pursuant to an election
provided for pursuant to paragraph (b) above, then, with respect to each date
for the payment of principal of, premium (if any) and interest (if any) on the
applicable Securities denominated or payable in such Foreign Currency occurring
after the last date on which such Foreign Currency was used (the &#147;<B>Conversion
Date</B>&#148;), the Dollar shall be the Currency of payment for use on each such
payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar
amount to be paid by the Company to the Trustees and by the Trustees or any
Paying Agent to the Holders of such Securities with respect to such payment date
shall be, in the case of a Foreign Currency other than a currency unit, the
Dollar Equivalent of the Foreign Currency or, in the case of a currency unit,
the Dollar Equivalent of the Currency Unit, in each case as determined by the
Exchange Rate Agent in the manner provided in paragraph (f) or (g) below. </P>
<P align=justify style="text-indent:5%">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Registered
Security denominated in any Currency shall have elected to be paid in another
Currency as provided in paragraph (b) above, and a Conversion Event occurs with
respect to such elected Currency, such Holder shall receive payment in the
Currency in which payment would have been made in the absence of such election;
and if a Conversion Event occurs with respect to the Currency in which payment
would have been made in the absence of such election, such Holder shall
receive payment in Dollars as provided in paragraph (d) above. </P>
<P align=center>37 </P>
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<P align=justify style="text-indent:5%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  &#147;<B>Dollar Equivalent of the Foreign Currency</B>&#148; shall be determined by the
  Exchange Rate Agent and shall be obtained for each subsequent payment date by
  converting the specified Foreign Currency into Dollars at the Market Exchange
Rate on the Conversion Date. </P>
<P align=justify style="text-indent:5%">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
&#147;<B>Dollar Equivalent of the Currency Unit</B>&#148; shall be determined by the
Exchange Rate Agent and subject to the provisions of paragraph (h) below shall
be the sum of each amount obtained by converting the Specified Amount of each
Component Currency into Dollars at the Market Exchange Rate for such Component
Currency on the Valuation Date with respect to each payment. </P>
<P align=justify style="text-indent:5%">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this Section 3.12 the following terms shall have the following
meanings: </P>
<P align=justify style="text-indent:5%">A &#147;<B>Component Currency</B>&#148;
shall mean any Currency which, on the Conversion Date, was a component currency
of the relevant currency unit, including, but not limited to, the Euro. </P>
<P align=justify style="text-indent:5%">A &#147;<B>Specified Amount</B>&#148; of a
Component Currency shall mean the number of units of such Component Currency or
fractions thereof which were represented in the relevant currency unit,
including, but not limited to, the Euro, on the Conversion Date. If after the
Conversion Date the official unit of any Component Currency is altered by way of
combination or subdivision, the Specified Amount of such Component Currency
shall be divided or multiplied in the same proportion. If after the Conversion
Date two or more Component Currencies are consolidated into a single currency,
the respective Specified Amounts of such Component Currencies shall be replaced
by an amount in such single Currency equal to the sum of the respective
Specified Amounts of such consolidated Component Currencies expressed in such
single Currency, and such amount shall thereafter be a Specified Amount and such
single Currency shall thereafter be a Component Currency. If after the
Conversion Date any Component Currency shall be divided into two or more
currencies, the Specified Amount of such Component Currency shall be replaced by
amounts of such two or more currencies, having an aggregate Dollar Equivalent
value at the Market Exchange Rate on the date of such replacement equal to the
Dollar Equivalent value of the Specified Amount of such former Component
Currency at the Market Exchange Rate immediately before such division and such
amounts shall thereafter be Specified Amounts and such currencies shall
thereafter be Component Currencies. If, after the Conversion Date of the
relevant currency unit, including, but not limited to, the Euro, a Conversion
Event (other than any event referred to above in this definition of
&#147;<B>Specified Amount</B>&#148;) occurs with respect to any Component Currency of such
currency unit and is continuing on the applicable Valuation Date, the Specified
Amount of such Component Currency shall, for purposes of calculating the Dollar
Equivalent of the Currency Unit, be converted into Dollars at the Market
Exchange Rate in effect on the Conversion Date of such Component Currency. </P>
<P align=justify style="text-indent:5%">&#147;<B>Election Date</B>&#148; shall mean
the date for any series of Registered Securities as specified pursuant to clause
(15) of Section 3.01 by which the written election referred to in paragraph (b)
above may be made. </P>
<P align=justify style="text-indent:5%">All decisions and determinations
of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign
Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above shall be in its sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and irrevocably binding upon the Company, the Trustees and all Holders
of such Securities denominated or payable in the relevant Currency. The Exchange
Rate Agent shall promptly give written notice to the Company and the Trustees of
any such decision or determination. </P>
<P align=center>38 </P>
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<P align=justify style="text-indent:5%">In the event that the Company
determines in good faith that a Conversion Event has occurred with respect to a
Foreign Currency, the Company will immediately give written notice thereof to
the Trustees and to the Exchange Rate Agent (and the Trustees will promptly
thereafter give notice in the manner provided for in Section 1.07 to the
affected Holders) specifying the Conversion Date. In the event the Company so
determines that a Conversion Event has occurred with respect to the Euro or any
other currency unit in which Securities are denominated or payable, the Company
will immediately give written notice thereof to the Trustees and to the Exchange
Rate Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section 1.07 to the affected Holders) specifying the Conversion
Date and the Specified Amount of each Component Currency on the Conversion Date.
In the event the Company determines in good faith that any subsequent change in
any Component Currency as set forth in the definition of Specified Amount above
has occurred, the Company will similarly give written notice to the Trustees and
the Exchange Rate Agent. </P>
<P align=justify style="text-indent:5%">The Trustees shall be fully
justified and protected in relying and acting upon information received by it
from the Company and the Exchange Rate Agent and shall not otherwise have any
duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent. </P>
<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>SECTION 3.13</B> </TD>
    <TD align=left width="90%"><B>Appointment and Resignation of Successor
      Exchange Rate Agent</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities
of any series (i) are denominated in a Currency other than Dollars or (ii) may
be payable in a Currency other than Dollars, or so long as it is required under
any other provision of this Indenture, then the Company will maintain with
respect to each such series of Securities, or as so required, at least one
Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the
necessary foreign exchange determinations at the time and in the manner
specified pursuant to Section 3.01 for the purpose of determining the applicable
rate of exchange and, if applicable, for the purpose of converting the issued
Currency into the applicable payment Currency for the payment of principal,
premium (if any) and interest (if any) pursuant to Section 3.12. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right to remove and replace from time to time the
Exchange Rate Agent for any series of Securities. No resignation of the Exchange
Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to
this Section 3.13 shall become effective until the acceptance of appointment by
the successor Exchange Rate Agent as evidenced by a written instrument delivered
to the Company and the Trustees. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Exchange Rate Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of the Exchange Rate Agent for
any cause with respect to the Securities of one or more series, the Company, by
or pursuant to a Board Resolution, shall promptly appoint a successor Exchange
Rate Agent or Exchange Rate Agents with respect to the Securities of that or
those series (it being understood that any such successor Exchange Rate Agent
may be appointed with respect to the Securities of one or more or all of such
series and that, unless otherwise specified pursuant to Section 3.01, at any
time there shall only be one Exchange Rate Agent with respect to the Securities
of any particular series that are originally issued by the Company on the same
date and that are initially denominated and/or payable in the same Currency).
</P>
<P align=center>39 </P>
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<P align=center><B>ARTICLE FOUR</B> <BR><B>SATISFACTION AND DISCHARGE </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>SECTION 4.01</B> </TD>
    <TD align=left width="90%"><B>Satisfaction and Discharge of Indenture</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Indenture shall upon Company
Request cease to be of further effect with respect to any series of Securities
specified in such Company Request (except as to any surviving rights of
registration of transfer or exchange of Securities of such series expressly
provided for herein or pursuant hereto and the rights of Holders of such series
of Securities and any related coupons to receive, solely from the trust fund
described in subclause (b) of clause (1) of this Section 4.01, payments in
respect of the principal of, premium (if any) and interest (if any) on such
Securities and any related coupons when such payments are due and except as
provided in the last paragraph of this Section 4.01) and the Trustees, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>either</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all Securities of such series theretofore authenticated and delivered and all
coupons, if any, appertaining thereto (other than (i) coupons appertaining to
Bearer Securities surrendered for exchange for Registered Securities and
maturing after such exchange, whose surrender is not required or has been waived
as provided in Section 3.05, (ii) Securities and coupons of such series which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 3.06, (iii) coupons appertaining to Securities called for
redemption and maturing after the relevant Redemption Date, whose surrender has
been waived as provided in Section 11.06, and (iv) Securities and coupons of
such series for whose payment money has theretofore been deposited in trust with
either Trustee or any Paying Agent or segregated and held in trust by the
Company and thereafter repaid to the Company, as provided in Section 10.03) have
been delivered to either Trustee for cancellation; or </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all Securities of such series and, in the case of (i) or (ii) below, any coupons
appertaining thereto not theretofore delivered to either Trustee for
cancellation </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>have become due and payable, 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>will become due and payable at their Stated Maturity
      within one year, 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 redeemable at the option of the Company, are to be
      called for redemption within one year under arrangements satisfactory to
      the Trustees for the giving of notice of redemption by the Trustees in the
      name, and at the expense, of the Company,</P></TD></TR></TABLE>
<P align=justify>and the Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with either Trustee as trust
funds in trust for such purpose an amount in the Currency in which the
Securities of such series are payable, sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to such Trustee
for cancellation, for principal, premium (if any) and interest (if any) to the
date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Company has paid or caused to be paid all other sums
      payable hereunder by the Company; and</P></TD></TR></TABLE>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company has delivered to the Trustees an Officer&#146;s
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture as to such series have been complied
  with.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustees
under Section 6.07, the obligations of the Trustees to any Authenticating Agent
under Section 6.12 and, if money shall have been deposited with the Trustees
pursuant to subclause (b) of clause (1) of this Section 4.01, the obligations of
the Trustees under Section 4.02 and the last paragraph of Section 10.03 shall
survive. </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>SECTION 4.02</B> </TD>
    <TD align=left width="90%"><B>Application of Trust Money</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the provisions of the
last paragraph of Section 10.03, all money deposited with the Trustees pursuant
to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Securities, the coupons and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustees may determine, to the Persons entitled
thereto, of the principal, premium (if any) and interest (if any) for whose
payment such money has been deposited with the Trustees; but such money need not
be segregated from other funds except to the extent required by law. </P>
<P align=center><B>ARTICLE FIVE</B> <BR><B>REMEDIES </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>SECTION 5.01</B> </TD>
    <TD align=left width="90%"><B>Events of Default</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">&#147;<B>Event of Default</B>,&#148;
wherever used herein with respect to Securities of any series, means any one of
the following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless such event is
specifically deleted or modified in or pursuant to a supplemental indenture,
Board Resolution or Officer&#146;s Certificate establishing the terms of such series
pursuant to Section 3.01 of this Indenture: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default in the payment of any interest due on any
      Security of that series, or any related coupon, when such interest or
      coupon becomes due and payable, and continuance of such default for a
      period of 30 days; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>default in the payment of the principal or premium (if
      any) in respect of any Security of that series at its Maturity;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>default in the deposit of any sinking fund, amortization
      or analogous payment when due by the terms of any Security of that series
      and Article Twelve; or</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%">(4) </TD>
    <TD>
      <P align=justify>default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture which affects or is applicable
      to the Securities of that series (other than a covenant or agreement, a
      default in whose performance or whose breach is elsewhere in this Section
      5.01 specifically dealt with), and continuance of such default or breach
      for a period of 60 days after there has been given (and 120 days with
      respect to a default or breach under Section 703), by registered or
      certified mail, to the Company by the Trustees or to the Company and the
      Trustees by the Holders of at least 25% in principal amount of all
      Outstanding Securities of that series a written notice specifying
    such default or breach and requiring it to be remedied and stating
that such notice is a &#147;Notice of Default&#148; hereunder; or </P></TD></TR></TABLE>
<P align=center>41 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>the entry of a decree or order by a court having
      jurisdiction in the premises adjudging the Company bankrupt or insolvent,
      or approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of the Company
      under or subject to the Bankruptcy and Insolvency Act (Canada), the
      Companies&#146; Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy
      Code or any other federal, provincial, state or foreign bankruptcy,
      insolvency or analogous laws, or the issuance of a sequestration order or
      the (appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or other similar official) of the Company or in receipt of
      any substantial part of the property of the Company, and any such decree,
      order or appointment continues unstayed and in effect for a period of 90
  consecutive days; or</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%">(6) </TD>
    <TD>
      <P align=justify>the institution by the Company of proceedings to be
      adjudicated bankrupt or insolvent, or the consent by it to the institution
      of bankruptcy or insolvency proceedings against it, or the filing by it of
      a petition or answer or consent seeking reorganization or relief under or
      subject to the Bankruptcy and Insolvency Act (Canada), the Companies&#146;
      Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or
      any other federal, provincial, state or foreign bankruptcy, insolvency or
      analogous laws or the consent by it to the filing of any such petition or
      to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or other similar official) of the Company or of any
      substantial part of its property, or the making by it of a general
      assignment for the benefit of creditors, or the admission by it in writing
      of its inability to pay its debts generally as they become due or the
      taking by it of corporate action in furtherance of any of the aforesaid
      purposes; or</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%">(7) </TD>
    <TD>
      <P align=justify>any other Event of Default provided with respect to
Securities of that series.</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 vAlign=top>
    <TD align=left ><B>SECTION 5.02</B> </TD>
    <TD align=left width="90%"><B>Acceleration of Maturity; Rescission and
      Annulment</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If an Event of Default described
in clause (1), (2), (3), (4) or (7) of Section 5.01 with respect to Securities
of any series at the time Outstanding occurs and is continuing, then in every
such case, either Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series, may declare the principal
amount (or, if the Securities of that series are Original Issue Discount
Securities or Indexed Securities, such portion of the principal amount as may be
specified in the terms of that series) of all of the Securities of that series
and all interest thereon to be due and payable immediately, by a notice in
writing to the Company (and to the Trustees if given by Holders), and upon any
such declaration such principal amount (or specified portion thereof) shall
become immediately due and payable. If an Event of Default specified in clause
(5) or (6) of Section 5.01 occurs and is continuing, then the principal amount
of all the Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustees or any Holder.
</P>
<P align=justify style="text-indent:5%">At any time after such a
declaration of acceleration with respect to Securities of any series (or of all
series, as the case may be) has been made and before a judgment or decree for
payment of the money due has been obtained by either Trustee as hereinafter
provided in this Article Five, the Holders of a majority in principal amount of
the Outstanding Securities of that series (or of all series, as the case may
be), by written notice to the Company and the Trustees, may rescind and annul
such declaration and its consequences if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Company has paid or deposited with either Trustee a
      sum sufficient to pay in the Currency in which the Securities of such
      series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and
except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)),</P></TD></TR></TABLE>
<P align=center>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all overdue interest (if any) on all Outstanding
      Securities of that series (or of all series, as the case may be) and any
  related coupons,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all unpaid principal of and premium (if any) on any
      Outstanding Securities of that series (or of all series, as the case may
      be) which has become due otherwise than by such declaration of
      acceleration, and interest on such unpaid principal and premium (if any)
      at the rate or rates prescribed therefor in such Securities,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to the extent that payment of such interest is legally
      enforceable, interest on overdue interest at the rate or rates prescribed
      therefor in such 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%">(d) </TD>
    <TD>
      <P align=justify>all sums paid or advanced by the Trustees hereunder and
      the reasonable compensation, expenses, disbursements and advances of the
Trustees, their agents and counsel; 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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all Events of Default with respect to Securities of that
      series (or of all series, as the case may be), other than the non-payment
      of amounts of principal of, premium (if any) or interest (if any) on
      Securities of that series (or of all series, as the case may be) which
      have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 5.13.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>No such rescission shall affect any
subsequent default or impair any right consequent thereon. </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>SECTION 5.03</B> </TD>
    <TD align=left width="90%"><B>Collection of Debt and Suits for Enforcement
      by Trustees</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company covenants that if
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default is made in the payment of any installment of
      interest on any Security and any related coupon when such interest becomes
      due and payable and such default continues for a period of 30 days,
    or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>default is made in the payment of the principal of or
      premium (if any) any Security at the Maturity
thereof,</P></TD></TR></TABLE>
<P align=justify>then the Company will, upon demand of the Trustees, pay to the
applicable Trustee for the benefit of the Holders of such Securities and
coupons, the whole amount then due and payable on such Securities and coupons
for principal of, premium (if any) and interest (if any) and interest on any
overdue principal, overdue premium (if any) and, to the extent lawful, overdue
interest (if any), at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustees, their agents and counsel.
</P>
<P align=justify style="text-indent:5%">If the Company fails to pay such
amounts forthwith upon such demand, the Trustees, in their own names as trustees
of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon
such Securities and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor
upon such Securities, wherever situated. </P>
<P align=center>43 </P>
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<P align=justify style="text-indent:5%">If an Event of Default with
respect to Securities of any series (or of all series, as the case may be)
occurs and is continuing, either Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of
such series (or of all series, as the case may be) by such appropriate judicial
proceedings as such Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. </P>
<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>SECTION 5.04</B> </TD>
    <TD align=left width="90%"><B>Trustees May File Proofs of Claim</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, each Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether either Trustee shall
have made any demand on the Company for the payment of overdue principal,
premium (if any) or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to file and prove a claim for the whole amount of
      principal and premium (if any), or such portion of the principal amount of
      any series of Original Issue Discount Securities or Indexed Securities as
      may be specified in the terms of such series, and interest (if any) owing
      and unpaid in respect of the Securities and to file such other papers or
      documents as may be necessary or advisable in order to have the claims of
      such Trustee (including any claim for the reasonable compensation,
      expenses, disbursements and advances of such Trustee, its agents and
      counsel) and of the Holders allowed in such judicial proceeding,
  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>to collect and receive any moneys or other property
      payable or deliverable on any such claims and to distribute the
    same;</P></TD></TR></TABLE>
<P align=justify>and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to such Trustee and, in the
event that such Trustee shall consent to the making of such payments directly to
the Holders, to pay to such Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of each Trustee, its agents
and counsel, and any other amounts due to such Trustee under Section 6.07. </P>
<P align=justify style="text-indent:5%">Nothing herein contained shall be
deemed to authorize the Trustees to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustees to vote in respect of the claim of any Holder in any such
proceeding. </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>SECTION 5.05</B> </TD>
    <TD align=left width="90%"><B>Trustees May Enforce Claims Without
      Possession of Securities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">All rights of action and claims
under this Indenture, the Securities or coupons may be prosecuted and enforced
by the Trustees without the possession of any of the Securities or coupons or
the production thereof in any proceeding relating thereto, and any such
proceeding instituted by either Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of such Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities and coupons in respect of which such judgment has
been recovered. </P>
<P align=center>44 </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 vAlign=top>
    <TD align=left ><B>SECTION 5.06</B> </TD>
    <TD align=left width="90%"><B>Application of Money Collected</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any money collected by either
Trustee pursuant to this Article Five shall be applied in the following order,
at the date or dates fixed by the Trustees and, in case of the distribution of
such money on account of principal of, premium (if any) or interest (if any)
upon presentation of the Securities or coupons, or both, as the case may be, and
the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: </P>
<P align=justify style="text-indent:5%">First: to the payment of all
amounts due the Trustees under Section 6.07; </P>
<P align=justify style="text-indent:5%">Second: to the payment of the
amounts then due and unpaid for principal of, premium (if any) and interest (if
any), on the Securities and coupons in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such Securities and
coupons for principal, premium (if any) and interest (if any), respectively; and
</P>
<P align=justify style="text-indent:5%">Third: the balance, if any, to
the Person or Persons entitled thereto. </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>SECTION 5.07</B> </TD>
    <TD align=left width="90%"><B>Limitation on Suits</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">No Holder of any Security of any
series or any related coupons shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture or the Securities, or for
the appointment of a receiver or trustee, or for any other remedy hereunder,
unless </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>such Holder has previously given written notice to the
      Trustees of a continuing Event of Default with respect to the Securities
      of that series;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Holders of not less than 25% in principal amount of
      the Outstanding Securities of that series in the case of any Event of
      Default described in clause (1), (2), (3), (4) or (7) of Section 5.01, or,
      in the case of any Event of Default described in clause (5) or (6) of
      Section 5.01, the Holders of not less than 25% in principal amount of all
      Outstanding Securities, shall have made written request to the Trustees to
      institute proceedings in respect of such Event of Default in their own
      names as Trustees 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%">(3) </TD>
    <TD>
      <P align=justify>such Holder or Holders have offered to the Trustees
      reasonable indemnity against the costs, expenses and liabilities to be
      incurred in compliance with such request;</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%">(4) </TD>
    <TD>
      <P align=justify>the Trustees for 60 days after their receipt of such
      notice, request and offer of indemnity have failed to institute any such
      proceeding; 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%">(5) </TD>
    <TD>
      <P align=justify>no direction inconsistent with such written request has
      been given to the Trustees during such 60-day period by the Holders of a
      majority or more in principal amount of the Outstanding Securities of that
      series in the case of any Event of Default described in clause (1), (2),
      (3), (4) or (7) of Section 5.01, or in the case of any Event of Default
      described in clause (5) or (6) of Section 5.01, by the Holders of a
      majority or more in principal amount of all Outstanding
  Securities;</P></TD></TR></TABLE>
<P align=justify>it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Securities of the same series, in the case of any Event
of Default described in clause (1), (2), (3), (4) or (7) of Section 5.01, or of
Holders of all Securities in the case of any Event of Default described in clause (5) or (6) of Section 5.01, or to
obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all Holders of
Securities of the same series, in the case of any Event of Default described in
clause (1), (2), (3), (4) or (7) of Section 5.01, or of Holders of all
Securities in the case of any Event of Default described in clause (5) or (6) of
Section 5.01. </P>
<P align=center>45 </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 vAlign=top>
    <TD align=left ><B>SECTION 5.08</B> </TD>
    <TD align=left width="90%"><B>Unconditional Right of Holders to Receive
Principal, Premium and Interest</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment, as provided herein
(including, if applicable, Article Fourteen) and in such Security, of the
principal of and premium (if any) and (subject to Section 3.07) interest (if
any) on, such Security or payment of such coupon on the respective Stated
Maturities expressed in such Security or coupon (or, in the case of redemption,
on the Redemption Date or, in the case of repayment at the option of the Holder
as contemplated by Article Twelve, on the Repayment Date) and subject to the
limitations on a Holder&#146;s ability to institute suit contained Section 5.07, to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder. </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>SECTION 5.09</B> </TD>
    <TD align=left width="90%"><B>Restoration of Rights and Remedies</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If either Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to such Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustees and the Holders of Securities and coupons shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustees and the Holders shall continue as though
no such proceeding had been instituted. </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>SECTION 5.10</B> </TD>
    <TD align=left width="90%"><B>Rights and Remedies Cumulative</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or coupons in the last paragraph of Section 3.06, no right or remedy
herein conferred upon or reserved to the Trustees or to the Holders of
Securities or coupons is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy. </P>
<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>SECTION 5.11</B> </TD>
    <TD align=left width="90%"><B>Delay or Omission Not Waiver</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">No delay or omission of the
Trustees or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article Five or by law to the Trustees or
to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustees or by the Holders, as the case may be. </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>SECTION 5.12</B> </TD>
    <TD align=left width="90%"><B>Control by Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">With respect to the Securities of
any series, the Holders of not less than a majority in principal amount of the
Outstanding Securities of such series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to
the Trustees, or exercising any trust or power conferred on the Trustees,
relating to or arising under clause (1), (2), (3), (4) or (7) of Section 5.01,
and, with respect to all Securities, the Holders of not less than a majority in
principal amount of all Outstanding Securities shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available
to the Trustees, or exercising any trust or power conferred on the Trustees, not
relating to or arising under clause (1), (2), (3), (4) or (7) of Section 5.01,
<i>provided</i> that in each case </P>
<P align=center>46 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>such direction shall not be in conflict with any rule of
  law or with this Indenture,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Trustees may take any other action deemed proper by
      the Trustees which is not inconsistent with such direction, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Trustees need not take any action which might involve
      them in personal liability or be unjustly prejudicial to the Holders of
Securities of such series not consenting.</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 vAlign=top>
    <TD align=left ><B>SECTION 5.13</B> </TD>
    <TD align=left width="90%"><B>Waiver of Past Defaults</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to Section 5.02, the
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past Default described in clause (1), (2), (3), (4) or (7)
of Section 5.01 (or, in the case of a Default described in clause (5) or (6) of
Section 5.01, the Holders of not less than a majority in principal amount of all
Outstanding Securities may waive any such past Default), and its consequences,
except a default </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>in respect of the payment of the principal of, premium
      (if any) or interest (if any) on any Security or any related coupon,
    or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>in respect of a covenant or provision herein which under
      Article Nine cannot be modified or amended without the consent of the
      Holder of each outstanding Security of such series
  affected.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon any such waiver, any such
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon. </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>SECTION 5.14</B> </TD>
    <TD align=left width="90%"><B>Waiver of Stay or Extension Laws</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustees, but
will suffer and permit the execution of every such power as though no such law
had been enacted. </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>SECTION 5.15</B> </TD>
    <TD align=left width="90%"><B>Undertaking for Costs</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against either
Trustee for any action taken, suffered or omitted by it as Trustee, a court may
require any party litigant in such suit to file an undertaking to pay the costs
of such suit, and may assess costs against any such party litigant, in the
manner and to the extent provided in Trust Indenture Legislation; <i>provided,
however</i>, that neither this Section 5.15 nor the provisions of TIA Section
315(e) shall apply to any suit instituted by either Trustee or by any Holder or
group of Holders holding more than 10% in principal amount of all Outstanding
Securities or by any Holder of any Security on any suit for the enforcement of
the right to receive the principal of and interest on any such Securities. </P>
<P align=center>47 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=center><B>ARTICLE SIX <BR>
THE TRUSTEES </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>SECTION 6.01</B> </TD>
    <TD align=left width="90%"><B>Notice of Defaults</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each Trustee shall promptly give
the other Trustee notice of any Default or Event of Default known to it. Within
a reasonable time, but no more than 30 days after either Trustee has knowledge
of any Default hereunder with respect to the Securities of any series, one or
both of the Trustees shall transmit in the manner and to the extent provided in
Trust Indenture Legislation, including TIA Section 313(c), notice to the Holders
of such Default hereunder known to either Trustee, unless such Default shall
have been cured or waived (and, in the case where such Default shall have been
cured, the Trustees shall notify the Holders in writing of such cure in writing
within a reasonable time, but not exceeding 30 days, after the Trustees have
become aware that the Default has been cured); <I>provided, however</I>, that,
except in the case of a Default in the payment of the principal of, premium (if
any) or interest (if any) on any Security of such series or in the payment of
any sinking fund installment with respect to Securities of such series, the
Trustees shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of each Trustee in good faith determine that the
withholding of such notice is in the interest of the Holders of Securities of
such series and any related coupons; <I>provided further</I> that in the case of
any Default of the character specified in clause (4) of Section 5.01 with
respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. </P>
<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>SECTION 6.02</B> </TD>
    <TD align=left width="90%"><B>Certain Duties and Responsibilities of
      Trustees</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustees, prior to the occurrence of an Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to
perform with respect to the Securities of any series such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustees. </P>
<P align=justify style="text-indent:5%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all instances, in the exercise of the powers, rights, duties and discharge of
obligations prescribed or conferred by the terms of this Indenture, each Trustee
shall act honestly and in good faith with a view to the best interests of the
Holders and exercise that degree of care, diligence and skill that a reasonably
prudent trustee in respect of indentures for the purpose of issuing corporate
debt obligations would exercise in comparable circumstances. </P>
<P align=justify style="text-indent:5%">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No provision of this Indenture shall be construed to relieve each Trustee from
liability for its own actions or failure to act in accordance with Subsection
6.02(b), except that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>prior to the occurrence of an Event of Default and after
      the curing or waiving of all such Events of Default that may have
      occurred:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the duties and obligations of each Trustee with respect
      to the Securities of any series shall be determined solely by the express
      provisions of this Indenture, and the Trustees shall not be liable except
      for the performance of such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustees; and </P></TD></TR></TABLE>
<P align=center>48 </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 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>in the absence of bad faith on the part of either
      Trustee, such Trustee may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustees and conforming to the
      requirements of this Indenture and Trust Indenture Legislation; but in the
      case of any such certificates or opinions that by any provision hereof are
      specifically required to be furnished to the Trustees, the Trustees shall
      be under a duty to examine the same to determine whether or not they
      conform to the requirements of this Indenture; <I>provided, however</I>,
      the Canadian Trustee shall not be required to determine whether the
      certificates or opinions presented to it conform to the Trust Indenture
      Act and the U.S. Trustee shall not be required to determine whether the
      certificates or opinions presented to it conform to Canadian Trust
Indenture Legislation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Trustees shall not be liable with respect to any
      action taken or omitted to be taken by them in good faith in accordance
      with the direction of the Holders of not less than a majority in principal
      amount of the Securities of any series at the time Outstanding relating to
      the time, method and place of conducting any proceeding for any remedy
      available to the Trustees, or exercising any trust or power conferred upon
      the Trustees under this Indenture;</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>none of the provisions contained in this Indenture shall
      require either Trustee to expend or risk their own funds or otherwise
      incur personal or any financial liability in the performance of any of
      their duties or in the exercise of any of their rights or powers;
    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%">(iv) </TD>
    <TD>
      <P align=justify>whether or not therein expressly so provided, except to
      the extent expressly provided herein to the contrary, every provision of
      this Indenture relating to the conduct or effecting the liability or
      affording protection to the Trustees shall be subject to the provisions of
      this Section 6.02.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the provisions of this Section 6.02 or any provision in this
Indenture or in the Securities, the Trustees will not be charged with knowledge
of the existence of any Event of Default or any other fact that would prohibit
the making of any payment of monies to or by the Trustees, or the taking of any
other action by the Trustees, unless and until the Trustees have received
written notice thereof from the Company or any Holder. </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>SECTION 6.03</B> </TD>
    <TD align=left width="90%"><B>Certain Rights of Trustees</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the provisions of TIA
Sections 315(a) through 315(d): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Trustees may rely and shall be protected in acting or
      refraining from acting upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, other evidence of indebtedness or other paper or
      document believed by them to be genuine and to have been signed or
      presented by the proper party or parties;</P></TD></TR></TABLE>
<P align=center>49 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>any request or direction of the Company mentioned herein
      shall be sufficiently evidenced by a Company Request or Company Order and
      any resolution of the Board of Directors may be sufficiently evidenced by
      a Board Resolution;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>whenever in the administration of this Indenture the
      Trustees shall deem it desirable that a matter be proved or established
      prior to taking, suffering or omitting any action hereunder, each Trustee
      (unless other evidence be herein specifically prescribed) may, in the
      absence of bad faith on its part, rely upon an Officer&#146;s
    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%">(4) </TD>
    <TD>
      <P align=justify>the Trustees may consult with counsel and the written
      advice of such counsel or any opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken,
      suffered or omitted by them hereunder in good faith and in reliance
      thereon;</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%">(5) </TD>
    <TD>
      <P align=justify>the Trustees shall be under no obligation to exercise any
      of the rights or powers vested in it by this Indenture at the request or
      direction of any of the Holders of Securities of any series or any related
      coupons pursuant to this Indenture, unless such Holders shall have offered
      to the Trustees reasonable security or indemnity against the costs,
      expenses and liabilities which might be incurred by them in compliance
      with such request or direction;</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%">(6) </TD>
    <TD>
      <P align=justify>the Trustees shall not be bound to make any investigation
      into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of indebtedness or
      other paper or document, but the Trustees, in their discretion, may make
      such further inquiry or investigation into such facts or matters as they
      may see fit, and, if the Trustees shall determine to make such further
      inquiry or investigation, they shall be entitled to examine the books,
      records and premises of the Company, personally or by agent or
      attorney;</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%">(7) </TD>
    <TD>
      <P align=justify>in an Event of Default, the Trustees&#146; powers shall not be
      infringed upon so long as they act in accordance with Section
    6.02(b);</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%">(8) </TD>
    <TD>
      <P align=justify>the Trustees may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and the Trustees shall not be responsible for any
      misconduct or negligence on the part of any agent or attorney appointed
      with due care by them hereunder; 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%">(9) </TD>
    <TD>
      <P align=justify>the Trustees shall not be liable for any action taken,
      suffered or omitted by them in good faith and believed by them to be
      authorized or within the discretion or rights or powers conferred upon
      them by this Indenture, so long as they act in accordance with this
      Section 6.02(b).</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 vAlign=top>
    <TD align=left ><B>SECTION 6.04</B> </TD>
    <TD align=left width="90%"><B>Trustees Not Responsible for Recitals or
      Issuance of Securities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The recitals contained herein and
in the Securities, except for a Trustee&#146;s certificate of authentication, and in
any coupons shall be taken as the statements of the Company, and neither Trustee
nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustees make no representations as to the validity or sufficiency of this
Indenture or of the Securities or coupons, except that the Trustees represent
that they are duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform their obligations hereunder and that the
statements made by the U.S. Trustee in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications set
forth therein. Neither Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the proceeds
thereof. Nothing herein contained will impose on either Trustee any obligation
to see to, or to require evidence of, the registration or filing (or renewal
thereof) of this Indenture or any supplemental indenture. The Trustees shall not
be bound to give notice to any person of the execution hereof. </P>
<P align=center>50 </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 vAlign=top>
    <TD align=left ><B>SECTION 6.05</B> </TD>
    <TD align=left width="90%"><B>May Hold Securities</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Trustees, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the
Company or of the Trustees, in their individual or any other capacity, may
become the owner or pledgee of Securities and coupons and, subject to TIA
Sections 310(b) and 311, may otherwise deal with the Company, including, without
limitation, as a creditor of the Company, with the same rights they would have
if they were not Trustees, Authenticating Agent, Paying Agent, Security
Registrar or such other agent. A Trustee that has resigned or is removed shall
remain subject to TIA Section 311(a) to the extent provided therein. </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>SECTION 6.06</B> </TD>
    <TD align=left width="90%"><B>Money Held in Trust</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Money held by the Trustees in
trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustees shall be under no liability for interest on any
money received by them hereunder except as otherwise agreed with the Company.
</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>SECTION 6.07</B> </TD>
    <TD align=left width="90%"><B>Compensation and Reimbursement</B>.
  </TD></TR></TABLE>
<P align=justify>The Company agrees: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to pay to the Trustees from time to time reasonable
      compensation for all services rendered by them hereunder (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>except as otherwise expressly provided herein, to
      reimburse the Trustees upon their request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustees in accordance
      with any provision of this Indenture (including the reasonable
      compensation and the expenses and disbursements of their agents and
      counsel), except any such expense, disbursement or advance as may be
      attributable to the U.S. Trustee&#146;s gross negligence or bad faith or the
      Canadian Trustee&#146;s gross negligence or willful misconduct, respectively;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>to indemnify the Trustees for, and to hold them and their
      directors, officers, agents, representatives, successors, assigns and
      employees harmless against, any loss, liability or expense incurred
      without gross negligence or bad faith on the part of the U.S. Trustee, or
      gross negligence or willful misconduct on the part of the Canadian
      Trustee, respectively, arising out of or in connection with the acceptance
      or administration of the trust or trusts hereunder, including reasonable
      attorneys&#146; fees and other reasonable costs and expenses of defending
      themselves against any claim or liability in connection with the exercise
      or performance of any of their powers or duties
  hereunder.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The obligations of the Company
under this Section 6.07 to compensate the Trustees, to pay or reimburse the
Trustees for expenses, disbursements and advances and to indemnify and hold
harmless the Trustees shall constitute additional indebtedness hereunder and
shall survive the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee. As security for the performance of such
obligations of the Company, the Trustees shall have a claim prior to the
Securities upon all property and funds held or collected by the Trustees as such,
except funds held in trust for the payment of principal of, premium (if any) or
interest (if any) on particular Securities or any coupons. </P>
<P align=center>51 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=justify style="text-indent:5%">When the Trustees incur expenses
  or render services in connection with an Event of Default specified in clause
  (5) or (6) of Section 5.01, the expenses (including reasonable charges and
  expense of its counsel) of and the compensation for such services are intended
  to constitute expenses of administration under any applicable United States or
  Canadian federal, state or provincial bankruptcy, insolvency or other similar
law. </P>
<P align=justify style="text-indent:5%">The provisions of this Section
6.07 shall survive the termination of this Indenture. </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>SECTION 6.08</B> </TD>
    <TD align=left width="90%"><B>Corporate Trustees Required;
      Eligibility</B>. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>There shall be at all times a U.S. Trustee hereunder
      which shall be eligible to act as Trustee under TIA Section 310(a)(1) and,
      together with its immediate parent, shall have a combined capital and
      surplus of at least $50,000,000. If the U.S. Trustee publishes reports of
      condition at least annually, pursuant to law or to the requirements of
      United States federal, state, territorial or District of Columbia
      supervising or examining authority, then for the purposes of this Section
      6.08, the combined capital and surplus of U.S. Trustee shall be deemed to
      be its combined capital and surplus as set forth in its most recent report
      of condition so published. If at any time the U.S. Trustee shall cease to
      be eligible in accordance with the provisions of this Section 6.08, it
      shall resign immediately in the manner and with the effect hereinafter
      specified in this Article Six.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>For so long as required by Trust Indenture Legislation,
      there shall be a Canadian Trustee under this Indenture. The Canadian
      Trustee shall at all times be a resident or authorized to do business in
      the Province of Ontario and any other province in Canada where Holders may
      be resident from time to time. The Canadian Trustee represents and
      warrants that no material conflict of interest exists in the Canadian
      Trustee&#146;s role as a fiduciary hereunder and agrees that in the event of a
      material conflict of interest arising hereafter it will, within 30 days
      after ascertaining that it has such material conflict of interest, either
      eliminate the same or resign its trust hereunder. If any such material
      conflict of interests exists or hereafter shall exist, the validity and
      enforceability of this Indenture shall not be affected in any manner
      whatsoever by reason thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Trustees will not be required to give any bond or
      security in respect of the execution of the trusts and powers set out in
      this Indenture or otherwise in respect of the premises.</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%">(4) </TD>
    <TD>
      <P align=justify>Neither Trustee nor any Affiliate of either Trustee shall
      be appointed a receiver or receiver and manager or liquidator of all or
      any part of the assets or undertaking of the
Company.</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 vAlign=top>
    <TD align=left ><B>SECTION 6.09</B> </TD>
    <TD align=left width="90%"><B>Resignation and Removal; Appointment of
      Successor</B>. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>No resignation or removal of either Trustee and no
      appointment of a successor Trustee pursuant to this Article Six shall
      become effective until the acceptance of appointment by the successor
      Trustee in accordance with the applicable requirements of Section
    6.10.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Either Trustee may resign at any time with respect to the
      Securities of one or more series by giving written notice thereof to the
      Company. If the instrument of acceptance by a successor Trustee required
      by Section 6.10 shall not have been delivered to such
  Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series. </P></TD></TR></TABLE>
<P align=center>52 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Either Trustee may be removed following 30 days notice at
      any time with respect to the Securities of any series by Act of the
      Holders of not less than a majority in principal amount of the Outstanding
      Securities of such series, delivered to such Trustee and to the
Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>If at any 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 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>either Trustee shall acquire any conflicting interest as
      defined in TIA Section 310(b) and fail to comply with the provisions of
      TIA Section 310(b)(i), 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>either Trustee shall fail to comply with the provisions
      of TIA Section 310(b) after written request therefor by the Company or by
      any Holder who has been a bona fide Holder of a Security for at least six
      months, 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>either Trustee shall cease to be eligible under Section
      6.08 and shall fail to resign after written request therefor by the
      Company or by any Holder who has been a bona fide Holder of a Security for
      at least six months, 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%">(iv) </TD>
    <TD>
      <P align=justify>either Trustee shall become incapable of acting or shall
      be adjudged a bankrupt or insolvent or a receiver of such Trustee or of
      its property shall be appointed or any public officer shall take charge or
      control of such Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>then, in any such case, (i) the
Company, by a Board Resolution, may remove such Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of such Trustee with respect to all
Securities of such series and the appointment of a successor Trustee or
Trustees. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>If either Trustee shall resign, be removed or become
      incapable of acting, or if a vacancy shall occur in the office of the U.S.
      Trustee or the Canadian Trustee for any cause, with respect to the
      Securities of one or more series, the Company, by a Board Resolution,
      shall promptly appoint a successor Trustee or Trustees with respect to the
      Securities of that or those series (it being understood that any such
      successor Trustee may be appointed with respect to the Securities of one
      or more or all of such series) <I>provided, however</I>, that the Company
      shall not be required to appoint a successor Trustee to the Canadian
      Trustee if the Canadian Trustee resigns or is removed and a Canadian
      Trustee under this Indenture is no longer required under Trust Indenture
      Legislation. If, within one year after such resignation, removal or
      incapability, or the occurrence of such vacancy, a successor Trustee with
      respect to the Securities of any series shall be appointed by Act of the
      Holders of a majority in principal amount of the Outstanding Securities of
      such series delivered to the Company and the retiring Trustee, the
      successor Trustee so appointed shall, forthwith upon its acceptance of
      such appointment, become the successor Trustee with respect to the
      Securities of such series and to that extent supersede the successor
      Trustee appointed by the Company. If no successor Trustee with respect to
      the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner hereinafter provided, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series. </P></TD></TR></TABLE>
<P align=center>53 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>The Company shall give notice of each resignation and
      each removal of a Trustee with respect to the Securities of any series and
      each appointment of a successor Trustee with respect to the Securities of
      any series to the Holders of Securities of such series in the manner
      provided for in Section 1.07. Each notice shall include the name of the
      successor Trustee with respect to the Securities of such series and the
  address of its Corporate Trust Office.</P></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%">(7) </TD>
    <TD>
      <P align=justify>If a Canadian Trustee under this Indenture is no longer
      required by Trust Indenture Legislation, then the Company by a Board
Resolution may remove the Canadian Trustee.</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 vAlign=top>
    <TD align=left ><B>SECTION 6.10</B> </TD>
    <TD align=left width="90%"><B>Acceptance of Appointment by Successor</B>.
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to all Securities, every such successor Trustee so
      appointed shall execute, acknowledge and deliver to the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon
      the resignation or removal of the retiring Trustee shall become effective
      and such successor Trustee, without any further act, deed or conveyance,
      shall become vested with all the rights, powers, trusts and duties of the
      retiring Trustee; but, on the request of the Company or the successor
      Trustee, such retiring Trustee shall, upon payment of its charges, execute
      and deliver an instrument transferring to such successor Trustee all the
      rights, powers and trusts of the retiring Trustee and shall duly assign,
      transfer and deliver to such successor Trustee all property and money held
      by such retiring Trustee hereunder.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to the Securities of one or more (but not all)
      series, the Company, the retiring Trustee and each successor Trustee with
      respect to the Securities of one or more series shall execute and deliver
      an indenture supplemental hereto wherein each successor Trustee shall
      accept such appointment and which (1) shall contain such provisions as
      shall be necessary or desirable to transfer and confirm to, and to vest
      in, each successor Trustee all the rights, powers, trusts and duties of
      the retiring Trustee with respect to the Securities of that or those
      series to which the appointment of such successor Trustee relates, (2) if
      the retiring Trustee is not retiring with respect to all Securities, shall
      contain such provisions as shall be deemed necessary or desirable to
      confirm that all the rights, powers, trusts and duties of the retiring
      Trustee with respect to the Securities of that or those series as to which
      the retiring Trustee is not retiring shall continue to be vested in the
      retiring Trustee, and (3) shall add to or change any of the provisions of
      this Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, it being
      understood that nothing herein or in such supplemental indenture shall
      constitute such Trustees co-trustees of the same trust and that each such
      Trustee shall be trustee of a trust or trusts hereunder separate and apart
      from any trust or trusts hereunder administered by any other such Trustee;
      and upon the execution and delivery of such supplemental indenture the
      resignation or removal of the retiring Trustee shall become effective to
      the extent provided therein and each such successor Trustee, without any
      further act, deed or conveyance, shall become vested with all the rights,
      powers, trusts and duties of the retiring Trustee with respect to the
      Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.
Whenever there is a successor Trustee with respect to one or more (but less than
all) series of Securities issued pursuant to this Indenture, the terms
&#147;Indenture&#148; and &#147;Securities&#148; shall have the meanings specified in the provisos
to the respective definitions of those terms in Section 1.01 which contemplate
such situation. </P></TD></TR></TABLE>
<P align=center>54 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Upon reasonable request of any such successor Trustee,
      the Company shall execute any and all instruments for more fully and
      certainly vesting in and confirming to such successor Trustee all rights,
      powers and trusts referred to in paragraph (1) or (2) of this Section
  6.10, 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%">(4) </TD>
    <TD>
      <P align=justify>No successor Trustee shall accept its appointment unless
      at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article Six.</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 vAlign=top>
    <TD align=left ><B>SECTION 6.11</B> </TD>
    <TD align=left width="90%"><B>Merger, Conversion, Consolidation or
      Succession to Business</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any corporation into which either
Trustee or its corporate trust business may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which either Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of either
Trustee, shall be the successor of such Trustee hereunder, <I>provided</I> such
corporation shall be otherwise qualified and eligible under this Article Six,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by a Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities. In case
any of the Securities shall not have been authenticated by such predecessor
Trustee, any successor Trustee may authenticate such Securities either in the
name of any predecessor hereunder or in the name of the successor Trustee. In
all such cases such certificates shall have the full force and effect which this
Indenture provides for the certificate of authentication of such Trustee;
<I>provided, however</I>, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities in the
name of any predecessor Trustee shall apply only to its successor or successors
by merger, conversion or consolidation. </P>
<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>SECTION 6.12</B> </TD>
    <TD align=left width="90%"><B>Appointment of Authenticating Agent</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">At any time when any of the
Securities remain outstanding, the Trustees may appoint an Authenticating Agent
or Agents, with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustees to authenticate Securities of such
series and the Trustees shall give written notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 1.07. Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the applicable
Trustee hereunder. Any such appointment shall be evidenced by an instrument in
writing signed by a Responsible Officer of the Trustees, and a copy of such
instrument shall be promptly furnished to the Company. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustees or either Trustee&#146;s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustees by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business under
the laws of the United States of America, any state thereof or the District of
Columbia or the laws of Canada or any province thereof, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by United
States federal or state or Canadian federal or provincial authority. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the
purposes of this Section 6.12, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.12, it shall resign immediately in the manner and
with the effect specified in this Section 6.12. </P>
<P align=center>55 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></A>
<P align=justify style="text-indent:5%">Any corporation into which an
  Authenticating Agent may be merged or converted or with which it may be
  consolidated, or any corporation resulting from any merger, conversion or
  consolidation to which such Authenticating Agent shall be a party, or any
  corporation succeeding to the corporate agency or corporate trust business of an
  Authenticating Agent, shall continue to be an Authenticating Agent,
  <I>provided</I> such corporation shall be otherwise eligible under this Section
  6.12, without the execution or filing of any paper or any further act on the
part of the Trustees or the Authenticating Agent. </P>
<P align=justify style="text-indent:5%">An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustees and to the
Company. The Trustees may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.12, the Trustees may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall give written notice of such appointment to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve, in the
manner provided for in Section 1.07. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.12.
</P>
<P align=justify style="text-indent:5%">The Trustees agree to pay to each
Authenticating Agent from time to time reasonable compensation for its services
under this Section 6.12, and the Trustees shall be entitled to be reimbursed for
such payments, subject to the provisions of Section 6.07. </P>
<P align=justify style="text-indent:5%">If an appointment with respect to
one or more series is made pursuant to this Section 6.12, the Securities of such
series may have endorsed thereon, in addition to either Trustee&#146;s certificate of
authentication, an alternate certificate of authentication in the following
form: </P>
<P align=justify>(Certificate of Authentication may be executed by either
Trustee) </P>
<P align=justify style="text-indent:5%">_____________________, as U.S.
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. </P>
<P align=justify style="text-indent:5%">Dated: ____________</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right >,
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >as U.S. Trustee </TD></TR></TABLE></DIV>
<P align=center>56 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></A><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="90%">As Authenticating Agent </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="90%">Authorized Officer </TD></TR></TABLE></DIV>
<P align=justify style="text-indent:5%">_____________________, as
Canadian Trustee, certifies that this is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture. </P>
<P align=justify>Dated: ____________<BR></P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2>,
</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>as Canadian Trustee </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=center width="90%">As Authenticating Agent </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD align=center width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD align=center width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
  width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=center width="90%">Authorized Officer
</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 vAlign=top>
    <TD align=left><B>SECTION 6.13</B> </TD>
    <TD align=left width="90%"><B>Joint Trustees</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The rights, powers, duties and
obligations conferred and imposed upon the Trustees are conferred and imposed
upon and shall be exercised and performed by the U.S. Trustee and the Canadian
Trustee individually, except to the extent the Trustees are required under Trust
Indenture Legislation to perform such acts jointly, and neither Trustee shall be
liable or responsible for the acts or omissions of the other Trustee. If the
U.S. Trustee and Canadian Trustee are unable to agree jointly to act or refrain
from acting, the applicable Trustee shall make the decision in accordance with
its applicable legislation. Unless the context implies or requires otherwise,
any written notice, request, direction, certificate, instruction, opinion or
other document (each such document, a &#147;<B>Writing</B>&#148;) delivered pursuant to
any provision of this Indenture to any of the U.S. Trustee or the Canadian
Trustee shall be deemed for all purposes of this Indenture as delivery of such
Writing to the Trustee. Each such Trustee in receipt of such Writing shall
notify such other Trustee of its receipt of such Writing within two Business
Days of such receipt <I>provided, however</I>, that any failure of such trustee
in receipt of such Writing to so notify such other Trustee shall not be deemed
as a deficiency in the delivery of such Writing to the Trustee. </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>SECTION 6.14</B> </TD>
    <TD align=left width="90%"><B>Other Rights of Trustees</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Each Trustee shall retain the
right not to act and shall not be liable for refusing to act if, due to a lack
of information or for any other reason whatsoever, either Trustee, in its sole
judgment, determines that such act might cause it to be in non-compliance with
any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline. Further, should either Trustee, in its sole judgment, determine at
any time that its acting under this Indenture has resulted in its being in
non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline, then it shall have the right to resign on
10 days written notice to all parties provided (i) that such Trustee&#146;s written
notice shall describe the circumstances of such non-compliance; and (ii) that if
such circumstances are rectified to such Trustee&#146;s satisfaction within such 10 day
period, then such resignation shall not be effective. </P>
<P align=center>57 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A>
<P align=justify style="text-indent:5%">The parties hereto acknowledge
  that Canadian federal and provincial legislation addressing the protection of
  individuals&#146; personal information (collectively, &#147;<B>Privacy Laws</B>&#148;) applies
  to obligations and activities under this Indenture. Despite any other provision
  of this Indenture, neither party shall take or direct any action that would
  contravene, or cause the other to contravene, applicable Privacy Laws. The
  Company, prior to transferring, or causing to be transferred, personal
  information to the Canadian Trustee, shall obtain and retain required consents
  of the relevant individuals to the collection, use and disclosure of their
  personal information, or shall have determined that such consents either have
  been previously given and can be relied on or are not required under Privacy
  Laws. The Canadian Trustee shall use commercially reasonable efforts to ensure
  that its services hereunder comply with Privacy Laws. Specifically, the Trustee
  agrees to (i) have designated a chief privacy officer; (ii) maintain policies
  and procedures to protect personal information and to receive and respond to any
  privacy complaint or inquiry; (iii) use personal information solely for the
  purposes of providing its services under or ancillary to this Indenture and not
  to use it for any other purpose except with the consent and direction of the
  Company; (iv) not sell or otherwise improperly disclose personal information to
  any third party; and (v) use employee administrative, physical and technological
  safeguards to reasonably secure and protect personal information against loss,
theft or unauthorized access, use or modification. </P>
<P align=justify style="text-indent:5%">It is expressly acknowledged and
agreed that the Canadian Trustee may, in the course of providing services
hereunder, collect or receive, use and disclose financial and other personal
information about such parties and/or their representatives, as individuals, or
about other individuals related to the subject matter hereof, and use such
information for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to provide the services required under this Indenture and
      other services that may be requested from time to time;</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>to help the Canadian Trustee manage its servicing
      relationships with such individuals;</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>to meet the Canadian Trustee&#146;s legal and regulatory
      requirements; 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%">(iv) </TD>
    <TD>
      <P align=justify>if social insurance numbers are collected by the Canadian
      Trustee, to perform tax reporting and to assist in verification of an
      individual&#146;s identity for security purposes.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Further, each party agrees that
it shall not provide or cause to be provided to the Canadian Trustee any
personal information relating to an individual who is not a party to this
Indenture unless that party has assured itself that such individual understands
and has consented to the aforementioned uses and disclosures. Notwithstanding
anything to the contrary herein, the Company and the Trustees may, without
liability, disclose information about the Holders and beneficial owners or
potential Holders or potential beneficial owners of the Securities pursuant to
subpoena or other order issued by a court of competent jurisdiction or when
otherwise required by applicable law. </P>
<P align=justify style="text-indent:5%">Each Trustee hereby accepts the
trusts in this Indenture declared and provided for and agrees to perform the
same upon the terms and conditions herein set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the various
persons who shall from time to time be holders, subject to all the terms and
conditions herein set forth. </P>
<P align=center>58 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></A>
<P align=center><B>ARTICLE SEVEN <BR></B><B>HOLDERS&#146; LISTS AND REPORTS BY
TRUSTEE AND COMPANY </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>SECTION 7.01</B> </TD>
    <TD align=left width="90%"><B>Company to Furnish Trustees Names and
      Addresses of Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company will furnish or cause
to be furnished to the Trustees (1) not more than 15 days after each Regular
Record Date, or such lesser time as required by the Trustees, a list, in such
form as the Trustees may reasonably require, of the names and addresses of
Holders as of such Regular Record Date; <I>provided, however</I>, that the
Company shall not be obligated to furnish or cause to be furnished such list at
any time that the list shall not differ in any respect from the most recent list
furnished to the Trustees by the Company or at such times as either Trustee is
acting as Security Registrar for the applicable series of Securities and (2) at
such other times as the Trustees may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished.
</P>
<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>SECTION 7.02</B> </TD>
    <TD align=left width="90%"><B>Preservation of List of Names and Addresses
      of Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Trustees shall preserve, in
as current a form as is reasonably practicable, all information as to the names
and addresses of the Holders contained in the most recent list furnished to them
as provided in Section 7.01 and as to the names and addresses of Holders
received by either Trustee in its capacity as Security Registrar for the
applicable series of Securities (if acting in such capacity). </P>
<P align=justify style="text-indent:5%">The Trustees may destroy any list
furnished as provided in Section 7.01 upon receipt of a new list so furnished.
</P>
<P align=justify style="text-indent:5%">Holders may communicate as
provided in TIA Section 312(b) with other Holders with respect to their rights
under this Indenture or under the Securities. </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>SECTION 7.03</B> </TD>
    <TD align=left width="90%"><B>Disclosure of Names and Addresses of
      Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Every Holder of Securities or
coupons, by receiving and holding the same, agrees with the Company and the
Trustees that none of the Company or the Trustees or any agent of either of them
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Holders in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the
Trustees shall not be held accountable by reason of mailing any material
pursuant to a request made under TIA Section 312(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>SECTION 7.04</B> </TD>
    <TD align=left width="90%"><B>Reports by Trustees</B>.
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Within 60 days after May 15 of each year commencing with
      the first year after the first issuance of Securities pursuant to this
      Indenture, the U.S. Trustee shall transmit to the Holders of Securities,
      in the manner and to the extent provided in TIA Section 313(c), a brief
      report dated as of such reporting date, if required by TIA Section
      313(a).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The U.S. Trustee shall comply with TIA Sections 313(b)
      and 313(c).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>A copy of such report shall, at the time of such
      transmission to the Holders, be filed by the U.S. Trustee with the
      Company, with each securities exchange upon which any of the Securities
      are listed (if so listed) and also with the Commission. The Company agrees
      to notify the Trustees when the Securities become listed on any securities
      exchange.</P></TD></TR></TABLE>
<P align=center>59 </P>
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<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>SECTION 7.05</B> </TD>
    <TD align=left width="90%"><B>Reports by the Company</B>.
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company will file with the Trustees, within 20 days
      after filing with or furnishing to the Commission, copies of its annual
      reports and of the information, documents and other reports (or copies of
      such portions of any of the foregoing as the Commission may by rules and
      regulations prescribe) which the Company is required to file or furnish
      with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
      or, if the Company is not required to file information, documents or
      reports pursuant to either of such sections, then to file with the
      Trustees and the Commission, in accordance with rules and reulations
      prescribed by the Commission, such of the supplementary and periodic
      information, documents and reports which may be required pursuant to
      Section 13 of the Exchange Act in respect of a security listed and
      registered on a national securities exchange as may be prescribed in such
      rules and regulations; <I>provided </I>that any such reports, information
      or documents filed with the Commission pursuant to its Electronic Data
      Gathering, Analysis and Retrieval (EDGAR) system shall be deemed filed
      with the Trustees.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company will transmit to all Holders, in the manner
      and to the extent provided in TIA Section 313(c), within 30 days after the
      filing thereof with the Trustees, such summaries of any information,
      documents and reports required to be filed by the Company pursuant to
      paragraph (1) of this Section 7.05 as may be required by rules and
      regulations prescribed from time to time by the Commission.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>If at any time the Securities are guaranteed by a direct
      or indirect parent of the Company, and such parent has furnished the
      reports required by this Section 7.05 with respect to parent as required
      by this Section 7.05 as if parent were the Company (including any
      financial information required hereby), the Company shall be deemed to be
      in compliance with this Section 7.05.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE EIGHT <BR></B><B>CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE </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>SECTION 8.01</B> </TD>
    <TD align=left width="90%"><B>Company May Consolidate, etc., only on
      Certain Terms</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company shall not amalgamate
or consolidate with or merge into or enter into any statutory arrangement with
any other Person, or, directly or indirectly, convey, transfer or lease all or
substantially all of its properties and assets to any Person, unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Person formed by or continuing from such amalgamation
      or consolidation or into which the Company is merged or with which it
      enters into such statutory arrangement or the Person which acquires by
      operation of law or by conveyance or transfer, or which leases, all or
      substantially all of the properties and assets of the Company shall be a
      corporation, partnership or trust organized and validly existing under the
      laws of Canada or any province or territory thereof, the United States of
      America or any state thereof or the District of Columbia or, if such
      amalgamation, consolidation, merger, statutory arrangement or other
      transaction would not impair the rights of Holders, any other country,
      and, unless the Company is the continuing corporation, shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Trustees, in form satisfactory to the Trustees, the Company&#146;s obligation
      for the due and punctual payment of the principal of, premium (if any) and
      interest (if any) on all the Securities and the performance and observance of every covenant of this Indenture
on the part of the Company to be performed or observed; </P></TD></TR></TABLE>
<P align=center>60 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>immediately after giving effect to such transaction, no
      Default or Event of Default shall have happened and be continuing;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company or such Person shall have delivered to the
      Trustees an Officer&#146;s Certificate and an Opinion of Counsel, each stating
      that such amalgamation, consolidation, merger, statutory arrangement or
      other transaction and such supplemental indenture comply with this Article
      Eight and that all conditions precedent herein provided for relating to
such transaction have been complied with.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">This Section 8.01 shall only
apply to a merger, consolidation or amalgamation in which the Company is not the
surviving Person and to conveyances, leases and transfers by the Company as
transferor or lessor. </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>SECTION 8.02</B> </TD>
    <TD align=left width="90%"><B>Successor Person Substituted</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon any amalgamation or
consolidation by the Company with or merger by the Company into any other
corporation or a statutory arrangement or any conveyance, transfer or lease of
all or substantially all of the properties and assets of the Company to any
Person in accordance with Section 8.01, the successor Person formed by such
amalgamation or consolidation or into which the Company is merged or statutory
arrangement, or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and in the event of any such
conveyance or transfer, the Company (which term shall for this purpose mean the
Person named as the &#147;Company&#148; in the first paragraph of this Indenture or any
successor Person which shall theretofore become such in the manner described in
Section 8.01), except in the case of a lease, shall be discharged of all
obligations and covenants under this Indenture and the Securities and the
coupons and may be dissolved and liquidated. </P>
<P align=center><B>ARTICLE NINE <BR>SUPPLEMENTAL INDENTURES </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>SECTION 9.01</B> </TD>
    <TD align=left width="90%"><B>Supplemental Indentures Without Consent of
      Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notwithstanding Section 9.02,
without the consent of any Holders, the Company, when authorized by or pursuant
to a Board Resolution, and the Trustees, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustees, for any of the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to evidence the succession of another Person to the
      Company and the assumption by any such successor of the covenants of the
      Company contained herein and in the Securities; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>to add to the covenants of the Company for the benefit of
      the Holders of all or any series of Securities and any related coupons
      (and if such covenants are to be for the benefit of less than all series
      of Securities, stating that such covenants are being included solely for
      the benefit of such series) or to surrender any right or power herein
      conferred upon the Company; or</P></TD></TR></TABLE>
<P align=center>61 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>to add any additional Events of Default (and if such
      Events of Default are to be for the benefit of less than all series of
      Securities, stating that such Events of Default are being included solely
      for the benefit of such series); or</P></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%">(4) </TD>
    <TD>
      <P align=justify>to delete or modify any Events of Default with respect to
      all or any series of the Securities, the form and terms of which are being
      established pursuant to such supplemental indenture as permitted in
      Section 3.01 (and if such Events of Default are to be for the benefit of
      less than all series of Securities, stating that such Events of Default
      are being included solely for the benefit of such series, and to specify
      the rights and remedies of the Trustees and the Holders of such Securities
      in connection therewith); or</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%">(5) </TD>
    <TD>
      <P align=justify>to add to or change any of the provisions of this
      Indenture to provide that Bearer Securities may be registrable as to
      principal, to change or eliminate any restrictions on the payment of
      principal of or any premium or interest on Bearer Securities, to permit
      Bearer Securities to be issued in exchange for Registered Securities, to
      permit Bearer Securities to be issued in exchange for Bearer Securities of
      other authorized denominations or to permit or facilitate the issuance of
      Securities in uncertificated form; <I>provided </I>that any such action
      shall not adversely affect the interests of the Holders of Securities of
      any series or any related coupons in any material respect; or</P></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%">(6) </TD>
    <TD>
      <P align=justify>to change or eliminate any of the provisions of this
      Indenture; <I>provided </I>that any such change or elimination shall
      become effective only when there is no Security Outstanding of any series
      created prior to the execution of such supplemental indenture which is
      entitled to the benefit of such provision; or</P></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%">(7) </TD>
    <TD>
      <P align=justify>to establish the form or terms of Securities of any
      series as permitted by Sections 2.01 and 3.01; or</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%">(8) </TD>
    <TD>
      <P align=justify>to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Securities of one or
      more series and to add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, pursuant
      to the requirements of Section 6.10; or</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%">(9) </TD>
    <TD>
      <P align=justify>to close this Indenture with respect to the
      authentication and delivery of additional series of Securities;
  or</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%">(10) </TD>
    <TD>
      <P align=justify>to cure any ambiguity or to correct or supplement any
      provision contained herein or in any indenture supplemental hereto which
      may be defective or inconsistent with any other provision contained herein
      or in any supplemental indenture or to conform the terms hereof, as
      amended and supplemented, that are applicable to the Securities of any
      series to the description of the terms of such Securities in the offering
      memorandum, prospectus supplement or other offering document applicable to
      such Securities at the time of initial sale thereof; or</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%">(11) </TD>
    <TD>
      <P align=justify>to make any change in any series of Securities that does
      not adversely affect in any material respect the rights of the Holders of
      such Securities; or</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%">(12) </TD>
    <TD>
      <P align=justify>to add to or change or eliminate any provision of this
      Indenture as shall be necessary or desirable in accordance with any
      amendments to the Trust Indenture Act; or</P></TD></TR></TABLE>
<P align=center>62 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(13) </TD>
    <TD>
      <P align=justify>to supplement any of the provisions of this Indenture to
      such extent as shall be necessary to permit or facilitate the defeasance
      and discharge of any series of Securities pursuant to Sections 4.01, 14.02
      and 14.03; <I>provided </I>that any such action shall not adversely affect
      the interests of the Holders of Securities of such series and any related
      coupons or any other series of Securities in any material respect;
    or</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%">(14) </TD>
    <TD>
      <P align=justify>to modify, eliminate or add to the provisions of this
      Indenture to such extent as shall be necessary to effect the
      qualifications of this Indenture under any applicable law of the United
      States and Canada or of any province or territory thereof to the extent
      they do not conflict with the applicable law of the United States
      heretofore or hereafter enacted.</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 vAlign=top>
    <TD align=left ><B>SECTION 9.02</B> </TD>
    <TD align=left width="90%"><B>Supplemental Indentures with Consent of
      Holders</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as provided in Section
9.01 and this Section 9.02, with the consent of the Holders of not less than a
majority in principal amount of all Outstanding Securities affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustees, the Company, when authorized by or pursuant to a Board Resolution, and
the Trustees may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture which affect such series of Securities
or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; <I>provided, however</I>, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
of such series, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>change the Stated Maturity of the principal of, premium
      (if any) or any installment of interest (if any) on any Security of such
      series, or reduce the principal amount thereof, premium (if any) or the
      rate of interest (if any) thereon, or reduce the amount of the principal
      of an Original Issue Discount Security of such series that would be due
      and payable upon a declaration of acceleration of the Maturity thereof
      pursuant to Section 5.02 or the amount thereof provable in bankruptcy
      pursuant to Section 5.04, or adversely affect any right of repayment at
      the option of any Holder of any Security of such series, or change any
      Place of Payment where, or the Currency in which, any Security of such
      series or any premium or interest thereon is payable, or impair the right
      to institute suit for the enforcement of any such payment on or after the
      Stated Maturity thereof (or, in the case of redemption or repayment at the
      option of the Holder, on or after the Redemption Date or Repayment Date,
      as the case may be), or adversely affect any right to convert or exchange
      any Security as may be provided pursuant to Section 3.01 herein,
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>reduce the percentage in principal amount of the
      Outstanding Securities of such series required for any such supplemental
      indenture, or the consent of whose Holders is required for any waiver of
      compliance with certain provisions of this Indenture which affect such
      series or certain defaults applicable to such series hereunder and their
      consequences provided for in this Indenture, or reduce the requirements of
      Section 15.04 for quorum or voting with respect to Securities of such
      series, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>modify any of the provisions of this 9.02 Section,
      Section 5.13 or Section 10.09, except to increase any such percentage or
      to provide that certain other provisions of this Indenture which affect
      such series cannot be modified or waived without the consent of the Holder
      of each Outstanding Security of such series.</P></TD></TR></TABLE>
<P align=center>63 </P>
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<P align=justify style="text-indent:5%">A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which
has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of
any other series. Any such supplemental indenture adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture,
or modifying in any manner the rights of the Holders of Securities of such
series, shall not affect the rights under this Indenture of the Holders of
Securities of any other series. </P>
<P align=justify style="text-indent:5%">It shall not be necessary for any
Act of Holders under this 9.02 Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall
approve the substance thereof. </P>
<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>SECTION 9.03</B> </TD>
    <TD align=left width="90%"><B>Execution of Supplemental Indentures</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this
Article Nine or the modifications thereby of the trusts created by this
Indenture, the Trustees shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. Each
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects such Trustee&#146;s own rights, duties or immunities under
this Indenture or otherwise. </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>SECTION 9.04</B> </TD>
    <TD align=left width="90%"><B>Effect of Supplemental Indentures</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon the execution of any
supplemental indenture under this Article Nine, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. </P>
<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>SECTION 9.05</B> </TD>
    <TD align=left width="90%"><B>Conformity with Trust Indenture
      Legislation</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Every supplemental indenture
executed pursuant to this Article Nine shall conform to the requirements of
Trust Indenture Legislation as then in effect. </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>SECTION 9.06</B> </TD>
    <TD align=left width="90%"><B>Reference in Securities to Supplemental
      Indentures</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Securities of any series
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article Nine may, and shall if required by the Trustees, bear a
notation in form approved by the Trustees as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustees and the
Company, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustees in exchange for
outstanding Securities of such series. </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>SECTION 9.07</B> </TD>
    <TD align=left width="90%"><B>Notice of Supplemental Indentures</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Promptly after the execution by
the Company and the Trustees of any supplemental indenture pursuant to the
provisions of Section 9.02, the Company shall give notice thereof to the Holders
of each outstanding Security affected, in the manner provided for in Section
1.07, setting forth in general terms the substance of such supplemental
indenture. </P>
<P align=center>64 </P>
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<P align=center><B>ARTICLE TEN <BR>COVENANTS </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>SECTION 10.01</B> </TD>
    <TD align=left width="90%"><B>Payment of Principal, Premium and
      Interest</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company covenants and agrees
for the benefit of the Holders of each series of Securities and any related
coupons that it will duly and punctually pay the principal of, premium (if any)
and interest (if any), on the Securities of that series in accordance with the
terms of the Securities, any coupons appertaining thereto and this Indenture.
Unless otherwise specified as contemplated by Section 3.01 with respect to any
series of Securities, any interest installments due on Bearer Securities on or
before Maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature. </P>
<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>SECTION 10.02</B> </TD>
    <TD align=left width="90%"><B>Maintenance of Office or Agency</B>.
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>If the Securities of a series are issuable as Registered
      Securities, the Company will maintain in each Place of Payment for any
      series of Securities an office or agency where Securities of that series
      may be presented or surrendered for payment, where Securities of that
      series may be surrendered for registration of transfer or exchange, where
      Securities of that series that are convertible or exchangeable may be
      surrendered for conversion or exchange, as applicable, and where notices
      and demands to or upon the Company in respect of the Securities of that
      series and this Indenture may be served and, if the Securities of a series
      are also issuable as Bearer Securities, where Bearer Securities of that
      series and related coupons may be presented or surrendered for payment in
      the circumstances described in Subsection 10.02(3).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>If Securities of a series are issuable as Bearer
      Securities, the Company will maintain (A) subject to any laws or
      regulations applicable thereto, in a Place of Payment for that series
      which is located outside the United States, an office or agency where
      Securities of that series and related coupons may be presented and
      surrendered for payment; <I>provided, however</I>, that, if the Securities
      of that series are listed on any securities exchange located outside the
      United States and such securities exchange shall so require, the Company
      will maintain a Paying Agent for the Securities of that series in any
      required city located outside the United States so long as the Securities
      of that series are listed on such exchange and (B) subject to any laws or
      regulations applicable thereto, in a Place of Payment for that series
      located outside the United States an office or agency where any Registered
      Securities of that series may be surrendered for registration of transfer,
      where Securities of that series may be surrendered for exchange, where
      Securities of that series that are convertible and exchangeable may be
      surrendered for conversion or exchange, as applicable, and where notices
      and demands to or upon the Company in respect of the Securities of that
      series and this Indenture may be served.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Company will give prompt written notice to the
      Trustees of the location, and any change in the location, of such office
      or agency. If at any time the Company shall fail to maintain any such
      required office or agency or shall fail to furnish the Trustees with the
      address thereof, such presentations, surrenders, notices and demands may
      be made or served at the Corporate Trust Offices of the Trustees, except
      that Bearer Securities of any series and the related coupons may be
      presented and surrendered for payment at the offices specified in the
      Security and the Company hereby appoints the same as its agents to receive
      such respective presentations, surrenders, notices and
  demands.</P></TD></TR></TABLE>
<P align=center>65 </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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, no payment of principal, premium or interest on
      Bearer Securities shall be made at any office or agency of the Company in
      the United States or by check mailed to any address in the United States
      or by transfer to an account maintained with a bank located in the United
      States; <I>provided, however</I>, that, if the Securities of a series are
      payable in Dollars, payment of principal of, premium (if any) and interest
      (if any), on any Bearer Security shall be made at the office of the
      Company&#146;s Paying Agent in The City of New York, if (but only if) payment
      in Dollars of the full amount of such principal, premium or interest, as
      the case may be, at all offices or agencies outside the United States
      maintained for such purpose by the Company in accordance with this
      Indenture is illegal or effectively precluded by exchange controls or
      other similar restrictions.</P></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%">(5) </TD>
    <TD>
      <P align=justify>The Company may also from time to time designate one or
      more other offices or agencies where the Securities of one or more series
      may be presented or surrendered for any or all such purposes and may from
      time to time rescind any such designation; <I>provided, however</I>, that
      no such designation or rescission shall in any manner relieve the Company
      of its obligation to maintain an office or agency in accordance with the
      requirements set forth above for Securities of any series for such
      purposes. The Company will give prompt written notice to the Trustees of
      any such designation or rescission and of any change in the location of
      any such other office or agency. Unless otherwise specified with respect
      to any Securities as contemplated by Section 3.01 with respect to a series
      of Securities, the Company hereby initially appoints the U.S. Trustee at
      its Corporate Trust Office as Paying Agent in such city and as its agent
      to receive all such presentations, surrenders, notices and
  demands.</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%">(6) </TD>
    <TD>
      <P align=justify>Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, if and so long as the Securities of any series
      (i) are denominated in a Currency other than Dollars or (ii) may be
      payable in a Currency other than Dollars, or so long as it is required
      under any other provision of the Indenture, then the Company will maintain
      with respect to each such series of Securities, or as so required, at
      least one Exchange Rate Agent.</P></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 ><B>SECTION 10.03</B> </TD>
    <TD align=left width="90%"><B>Money for Securities Payments to Be Held in
      Trust</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If the Company shall at any time
act as its own Paying Agent with respect to any series of Securities and any
related coupons, it will, on or before each due date of the principal of,
premium (if any) or interest (if any) on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such
series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) sufficient to pay the principal of, premium (if any) or interest (if
any) on Securities of such series so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustees of its action or failure so to act. </P>
<P align=justify style="text-indent:5%">Whenever the Company shall have
one or more Paying Agents for any series of Securities and any related coupons,
it will, prior to or on each due date of the principal of, premium (if any) or
interest (if any) on any Securities of that series, deposit with a Paying Agent
a sum (in the Currency described in the preceding paragraph) sufficient to pay
the principal, premium (if any) or interest (if any) so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is a Trustee) the Company
will promptly notify the Trustees of its action or failure so to act. </P>
<P align=center>66 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent:5%">The Company will cause each
Paying Agent (other than the Trustees) for any series of Securities to execute
and deliver to the Trustees an instrument in which such Paying Agent shall agree
with the Trustees, subject to the provisions of this 10.03 Section, that such
Paying Agent will: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>hold all sums held by it for the payment of the principal
      of, premium (if any) and interest (if any) on Securities of such series in
      trust for the benefit of the Persons entitled thereto until such sums
      shall be paid to such Persons or otherwise disposed of as herein
      provided;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>give the Trustees notice of any default by the Company
      (or any other obligor upon the Securities of such series) in the making of
      any payment of principal of, premium (if any) or interest (if any) on the
      Securities of such series; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>at any time during the continuance of any such default,
      upon the written request of the Trustees, forthwith pay to the Trustees
      all sums so held in trust by such Paying Agent.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or for
any other purpose, pay, or by Company Order direct any Paying Agent to pay, to
the Trustees all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustees upon the same trusts as those upon which sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustees, such Paying Agent shall be released from all
further liability with respect to such sums. </P>
<P align=justify style="text-indent:5%">Except as provided in the
Securities of any series, any money deposited with the Trustees or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
of, premium (if any) or interest (if any) on any Security of any series, or any
coupon appertaining thereto, and remaining unclaimed for two years after such
principal, premium or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security or coupon shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustees or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; <I>provided, however</I>, that the Trustees or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company
cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Company. </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>SECTION 10.04</B> </TD>
    <TD align=left width="90%"><B>Statement as to Compliance</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company shall deliver to the
Trustees, on or before 120 days after the end of the Company&#146;s fiscal year, an
Officer&#146;s Certificate stating that a review of the activities of the Company
during such fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to such Officer, that the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and
conditions hereof (or, if a Default or Event of Default shall have occurred and
is continuing, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or propose to take
with respect thereto). The Company shall deliver to the Trustees upon demand
evidence in such form as the Trustees may require as to compliance by the
Company with any condition or covenant of the Company set out herein relating to
any action required or permitted to be taken by the Company under this Indenture
or as a result of any obligation imposed by this Indenture. For purposes of this Section 10.04, such
compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture. </P>
<P align=center>67 </P>
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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 vAlign=top>
    <TD align=left><B>SECTION 10.05</B> </TD>
    <TD align=left width="90%"><B>Payment of Taxes and Other Claims</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company will pay or discharge
or cause to be paid or discharged, before the same shall become delinquent, (1)
all material taxes, assessments and governmental charges levied or imposed upon
the Company or upon the income, profits or property of the Company, and (2) all
material lawful claims for labor, materials and supplies which, if unpaid, might
by law become a Lien upon any property or assets of the Company; <I>provided,
however</I>, that the Company shall not be required to pay or discharge or cause
to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings. </P>
<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>SECTION 10.06</B> </TD>
    <TD align=left width="90%"><B>Corporate Existence</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to Article Eight, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence and the rights (charter and
statutory) and franchises of the Company; <I>provided, however</I>, that the
Company shall not be required to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company. </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>SECTION 10.07</B> </TD>
    <TD align=left width="90%"><B>Waiver of Certain Covenants</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Company may, with respect to
any series of Securities, omit in any particular instance to comply with any
term, provision or condition which affects such series set forth in Sections
10.06 and 10.07, or, as specified pursuant to Section 3.01(19) for Securities of
such series, in any covenants of the Company added to this Article Ten pursuant
to Section 3.01(19) in connection with Securities of such series, if before the
time for such compliance the Holders of at least a majority in principal amount
of all Outstanding Securities of any series, by Act of such Holders, waive such
compliance in such instance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustees to Holders of
Securities of such series in respect of any such term, provision or condition
shall remain in full force and effect. </P>
<P align=center><B>ARTICLE ELEVEN <BR>REDEMPTION OF SECURITIES </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>SECTION 11.01</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with the terms of such Securities and (except as otherwise specified as
contemplated by Section 3.01 for Securities of any series) in accordance with
this Article Eleven. </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>SECTION 11.02</B> </TD>
    <TD align=left width="90%"><B>Election to Redeem; Notice to Trustees</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The election of the Company to
redeem any Securities shall be evidenced by or pursuant to a Board Resolution.
In case of any redemption at the election of the Company, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustees), notify the Trustees of
such Redemption Date and of the principal amount of Securities of such series to
be redeemed and shall deliver to the Trustees such documentation and records as
shall enable the Trustees to select the Securities to be redeemed pursuant to
Section 11.03. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish to the Trustees an
Officer&#146;s Certificate evidencing compliance with such restriction. </P>
<P align=center>68 </P>
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<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>SECTION 11.03</B> </TD>
    <TD align=left width="90%"><B>Selection by Trustees of Securities to Be
Redeemed</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If less than all the Securities
of any series are to be redeemed, the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustees,
from the Outstanding Securities of such series not previously called for
redemption, by such method as the Trustees shall deem fair and appropriate and
which may provide for the selection for redemption of portions of the principal
of Securities of such series; <I>provided, however</I>, that no such partial
redemption shall reduce the portion of the principal amount of a Security not
redeemed to less than the minimum authorized denomination for Securities of such
series established pursuant to Section 3.01. </P>
<P align=justify style="text-indent:5%">The Trustees shall promptly
notify the Company in writing of the Securities selected for redemption and, in
the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed. </P>
<P align=justify style="text-indent:5%">For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities shall relate, in the case of any Security redeemed or
to be redeemed only in part, to the portion of the principal amount of such
Security which has been or is to be redeemed. </P>
<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>SECTION 11.04</B> </TD>
    <TD align=left width="90%"><B>Notice of Redemption</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as otherwise specified as
contemplated by Section 3.01, notice of redemption shall be given in the manner
provided for in Section 1.07 not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed. Failure to give
notice in the manner provided in Section 1.07 to the Holder of any Securities
designated for redemption as a whole or in part, or any defect in the notice to
any such Holder, shall not affect the validity of the proceedings for the
redemption of any other Securities or portion thereof. </P>
<P align=justify style="text-indent:5%">All notices of redemption shall
state: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Redemption Date,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Redemption Price and the amount of accrued interest
      to the Redemption Date payable as provided in Section 11.06, if
  any,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>if less than all the Outstanding Securities of any series
      are to be redeemed, the identification (and, in the case of partial
      redemption, the principal amounts) of the particular Securities to be
      redeemed,</P></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%">(4) </TD>
    <TD>
      <P align=justify>in case any Security is to be redeemed in part only, the
      notice which relates to such Security shall state that on and after the
      Redemption Date, upon surrender of such Security, the Holder will receive,
      without charge, a new Security or Securities of authorized denominations
      for the principal amount thereof remaining unredeemed,</P></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%">(5) </TD>
    <TD>
      <P align=justify>that on the Redemption Date, the Redemption Price and
      accrued interest (if any) to the Redemption Date payable as provided in
      Section 11.06 will become due and payable upon each such Security, or the
      portion thereof, to be redeemed and, if applicable, that interest thereon
      will cease to accrue on and after said date,</P></TD></TR></TABLE>
<P align=center>69 </P>
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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 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the Place or Places of Payment where such Securities,
      together in the case of Bearer Securities with all coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price and accrued interest (if
  any),</P></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%">(7) </TD>
    <TD>
      <P align=justify>that the redemption is for a sinking fund, if such is the
      case,</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%">(8) </TD>
    <TD>
      <P align=justify>that, unless otherwise specified in such notice, Bearer
      Securities of any series, if any, surrendered for redemption must be
      accompanied by all coupons maturing subsequent to the Redemption Date or
      the amount of any such missing coupon or coupons will be deducted from the
      Redemption Price unless security or indemnity satisfactory to the Company,
      the Trustees and any Paying Agent is furnished, 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%">(9) </TD>
    <TD>
      <P align=justify>if Bearer Securities of any series are to be redeemed and
      any Registered Securities of such series are not to be redeemed, and if
      such Bearer Securities may be exchanged for Registered Securities not
      subject to redemption on such Redemption Date pursuant to Section 3.05 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the
Company or, at the Company&#146;s request, by the Trustees in the name and at the
expense of the Company. </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>SECTION 11.05</B> </TD>
    <TD align=left width="90%"><B>Deposit of Redemption Price</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Prior to any Redemption Date, the
Company shall deposit with a Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 10.03) an amount of money in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in
Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Redemption Price
of, and accrued interest (if any) on, all the Securities which are to be
redeemed on that date. </P>
<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>SECTION 11.06</B> </TD>
    <TD align=left width="90%"><B>Securities Payable on Redemption Date</B>.
    </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified in the
Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together
with accrued interest (if any) to the Redemption Date), and from and after such
date (unless the Company shall default in the payment of the Redemption Price
and accrued interest (if any)) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest (if
any), to the Redemption Date; <I>provided, however</I>, that installments of
interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 10.02) and, unless
otherwise specified as contemplated by Section 3.01, only upon presentation and
surrender of coupons for such interest; <I>provided further</I> that
installments of interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section
3.07. </P>
<P align=center>70 </P>
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<P align=justify style="text-indent:5%">If any Bearer Security
  surrendered for redemption shall not be accompanied by all appurtenant coupons
  maturing after the Redemption Date, such Security may be paid after deducting
  from the Redemption Price an amount equal to the face amount of all such missing
  coupons, or the surrender of such missing coupon or coupons may be waived by the
  Company and the Trustees if there be furnished to them such security or
  indemnity as they may require to save each of them and any Paying Agent
  harmless. If thereafter the Holder of such Security shall surrender to the
  Trustees or any Paying Agent any such missing coupon in respect of which a
  deduction shall have been made from the Redemption Price, such Holder shall be
  entitled to receive the amount so deducted; <I>provided, however</I>, that
  interest represented by coupons shall be payable only at an office or agency
  located outside the United States (except as otherwise provided in Section
  10.02) and, unless otherwise specified as contemplated by Section 3.01, only
upon presentation and surrender of those coupons. </P>
<P align=justify style="text-indent:5%">If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the
principal and premium (if any) shall, until paid, bear interest from the
Redemption Date at the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) set forth in such Security. </P>
<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>SECTION 11.07</B> </TD>
    <TD align=left width="90%"><B>Securities Redeemed in Part</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Any Security which is to be
redeemed only in part (pursuant to the provisions of this Article Eleven or of
Article Twelve) shall be surrendered at a Place of Payment therefor (with, if
the Company or the Trustees so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustees duly
executed by, the Holder thereof or such Holder&#146;s attorney duly authorized in
writing), and the Company shall execute, and the applicable Trustee shall
authenticate and deliver to the Holder of such Security without service charge,
a new Security or Securities of the same series, of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so
surrendered. </P>
<P align=center><B>ARTICLE TWELVE</B> <BR>SINKING FUNDS </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>SECTION 12.01</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Retirements of Securities of any
series pursuant to any sinking fund shall be made in accordance with the terms
of such Securities and (except as otherwise specified as contemplated by Section
3.01 for Securities of any series) in accordance with this Article Twelve. </P>
<P align=justify style="text-indent:5%">The minimum amount of any sinking
fund payment provided for by the terms of Securities of any series is herein
referred to as a &#147;<B>mandatory sinking fund payment</B>,&#148; and any payment in
excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an &#147;<B>optional sinking fund payment</B>&#148;. If
provided for by the terms of Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in
Section 12.02. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such
series. </P>
<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>SECTION 12.02</B> </TD>
    <TD align=left width="90%"><B>Satisfaction of Sinking Fund Payments with
      Securities</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to Section 12.03, in lieu
of making all or any part of any mandatory sinking fund payment with respect to
any Securities of a series in cash, the Company may at its option (1) deliver to
the Trustees Outstanding Securities of a such series (other than any
previously called for redemption) theretofore purchased or otherwise acquired by
the Company together in the case of any Bearer Securities of such series with
all un-matured coupons appertaining thereto, and/or (2) receive credit for the
principal amount of Securities of such series which have been previously
delivered to the Trustees by the Company or redeemed either at the election of
the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any mandatory
sinking fund payment with respect to the Securities of the same series required
to be made pursuant to the terms of such Securities as provided for by the terms
of such series; <i>provided, however</i>, that such Securities have not been
previously so credited. Such Securities shall be received and credited for such
purpose by the Trustees at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly. </P>
<P align=center>71 </P>
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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 vAlign=top>
    <TD align=left ><B>SECTION 12.03</B> </TD>
    <TD align=left width="90%"><B>Redemption of Securities for Sinking
Fund</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Not less than 60 days prior to
each sinking fund payment date for any series of Securities, the Company will
deliver to the Trustees an Officer&#146;s Certificate specifying the amount of the
next ensuing sinking fund payment for that series pursuant to the terms of that
series, the portion thereof, if any, which is to be satisfied by payment of cash
in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.01 for the Securities of such series
and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e))
and the portion thereof, if any, which is to be satisfied by delivering or
crediting Securities of that series pursuant to Section 12.02 (which Securities
will, if not previously delivered, accompany such certificate) and whether the
Company intends to exercise its right to make a permitted optional sinking fund
payment with respect to such series. </P>
<P align=justify style="text-indent:5%">Such certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. In the case of the failure of the Company
to deliver such certificate, the sinking fund payment due on the next succeeding
sinking fund payment date for that series shall be paid entirely in cash and
shall be sufficient to redeem the principal amount of such Securities subject to
a mandatory sinking fund payment without the option to deliver or credit
Securities as provided in Section 12.02 and without the right to make any
optional sinking fund payment, if any, with respect to such series. </P>
<P align=justify style="text-indent:5%">Not more than 60 days before each
such sinking fund payment date the Trustees shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section
11.03 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 11.04. Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.06 and 11.07. </P>
<P align=justify style="text-indent:5%">Prior to any sinking fund payment
date, the Company shall pay to the Trustees or a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.03) in cash a sum equal to any interest that will accrue
to the date fixed for redemption of Securities or portions thereof to be
redeemed on such sinking fund payment date pursuant to this 12.03 Section. </P>
<P align=justify style="text-indent:5%">Notwithstanding the foregoing,
with respect to a sinking fund for any series of Securities, if at any time the
amount of cash to be paid into such sinking fund on the next succeeding sinking
fund payment date, together with any unused balance of any preceding sinking
fund payment or payments for such series, does not exceed in the aggregate
$100,000, the Trustees, unless requested by the Company, shall not give the next
succeeding notice of the redemption of Securities of such series through the
operation of the sinking fund. Any such unused balance of moneys deposited in
such sinking fund shall be added to the sinking fund payment for such series to be made
in cash on the next succeeding sinking fund payment date or, at the request of
the Company, shall be applied at any time or from time to time to the purchase
of Securities of such series, by public or private purchase, in the open market
or otherwise, at a purchase price for such Securities (excluding accrued
interest and brokerage commissions, for which the Trustees or any Paying Agent
will be reimbursed by the Company) not in excess of the principal amount
thereof. </P>
<P align=center>72 </P>
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<P align=center><B>ARTICLE THIRTEEN</B> <BR>
REPAYMENT AT OPTION OF HOLDERS </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>SECTION 13.01</B> </TD>
    <TD align=left width="90%"><B>Applicability of Article</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Repayment of Securities of any
series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.01 for Securities of any series) in
accordance with this Article Thirteen. </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>SECTION 13.02</B> </TD>
    <TD align=left width="90%"><B>Repayment of Securities</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Securities of any series subject
to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price
equal to the principal amount thereof, together with interest (if any) thereon
accrued to the Repayment Date specified in or pursuant to the terms of such
Securities. The Company covenants that, with respect to such Securities, on or
before the Repayment Date it will deposit with a Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 10.03) an amount of money in the Currency in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 3.01 for the Securities of such series and except, if
applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to
pay the principal (or, if so provided by the terms of the Securities of any
series, a percentage of the principal) of and (except if the Repayment Date
shall be an Interest Payment Date) accrued interest (if any) on, all the
Securities or portions thereof, as the case may be, to be repaid on such date.
</P>
<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>SECTION 13.03</B> </TD>
    <TD align=left width="90%"><B>Exercise of Option</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Securities of any series subject
to repayment at the option of the Holders thereof will contain an &#147;Option to
Elect Repayment&#148; form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the
&#147;Option to Elect Repayment&#148; form on the reverse of such Security duly completed
by the Holder (or by the Holder&#146;s attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefor specified in the terms
of such Security (or at such other place or places which the Company shall from
time to time notify the Holders of such Securities) not earlier than 45 days nor
later than 30 days prior to the Repayment Date. If less than the entire
principal amount of such Security is to be repaid in accordance with the terms
of such Security, the principal amount of such Security to be repaid, in
increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the
Holder for the portion of the principal amount of such Security surrendered that
is not to be repaid, must be specified. The principal amount of any Security
providing for repayment at the option of the Holder thereof may not be repaid in
part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the
series of which such Security to be repaid is a part. Except as otherwise may be
provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company. </P>
<P align=center>73 </P>
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<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>SECTION 13.04</B> </TD>
    <TD align=left width="90%"><B>When Securities Presented for Repayment
      Become Due and Payable</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If Securities of any series
providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article Thirteen and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as the
case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such Repayment
Date (unless the Company shall default in the payment of such Securities on such
Repayment Date) such Securities shall, if the same were interest- bearing, cease
to bear interest and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below, shall be void.
Upon surrender of any such Security for repayment in accordance with such
provisions, together with all coupons, if any, appertaining thereto maturing
after the Repayment Date, the principal amount of such Security so to be repaid
shall be paid by the Company, together with accrued interest (if any) to the
Repayment Date; <I>provided, however</I>, that coupons whose Stated Maturity is
on or prior to the Repayment Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section
10.02) and, unless otherwise specified pursuant to Section 3.01, only upon
presentation and surrender of such coupons; <I>provided further</I> that, in the
case of Registered Securities, installments of interest (if any) whose Stated
Maturity is on or prior to the Repayment Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 3.07. </P>
<P align=justify style="text-indent:5%">If any Bearer Security
surrendered for repayment shall not be accompanied by all appurtenant coupons
maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 13.02 an amount equal to
the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustees if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustees or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made as provided in the preceding
sentence, such Holder shall be entitled to receive the amount so deducted;
<I>provided, however</I>, that interest represented by coupons shall be payable
only at an office or agency located outside the United States (except as
otherwise provided in Section 10.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of those
coupons. </P>
<P align=justify style="text-indent:5%">If any Security surrendered for
repayment shall not be so repaid upon surrender thereof for repayment, the
principal amount and premium (if any) shall, until paid, bear interest from the
Repayment Date at the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) set forth in such Security. </P>
<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>SECTION 13.05</B> </TD>
    <TD align=left width="90%"><B>Securities Repaid in Part</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon surrender of any Registered
Security which is to be repaid in part only, the Company shall execute and the
applicable Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to
and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid. </P>
<P align=center>74 </P>
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<P align=center><B>ARTICLE FOURTEEN <BR></B><B>DEFEASANCE AND COVENANT
DEFEASANCE </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>SECTION 14.01</B> </TD>
    <TD align=left width="90%"><B>Company&#146;s Option to Effect Defeasance or
      Covenant Defeasance</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Except as otherwise specified as
contemplated by Section 3.01 for Securities of any series, the provisions of
this Article Fourteen shall apply to each series of Securities, and the Company
may, at its option, effect defeasance of the Securities of or within a series
under Section 14.02, or covenant defeasance of or within a series under Section
14.03 in accordance with the terms of such Securities and in accordance with
this Article Fourteen. </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>SECTION 14.02</B> </TD>
    <TD align=left width="90%"><B>Defeasance and Discharge</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon the Company&#146;s exercise of
the above option applicable to this Section 14.02 with respect to any Securities
of or within a series, the Company shall be deemed to have been discharged from
its obligations with respect to such Securities and any related coupons on the
date the conditions set forth in Section 14.04 are satisfied (hereinafter,
&#147;<B>defeasance</B>&#148;). For this purpose, such defeasance means that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and any related coupons, which shall thereafter be deemed to
be &#147;Outstanding&#148; only for the purposes of Section 14.05 and the other Sections
of this Indenture referred to in (A) and (B) below, and to have satisfied all of
its other obligations under such Securities and any related coupons and this
Indenture insofar as such Securities and any related coupons are concerned (and
the Trustees, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Securities and any related coupons to receive, solely from the trust fund
described in Section 14.04 and as more fully set forth in such Section, payments
in respect of the principal of, premium (if any) and interest (if any) on such
Securities and any related coupons when such payments are due, (B) the Company&#146;s
obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and
10.03, (C) the rights, powers, trusts, duties and immunities of the Trustees
hereunder and (D) this Article Fourteen. Subject to compliance with this Article
Fourteen, the Company may exercise its option under this Section 14.02
notwithstanding the prior exercise of its option under Section 14.03 with
respect to such Securities and any related coupons. </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>SECTION 14.03</B> </TD>
    <TD align=left width="90%"><B>Covenant Defeasance</B>.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Upon the Company&#146;s exercise of
the above option applicable to this Section 14.03 with respect to any Securities
of or within a series, the Company shall be released from its obligations under
Sections 10.05 and 10.06, and, if specified pursuant to Section 3.01, its
obligations under any other covenant, with respect to such Securities and any
related coupons on and after the date the conditions set forth in Section 14.04
are satisfied (hereinafter, &#147;<B>covenant defeasance</B>&#148;), and such Securities
and any related coupons shall thereafter be deemed not to be &#147;Outstanding&#148; for
the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed &#147;Outstanding&#148; for all other purposes hereunder. For
this purpose, such covenant defeasance means that, with respect to such
Securities and any related coupons, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of reference in any
such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
clauses (4) or (7) of Section 5.01 or otherwise but, except as specified above,
the remainder of this Indenture and such Securities and any related coupons
shall be unaffected thereby. </P>
<P align=center>75 </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>SECTION 14.04</B> </TD>
    <TD align=left width="90%"><B>Conditions to Defeasance or Covenant
      Defeasance</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The following shall be the
conditions to application of either Section 14.02 or Section 14.03 to any
Securities of or within a series and any related coupons: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company shall irrevocably have deposited or caused to
      be deposited with either Trustee (or another trustee satisfying the
      requirements of Section 6.08 who shall agree to comply with the provisions
      of this Article Fourteen applicable to it) as trust funds in trust for the
      purpose of making the following payments, specifically pledged as security
      for, and dedicated solely to, the benefit of the Holders of such
      Securities and any related coupons, (A) an amount (in such Currency in
      which such Securities and any related coupons are then specified as
      payable at Stated Maturity), or (B) Government Obligations applicable to
      such Securities (determined on the basis of the Currency in which such
      Securities are then specified as payable at Stated Maturity) which through
      the scheduled payment of principal and interest in respect thereof in
      accordance with their terms will provide, not later than one day before
      the due date of any payment of principal of and premium (if any) and
      interest (if any) under such Securities and any related coupons, money in
      an amount, or (C) a combination thereof, sufficient, in the opinion of a
      nationally recognized firm of independent public accountants expressed in
      a written certification thereof delivered to the Trustees, to pay and
      discharge, and which shall be applied by the Trustees (or another trustee
      satisfying the requirements of Section 6.08 who shall agree to comply with
      the provisions of this Article Fourteen) to pay and discharge, (i) the
      principal of, premium (if any) and interest (if any) on such Securities
      and any related coupons on the Stated Maturity (or Redemption Date, if
      applicable) of such principal of, premium (if any) or installment of
      interest (if any), (ii) any mandatory sinking fund payments or analogous
      payments applicable to such Securities and any related coupons on the day
      on which such payments are due and payable in accordance with the terms of
      this Indenture and of such Securities and any related coupons, and (iii)
      all amounts due the Trustees under Section 6.07; <I>provided </I>that the
      Trustees shall have been irrevocably instructed to apply such money or the
      proceeds of such Government Obligations to said payments with respect to
      such Securities and any related coupons. Before such a deposit, the
      Company may give to the Trustees, in accordance with Section 11.02, a
      notice of its election to redeem all or any portion of such Securities at
      a future date in accordance with the terms of such Securities and Article
      Eleven hereof, which notice shall be irrevocable. Such irrevocable
      redemption notice, if given, shall be given effect in applying the
      foregoing.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>No Default or Event of Default with respect to such
      Securities or any related coupons shall have occurred and be continuing on
      the date of such deposit or, insofar as clauses (5) and (6) of Section
      5.01 are concerned, at any time during the period ending on the 91st day
      after the date of such deposit (it being understood that this condition
      shall not be deemed satisfied until the expiration of such
  period).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Such defeasance or covenant defeasance shall not result
      in a breach or violation of, or constitute a Default or an Event of
      Default under, this Indenture or any default under any material agreement
      or instrument to which the Company is a party or by which it is
    bound.</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%">(4) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 14.02, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States stating that (x) the Company has received from, or there has
      been published by, the Internal Revenue Service a ruling,
  or (y) since the date of execution of this Indenture, there has
been a change in the applicable United States federal income tax law, in either
case to the effect that, and based thereon such opinion shall confirm that, the
Holders of such Securities and any related coupons will not recognize income,
gain or loss for United States federal income tax purposes as a result of such
defeasance and will be subject to United States federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if
such defeasance had not occurred. </P></TD></TR></TABLE>
<P align=center>76 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 14.03, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States to the effect that the Holders of such Securities will not
      recognize income, gain or loss for United States federal income tax
      purposes as a result of such covenant defeasance and will be subject to
      United States federal income tax on the same amounts, in the same manner
      and at the same times as would have been the case if such covenant
  defeasance had not occurred.</P></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%">(6) </TD>
    <TD>
      <P align=justify>The Company shall have delivered to the Trustees an
      Opinion of Counsel in Canada or a ruling from the Canada Revenue Agency to
      the effect that the Holders of such Securities will not recognize income,
      gain or loss for Canadian federal, provincial or territorial income tax or
      other tax purposes as a result of such defeasance or covenant defeasance,
      as applicable, and will be subject to Canadian federal, provincial or
      territorial income tax and other tax on the same amounts, in the same
      manner and at the same times as would have been the case had such
      defeasance or covenant defeasance, as applicable, not occurred (and for
      the purposes of such opinion, such Canadian counsel shall assume that
      Holders of such Securities include Holders who are not resident in
      Canada).</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%">(7) </TD>
    <TD>
      <P align=justify>The Company is not an &#147;insolvent person&#148; within the
      meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such
      deposit or at any time during the period ending on the 91st day after the
      date of such deposit (it being understood that this condition shall not be
      deemed satisfied until the expiration of such period).</P></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%">(8) </TD>
    <TD>
      <P align=justify>Notwithstanding any other provisions of this Section
      14.04, such defeasance or covenant defeasance shall be effected in
      compliance with any additional or substitute terms, conditions or
      limitations in connection therewith pursuant to Section 3.01.</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%">(9) </TD>
    <TD>
      <P align=justify>The Company shall have delivered to the Trustees an
      Officer&#146;s Certificate and an Opinion of Counsel, each stating that all
      conditions precedent provided for, relating to either the defeasance under
      Section 14.02 or the covenant defeasance under Section 14.03 (as the case
may be), have been complied with.</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 vAlign=top>
    <TD align=left ><B>SECTION 14.05</B> </TD>
    <TD align=left width="90%"><B>Deposited Money and Government Obligations
      to Be Held in Trust; Other</B> <B>Miscellaneous Provisions</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Subject to the provisions of the
last paragraph of Section 10.03, all money and Government Obligations (or other
property as may be provided pursuant to Section 3.01) (including the proceeds
thereof) deposited with a Trustee (or another trustee satisfying the
requirements of Section 6.08 who shall agree to comply with the provisions of
this Article Fourteen) pursuant to Section 14.04 in respect of such Securities
and any related coupons shall be held in trust and applied by such Trustee, in
accordance with the provisions of such Securities and any related coupons and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent), to the Holders of such
Securities and any related coupons of all sums due and to become due thereon in
respect of principal, premium (if any) and interest (if any) on such
Securities but such money need not be segregated from other funds except to the
extent required by law. </P>
<P align=center>77 </P>
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<P align=justify style="text-indent:5%">Unless otherwise specified with
  respect to any Security pursuant to Section 3.01, if, after a deposit referred
  to in Section 14.04(1) has been made, (a) the Holder of a Security in respect of
  which such deposit was made is entitled to, and does, elect pursuant to Section
  3.12(b) or the terms of such Security to receive payment in a Currency other
  than that in which the deposit pursuant to Section 14.04(1) has been made in
  respect of such Security, or (b) a Conversion Event occurs as contemplated in
  Section 3.12(d) or 3.12(e) or by the terms of any Security in respect of which
  the deposit pursuant to Section 14.04(1) has been made, the indebtedness
  represented by such Security and any related coupons shall be deemed to have
  been, and will be, fully discharged and satisfied through the payment of the
  principal of, premium (if any) and interest (if any) on such Security as they
  become due out of the proceeds yielded by converting (from time to time as
  specified below in the case of any such election) the amount or other property
  deposited in respect of such Security into the Currency in which such Security
  becomes payable as a result of such election or Conversion Event based on the
  applicable Market Exchange Rate for such Currency in effect on the third
  Business Day prior to each payment date, except, with respect to a Conversion
  Event, for such Currency in effect (as nearly as feasible) at the time of the
Conversion Event. </P>
<P align=justify style="text-indent:5%">The Company shall pay and
indemnify such Trustee against any tax, fee or other charge imposed on or
assessed against the Government Obligations deposited pursuant to Section 14.04
or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of such
Securities and any related coupons. </P>
<P align=justify style="text-indent:5%">Anything in this Article Fourteen
to the contrary notwithstanding, such Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as
provided in Section 14.04 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to such Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent defeasance or covenant
defeasance, as applicable, in accordance with this Article Fourteen. </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>SECTION 14.06</B> </TD>
    <TD align=left width="90%"><B>Reinstatement</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If a Trustee or any Paying Agent
is unable to apply any money in accordance with Section 14.05 by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Company&#146;s obligations under
this Indenture and such Securities and any related coupons shall be revived and
reinstated as though no deposit had occurred pursuant to Section 14.02 or 14.03,
as the case may be, until such time as such Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 14.05; <I>provided,
however</I>, that if the Company makes any payment of principal of, premium (if
any) or interest (if any) on any such Security or any related coupon following
the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities and any related coupons to receive such
payment from the money held by such Trustee or Paying Agent. </P>
<P align=center>78 </P>
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<!--$$/page=--><A name=page_85></A>
<P align=center><B>ARTICLE FIFTEEN <BR></B><B>MEETINGS OF HOLDERS OF SECURITIES
</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>SECTION 15.01</B> </TD>
    <TD align=left width="90%"><B>Purposes for Which Meetings May Be
      Called</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">If Securities of a series are
issuable as Bearer Securities, a meeting of Holders of Securities of such series
may be called at any time and from time to time pursuant to this Article Fifteen
to make, give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be made, given or
taken by Holders of Securities of such series. </P>
<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>SECTION 15.02</B> </TD>
    <TD align=left width="90%"><B>Call, Notice and Place of Meetings</B>.
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Trustees may at any time call a meeting of Holders of
      Securities of any series for any purpose specified in Section 15.01, to be
      held at such time and at such place in The City of New York, in Toronto or
      in London as the Trustees shall determine. Notice of every meeting of
      Holders of Securities of any series, setting forth the time and the place
      of such meeting and in general terms the action proposed to be taken at
      such meeting, shall be given, in the manner provided for in Section 1.07,
      not less than 21 nor more than 180 days prior to the date fixed for the
      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%">(2) </TD>
    <TD>
      <P align=justify>In case at any time the Company, pursuant to a Board
      Resolution, or the Holders of at least 10% in principal amount of the
      Outstanding Securities of any series shall have requested the Trustees to
      call a meeting of the Holders of Securities of such series for any purpose
      specified in Section 15.01, by written request setting forth in reasonable
      detail the action proposed to be taken at the meeting, and the Trustees
      shall not have made the first publication of the notice of such meeting
      within 21 days after receipt of such request or shall not thereafter
      proceed to cause the meeting to be held as provided herein, then the
      Company or the Holders of Securities of such series in the amount above
      specified, as the case may be, may determine the time and the place in The
      City of New York, in Toronto or in London for such meeting and may call
      such meeting for such purposes by giving notice thereof as provided in
      paragraph (1) of this Section 15.02.</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 vAlign=top>
    <TD align=left ><B>SECTION 15.03</B> </TD>
    <TD align=left width="90%"><B>Persons Entitled to Vote at Meetings</B>.
  </TD></TR></TABLE>
<P align=justify style="text-indent:5%">To be entitled to vote at any
meeting of Holders of Securities of any series, a Person shall be (1) a Holder
of one or more Outstanding Securities of such series, or (2) a Person appointed
by an instrument in writing as proxy for a Holder or Holders of one or more
Outstanding Securities of such series by such Holder of Holders. The only
Persons who shall be entitled to be present or to speak at any meeting of
Holders of Securities of any series shall be the Persons entitled to vote at
such meeting and their counsel, any representatives of the Trustees and their
counsel and any representatives of the Company and its counsel. </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>SECTION 15.04</B> </TD>
    <TD align=left width="90%"><B>Quorum; Action</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Persons entitled to vote a
majority in principal amount of the Outstanding Securities of a series shall
constitute a quorum for a meeting of Holders of Securities of such series;
<I>provided, however</I>, that, if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may
be given by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons entitled to vote
such specified percentage in principal amount of the Outstanding Securities of
such series shall constitute a quorum. In the absence of a quorum within 30
minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chair of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days as determined by the chair of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 15.02(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum. </P>
<P align=center>79 </P>
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<P align=justify style="text-indent:5%">Subject to the foregoing, at the
  reconvening of any meeting adjourned for lack of a quorum the Persons entitled
  to vote 25% in principal amount of the Outstanding Securities at the time shall
  constitute a quorum for the taking of any action set forth in the notice of the
original meeting. </P>
<P align=justify style="text-indent:5%">Except as limited by the proviso
to Section 9.02, any resolution presented to a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted by the
affirmative vote of the Holders of not less than a majority in principal amount
of the Outstanding Securities of such series who have casted their votes;
<I>provided, however</I>, that, except as limited by the proviso to Section
9.02, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of not less than such specified percentage in
principal amount of the Outstanding Securities of such series. </P>
<P align=justify style="text-indent:5%">Any resolution passed or decision
taken at any meeting of Holders of Securities of any series duly held in
accordance with this Section 15.04 shall be binding on all the Holders of
Securities of such series and the related coupons, whether or not present or
represented at the meeting. </P>
<P align=justify style="text-indent:5%">Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of
Holders of Securities of any series with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional series:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>there shall be no minimum quorum requirement for such
      meeting; 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%">(ii) </TD>
    <TD>
      <P align=justify>the principal amount of the Outstanding Securities of
      such series that vote in favor of such request, demand, authorization,
      direction, notice, consent, waiver or other action shall be taken into
      account in determining whether such request, demand, authorization,
      direction, notice, consent, waiver or other action has been made, given or
      taken under this Indenture.</P></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 ><B>SECTION 15.05</B> </TD>
    <TD align=left width="90%"><B>Determination of Voting Rights; Conduct and
      Adjournment of Meetings</B>. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Notwithstanding any provisions of this Indenture, the
      Trustees may make such reasonable regulations as they may deem advisable
      for any meeting of Holders of Securities of a series in regard to proof of
      the holding of Securities of such series and of the appointment of proxies
      and in regard to the appointment and duties of inspectors of votes, the
      submission and examination of proxies, certificates and other evidence of
      the right to vote, and such other matters concerning the conduct of the
      meeting as they shall deem appropriate. Except as otherwise permitted or required by any
such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.05 and the appointment of any proxy shall be proved in
the manner specified in Section 1.05 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker
authorized by Section 1.05 to certify to the holding of Bearer Securities. Such
regulations may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof specified in
Section 1.05 or other proof. </P></TD></TR></TABLE>
<P align=center>80 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_87></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Trustees shall, by an instrument in writing appoint a
      temporary chair of the meeting, unless the meeting shall have been called
      by the Company or by Holders of Securities as provided in Section
      15.02(b), in which case the Company or the Holders of Securities of the
      series calling the meeting, as the case may be, shall in like manner
      appoint a temporary chair. A permanent chair and a permanent secretary of
      the meeting shall be elected by vote of the Persons entitled to vote a
      majority in principal amount of the Outstanding Securities of such series
  represented at the meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>At any meeting each Holder of a Security of such series
      or proxy shall be entitled to one vote for each $1,000 principal amount of
      Outstanding Securities of such series held or represented by him
      (determined as specified in the definition of &#147;Outstanding&#148; in Section
      1.01); <I>provided, however</I>, that no vote shall be cast or counted at
      any meeting in respect of any Security challenged as not Outstanding and
      ruled by the chair of the meeting to be not Outstanding. The chair of the
      meeting shall have no right to vote, except as a Holder of a Security of
      such series or a proxy.</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%">(4) </TD>
    <TD>
      <P align=justify>Any meeting of Holders of Securities of any series duly
      called pursuant to Section 15.02 at which a quorum is present may be
      adjourned from time to time by Persons entitled to vote a majority in
      principal amount of the Outstanding Securities of such series represented
      at the meeting; and the meeting may be held as so adjourned without
further notice.</P></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 ><B>SECTION 15.06</B> </TD>
    <TD align=left width="90%"><B>Counting Votes and Recording Action of
      Meetings</B>. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of
Securities of such series or of their representatives by proxy and the principal
amounts and serial numbers, if any, of the Outstanding Securities of such series
held or represented by them. The permanent chair of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in duplicate of all votes cast at the
meeting. A record, at least in duplicate, of the proceedings of each meeting of
Holders of Securities of any series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was given as provided in Section 15.02
and, if applicable, Section 15.04. Each copy shall be signed and verified by the
affidavits of the permanent chair and secretary of the meeting and one such copy
shall be delivered to the Company, and another to the Trustees to be preserved
by the Trustees, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated. </P>
<P align=center>81 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_88></A>
<P align=justify style="text-indent:5%">IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed, all as of the day and
year first above written. </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>ENERGY FUELS INC. </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2>,
</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>as U.S. Trustee </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2>,
</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>as Canadian Trustee </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">Authorized Signing Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="90%">Authorized Signing Officer
</TD></TR></TABLE></DIV>
<P align=center>82 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_89></A>
<P align=right><B>EXHIBIT A-1 </B></P>
<P align=center>FORM OF CERTIFICATE TO BE GIVEN BY <BR>PERSON ENTITLED TO
RECEIVE BEARER SECURITY <BR>OR TO OBTAIN INTEREST PAYABLE PRIOR <BR>TO THE
EXCHANGE DATE </P>
<P align=center>CERTIFICATE </P>
<P align=center>ENERGY FUELS INC. <BR>_____% Notes due _________________<BR></P>
<P align=justify style="text-indent:5%">This is to certify that as of the
date hereof, and except as set forth below, the above-captioned Securities held
by you for our account (i) are owned by any person(s) that is not a citizen or
resident of the United States; a corporation or partnership (including any
entity treated as a corporation or partnership for United States federal income
tax purposes) created or organized in or under the laws of the United States,
any state thereof or the District of Columbia unless, in the case of a
partnership, United States Treasury Regulations provide otherwise; any estate
whose income is subject to United States federal income tax regardless of its
source; or a trust if (A) a United States court can exercise primary supervision
over the trust&#146;s administration and one or more United States persons are
authorized to control all substantial decisions of the trust or (B) it was in
existence on August 20, 1996 and has a valid election in effect under applicable
United States Treasury Regulations to be treated as a United States person
(&#147;United States persons(s)&#148;), (ii) are owned by United States person(s) that are
(a) foreign branches of United States financial institutions (financial
institutions, as defined in United States. United States Treasury Regulation
Section 1.165 -12(c)(1)(v) are herein referred to as &#147;financial institutions&#148;)
purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such United
States financial institution hereby agrees, on its own behalf or through its
agent, that you may advise Energy Fuels Inc. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the United States Internal Revenue Code of 1986, as amended, and the
regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as
defined in United States Treasury Regulation Section 1.163 -5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to
a United States person or to a person within the United States or its
possessions. </P>
<P align=justify style="text-indent:5%">As used herein, &#147;United States&#148;
means the United States of America (including the states and the District of
Columbia); and its &#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands. </P>
<P align=justify style="text-indent:5%">We undertake to advise you
promptly in writing on or prior to the date on which you intend to submit your
certification relating to the above-captioned Securities held by you for our
account in accordance with your operating procedures if any applicable statement
herein is not correct on such date, and in the absence of any such notification
it may be assumed that this certification applies as of such date. </P>
<P align=justify style="text-indent:5%">This certificate excepts and does
not relate to U.S. $__________of such interest in the above-captioned Securities
in respect of which we are not able to certify and as to which we understand an
exchange for an interest in a permanent global security or an
exchange for and delivery of definitive Securities (or, if relevant, collection
of any interest) cannot be made until we do so certify. </P>
<P align=center>A-1-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_90></A>
<P align=justify style="text-indent:5%">We understand that this
  certificate may be required in connection with certain tax legislation in the
  United States. If administrative or legal proceedings are commenced or
  threatened in connection with which this certificate is or would be relevant, we
  irrevocably authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings. </P>
<P align=justify>Dated:__________________<BR>[To be dated no earlier than the
15th day prior to <BR>(i) the Exchange Date or (ii) the relevant
Interest<BR>Payment Date occurring prior to the Exchange <BR>Date, as
applicable] </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>[Name of Person Making Certification] </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
  width="90%"></TD></TR></TABLE></DIV>
<P align=center>A-1-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_91></A>
<P align=right><B>EXHIBIT A-2 </B></P>
<P align=center>FORM OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY <BR>IN
CONNECTION WITH THE EXCHANGE OF A PORTION OF A <BR>TEMPORARY GLOBAL SECURITY OR
TO OBTAIN INTEREST <BR>PAYABLE PRIOR TO THE EXCHANGE DATE </P>
<P align=center>CERTIFICATE </P>
<P align=center>ENERGY FUELS INC. <BR>_____% Notes due _________________<BR></P>
<P align=justify style="text-indent:5%">This is to certify that based
solely on written certifications that we have received in writing or by
electronic transmission from each of the persons appearing in our records as
persons entitled to a portion of the principal amount set forth below (our
&#147;Member Organizations&#148;) substantially in the form attached hereto, as of the
date hereof, U.S. $__________principal amount of the above-captioned Securities
(i) is owned by any person(s) that is not a citizen or resident of the United
States; a corporation or partnership (including any entity treated as a
corporation or partnership for United States federal income tax purposes)
created or organized in or under the laws of the United States, any state
thereof or the District of Columbia unless, in the case of a partnership, United
States Treasury Regulations provide otherwise; any estate whose income is
subject to United States federal income tax regardless of its source; or a trust
if (A) a United States court can exercise primary supervision over the trust&#146;s
administration and one or more United States persons are authorized to control
all substantial decisions of the trust or (B) it was in existence on August 20,
1996 and has a valid election in effect under applicable United States Treasury
Regulations to be treated as a United States person (&#147;United States person(s)&#148;),
(ii) is owned by United States person(s) that are (a) foreign branches of United
States financial institutions (financial institutions, as defined in United
States Treasury Regulation Section 1.165 -12(c)(1)(v) are herein referred to as
&#147;financial institutions&#148;) purchasing for their own account or for resale, or (b)
United States person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)
or (b), each such financial institution has agreed, on its own behalf or through
its agent, that we may advise Energy Fuels Inc. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined
in United States Treasury Regulation Section 1.163 -5(c)(2)(i)(D)(7)) and, to
the further effect, that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that they
have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its
possessions. </P>
<P align=justify style="text-indent:5%">As used herein, &#147;United States&#148;
means the United States of America (including the states and the District of
Columbia); and its &#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands. </P>
<P align=justify style="text-indent:5%">We further certify that (i) we
are not making available herewith for exchange (or, if relevant, collection of
any interest) any portion of the temporary global Security representing the
above-captioned Securities excepted in the above-referenced certificates of
Member Organizations and (ii) as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of the
part submitted herewith for exchange (or, if relevant, collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.
</P>
<P align=center>A-2-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_92></A>
<P align=justify style="text-indent:5%">We understand that this
certification is required in connection with certain tax legislation in the
United States. If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we
irrevocably authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings. </P>
<P align=justify>Dated:_____________<BR>[To be dated no earlier than the 15th
day prior to <BR>(i) the Exchange Date or (ii) the relevant Interest <BR>Payment
Date occurring prior to the Exchange<BR> Date, as applicable] </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left  colSpan=2>[INSERT NAME OF DEPOSITARY] </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left  >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="90%"></TD></TR>
  <TR vAlign=top>
    <TD align=left  >Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
  width="90%"></TD></TR></TABLE></DIV>
<P align=center>A-2-2 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc. - Exhibit 5.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=justify>November 5, 2018 <BR>Energy Fuels Inc.<BR>82 Richmond
Street East <BR>Suite 308 <BR>Toronto, Ontario M5C 1P1 <BR></P>
<P align=justify>Dear Sirs/Mesdames:</P>
<P align=justify><B>Re: Energy Fuels Inc. &#150; Registration Statement on Form
S-3</B></P>
<P align=justify>We have acted as Ontario counsel to Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) in connection with the preparation of a Registration
Statement on Form S-3 (the &#147;<B>Registration Statement</B>&#148;) under the United
States Securities Act of 1933, as amended, relating to the potential issuance
and sale by the Corporation of (i) up to an aggregate of US$150 million of
securities of the Corporation (collectively, the &#147;<B>Securities</B>&#148;) pursuant
to one or more prospectus supplements (each a &#147;<B>Prospectus Supplement</B>&#148;)<B>
</B>to the Registration Statement to be filed by the Corporation from time to
time.</P>
<P align=justify>The Securities of the Corporation which may be offered under
the Registration Statement include the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>common shares (&#147;<B>Shares</B>&#148;),
  <LI>preferred shares (&#147;<B>Preferred Shares</B>&#148;),
  <LI>warrants to purchase Shares or Preferred Shares (the &#147;<B>Warrants</B>&#148;)
  which may be issued under a warrant indenture to be entered into with a
  warrant agent to be selected by the Corporation,
  <LI>rights to purchase Shares or other securities of the Corporation
  (&#147;<B>Rights</B>&#148;),
  <LI>subscription receipts for Shares, Preferred Shares, warrants or any
  combination thereof (&#147;<B>Subscription</B> <B>Receipts</B>&#148;) which may be
  issued under a subscription receipt indenture to be entered into with an agent
  or trustee to be selected by the Corporation,
  <LI>debt securities, which may or may not be convertible into Shares, (the
  &#147;<B>Debt Securities</B>&#148;), which may be issued pursuant to an indenture to be
  dated on or about the date of the first issuance of Debt Securities
  thereunder, by and between a trustee to be selected by the Company (the
  &#147;<B>Trustee</B>&#148;) and the Company, in the form filed as Exhibit 4.6 to the
  Registration Statement, as such indenture may be supplemented from time to
  time (the &#147;<B>Indenture</B>&#148;), or
  <LI>units comprised of any combination of Shares, Preferred Shares, Warrants,
  Rights, Subscription Receipts or Debt Securities (&#147;<B>Units</B>&#148;), </LI></UL>
<P align=justify>We have examined originals or copies, certified or otherwise to
our satisfaction of such documents and considered such questions of law as we
considered necessary as a basis for our opinion, including the Registration
Statement and resolutions of the board of directors of the Corporation approving
the filing of the Registration Statement and the issuance of the Securities. In
all such examinations, we have assumed (i) the genuineness of all signatures,
the legal capacity of all individuals signing any documents, the authenticity of
all documents submitted to us as originals, the conformity to authentic original
documents of all documents submitted to us as copies, whether facsimile,
photostatic, electronic, certified or otherwise, and (ii) the truthfulness of
all facts set forth in the public records and in certificates of public
officials.</P>
<P align=justify>We have also assumed that in connection with any Securities
issued under the Registration Statement, (i) all required filings relating to,
and any approvals for, the Registration Statement, any Prospectus Supplement or
any related document, has been made and received prior to the issuance of any
such Securities, (ii) any applicable agreement, including the Indenture, any
warrant indenture, any subscription receipt indenture and any note purchase
agreement, underwriting agreement or similar document (collectively
&#147;<B>Applicable Agreements</B>&#148;), has been, or will be prior to the time of the
issuance of the applicable Security, duly authorized, executed and delivered by
the Corporation and any other party thereto and is enforceable against each such
party thereto, and neither the execution and delivery of any such document by
any party thereto nor the performance by any party of its obligations thereunder do, or will, violate or conflict with any applicable
laws or the constating documents of such party or an requirement or restriction
imposed by an court or government body having jurisdiction over such party. We
have assumed that any Applicable Agreement entered into will be governed by the
laws of the state of New York.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>With respect to the Securities of a particular series or
issuance, we have assumed that (i) the issuance, sale, number or amount, as the
case may be, and terms of the Securities to be offered from time to time will be
duly authorized and established, in accordance with the constating documents of
the Corporation, a duly passed resolution of the directors of the Corporation
relating to the Securities of such particular series or issuance, the laws of
the jurisdiction of incorporation of the Corporation, the laws of the
jurisdiction governing the Applicable Agreement and any Applicable Agreement;
(ii) the Securities will be duly authorized, executed, issued and delivered by
the Corporation and, in the case of the Warrants, Rights, Units, Subscription
Receipts and Debt Securities, duly authenticated or delivered by the applicable
trustee or agent, as applicable and in each case, against payment by the
purchaser of the agreed-upon consideration, and (iii) the Securities will be
issued and delivered as contemplated by Registration Statement, the applicable
Prospectus Supplement and any Applicable Agreement.</P>
<P align=justify>Our opinion herein is limited to the laws of the Province of
Ontario and the federal laws of Canada applicable therein now in effect. </P>
<P align=justify>Based on and subject to the foregoing assumptions and
qualifications we are of the opinion that: </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>Upon the due authorization by the Corporation of the
      issuance of any Shares, or upon conversion or exercise of any other
      Securities that are convertible or exercisable into Shares, in each case
      in accordance with their terms, including receipt by the Corporation of
      payment in full for the Shares, such Shares will be legally issued, fully
      paid and non-assessable 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>Upon the due authorization by the Corporation of the
      issuance of any Preferred Shares, or upon conversion or exercise of any
      other Securities that are convertible or exercisable into Preferred
      Shares, in each case in accordance with their terms, including receipt by
      the Corporation of payment in full for the Preferred Shares, such
      Preferred Shares will be legally issued, fully paid and non-assessable
      Preferred Shares.</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>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Rights and upon the
      Applicable Agreement relating to the Rights being duly executed and
      delivered and the Rights being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Rights, such Rights will be legally issued as securities of the
      Corporation.</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>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Warrants and upon the
      Applicable Agreement relating to the Warrants being duly executed and
      delivered and the Warrants being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Warrants, such Warrants will be legally issued as securities of the
      Corporation.</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>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Subscription Receipts and
      upon the Applicable Agreement relating to the Subscription Receipts being
      duly executed and delivered and the Subscription Receipts being duly
      executed, authenticated, issued and delivered, as the case may be and in
      each case in accordance with their terms, including receipt by the
      Corporation of payment in full for the Subscription Receipts, such
      Subscription Receipts will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Debt Securities and upon
      the Applicable Agreement relating to the Debt Securities being duly
      executed and delivered (including any supplement to the Indenture) and the
      Debt Securities being duly executed, authenticated, issued and delivered,
      as the case may be and in each case in accordance with their terms,
      including receipt by the Corporation of payment in full for the Debt Securities,
      such Debt Securities will be legally issued as securities of the
  Corporation.</P></TD></TR></TABLE>
<P align=right>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<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%">7. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Units and upon the
      Applicable Agreement relating to the Units being duly executed and
      delivered and the Units being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Units, such Units will be legally issued as securities of the
      Corporation.</P></TD></TR></TABLE>
<P align=justify>We hereby consent to the use of our name in, and the filing of
this opinion as an exhibit to, the Registration Statement. In giving such
consent, we do not admit that we are in the category of persons whose consent is
required under Section 7 of the Act.</P>
<P align=justify>Yours truly,</P>
<P align=justify>/s/ Borden Ladner Gervais LLP </P>
<P align=justify>Borden Ladner Gervais LLP </P>
<P align=right>3</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>exhibit12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit12-1x.pdf">


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   <TITLE>Energy Fuels Inc.: Exhibit 12.1 - Filed by newsfilecorp.com</TITLE>
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<p align="right"><b>Exhibit 12.1 </b></p>
<p align="center"><b>RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO  EARNINGS </b></p>
<P align=justify>We have computed the ratio of combined fixed charges and
preference dividends to earnings for each of the following periods on a
consolidated basis. &#147;Earnings&#148; consist of pretax income (loss) from continuing
operations before adjustments for non-controlling interests in consolidated
subsidiaries or income or loss from equity investees, plus distributed income of
equity investees, plus fixed charges (excluding capitalized interest). &#147;Fixed
charges&#148; represent interest incurred (whether expensed or capitalized),
amortization of debt expense and that portion of rental expense on operating
leases deemed to be the equivalent of interest. &#147;Preference Dividends&#148; represent
the amount of pre-tax earnings that is required to pay dividends on outstanding
preference securities. You should read the ratio of combined fixed charges and
preference dividends to earnings in conjunction with our consolidated and
condensed financial statements that are incorporated by reference in this
prospectus.</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-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="52%"
    colSpan=13 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Fiscal Year Ended December 31,</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2014</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2015</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2016</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2017</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (deficiency) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Pre-tax income (loss) from continuing
      operations before adjustment for equity investees </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(36,590</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(86,635</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(82,357</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(39,864</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;(27,990</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Add: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Fixed charges </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,472 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,689 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,035 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,289 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,101 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Subtract: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Noncontrolling interest in pre tax income of
      subs that have not incurred fixed charges </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">140
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">451
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">224
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (deficency) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(35,118</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(84,946</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(80,462</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(38,026</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;(26,113</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Fixed charges </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Interest expense and
      amortization of costs related to indebtedness </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;1,472 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;1,689 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;2,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;2,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&nbsp;2,101 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed charges </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,472 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,689 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,035 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,289 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2,101 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Preference security dividends
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total charges including Preference security dividends </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;1,472 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;1,689 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;2,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;2,289 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">&nbsp;2,101 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Ratio of earnings to fixed charges </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(23.9</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(50.3</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(39.5</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(16.6</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(12.4</TD>
    <TD align=left width="2%">) </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exhibit23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>Consent of Independent Registered Public Accounting Firm
</B></P>
<P align=justify>The Board of Directors <BR>Energy Fuels Inc.</P>
<P align=justify>We consent to the use of our report dated March 9, 2018, with
respect to the consolidated balance sheet of Energy Fuels Inc. as of December
31, 2017, and the related consolidated statements of operations and
comprehensive loss, changes in equity and cash flows for the year ended December
31, 2017, and the related notes (collectively, the &#147;consolidated financial
statements&#148;), incorporated herein by reference and to the reference to our firm
under the heading &#147;Experts&#148; in the prospectus. </P>
<P align=justify>/s/ KPMG LLP<br>
<br>
Denver, Colorado <BR>November 2, 2018 </P>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>exhibit23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.2 - Filed by newsfilecorp.com</TITLE>
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF ROSCOE POSTLE ASSOCIATES INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding (a) the
      technical report entitled &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012; (b) the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012; (c) the &#147;Technical
      Report on the Roca Honda Project, McKinley County, State of New Mexico,
      U.S.A." dated October 27, 2016, and (d) the &#147;Technical Report on the
      Canyon Mine, Coconino County, Arizona, USA&#148; dated October 6, 2017
      (collectively, the &#147;Technical Disclosures&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosures in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>ROSCOE POSTLE ASSOCIATES INC. </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">/s/ Deborah A. McCombe&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Deborah A. McCombe </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President &amp; CEO </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>exhibit23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.3 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF WILLIAM E. ROSCOE </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012 (the &#147;Technical
      Disclosure&#148;), contained in the Annual Report on Form 10-K for the period
      ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;)
      filed with the United States Securities and Exchange Commission (the
      &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ William E. Roscoe</TD></TR>
  <TR vAlign=top>
    <TD align=left>William E. Roscoe, Ph.D. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>8
<FILENAME>exhibit23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.4 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF DOUGLAS H. UNDERHILL </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;Technical Report on the Henry Mountains Complex
      Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012 (the &#147;Technical
      Disclosure&#148;), contained in the Annual Report on Form 10-K for the period
      ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;)
      filed with the United States Securities and Exchange Commission (the
      &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Douglas H. Underhill</TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas H. Underhill, Ph.D., C.P.G
</TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>9
<FILENAME>exhibit23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.5 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF THOMAS C. POOL </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the Henry Mountains
      Complex Uranium Property, Utah, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statements
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Thomas C. Pool</TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas C. Pool, P.E. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>10
<FILENAME>exhibit23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.6 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF ROBERT MICHAUD </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Robert Michaud</TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Michaud, Professional Engineer
</TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>11
<FILENAME>exhibit23-7.htm
<DESCRIPTION>EXHIBIT 23.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.7 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left><IMG
src="exhibit23-10x1x1.jpg"
border=0></P>
<P align=center><B>CONSENT OF STUART E. COLLINS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE>
<P align=justify>Stuart E. Collins, Professional Engineer</P>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.8
<SEQUENCE>12
<FILENAME>exhibit23-8.htm
<DESCRIPTION>EXHIBIT 23.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.8 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF MARK B. MATHISEN </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding (a) the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;), and
      (b) the &#147;Technical Report on the Canyon Mine, Coconino County, Arizona,
      USA&#148; dated October 6, 2017, contained in the Annual Report on Form 10- K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Mark B. Mathisen</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark B. Mathisen C.P.G </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.9
<SEQUENCE>13
<FILENAME>exhibit23-9.htm
<DESCRIPTION>EXHIBIT 23.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.9 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF HAROLD R. ROBERTS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Roca Honda Project, McKinley County, State of New
      Mexico, U.S.A." dated October 27, 2016 (the &#147;Technical Disclosure&#148;),
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Harold R. Roberts</TD></TR>
  <TR vAlign=top>
    <TD align=left>Harold R. Roberts, P.E., </TD></TR>
  <TR vAlign=top>
    <TD align=left>Executive Vice President and Chief Operating Officer of
      Energy Fuels Inc. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.10
<SEQUENCE>14
<FILENAME>exhibit23-10.htm
<DESCRIPTION>EXHIBIT 23.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.10 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF DAVID A. ROSS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ David A. Ross</TD></TR>
  <TR vAlign=top>
    <TD align=left>David A. Ross, P.Geo. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.11
<SEQUENCE>15
<FILENAME>exhibit23-11.htm
<DESCRIPTION>EXHIBIT 23.11
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.11 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF PETERS GEOSCIENCES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Report on The
      Daneros Mine Project, San Juan County, Utah, U.S.A.&#148; dated March 2,
      2018;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Energy Fuels Resources Corporation&#146;s Whirlwind Property (Including
      Whirlwind, Far West, and Crosswind Claim Groups and Utah State
      Metalliferous Minerals Lease ML-49312), Mesa County, Colorado and Grand
      County, Utah&#148;, dated March 15, 2011;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Sage Plain Project (Including the Calliham Mine), San Juan County, Utah
      USA&#148; dated March 18, 2015; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Technical Report on Energy
      Fuels Inc.&#146;s La Sal District Project,&#148; dated March 25,
  2014,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>contained in the Annual Report on Form
10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
(the &#147;Company&#148;) filed with the United States Securities and Exchange Commission
(the &#147;SEC&#148;); </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%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>PETERS GEOSCIENCES</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">/s/ Douglas C. Peters </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglas C. Peters </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.12
<SEQUENCE>16
<FILENAME>exhibit23-12.htm
<DESCRIPTION>EXHIBIT 23.12
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.12 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLAS C. PETERS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Report on The
      Daneros Mine Project, San Juan County, Utah, U.S.A.&#148; dated March 2,
      2018;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Energy Fuels Resources Corporation&#146;s Whirlwind Property (Including
      Whirlwind, Far West, and Crosswind Claim Groups and Utah State
      Metalliferous Minerals Lease ML-49312), Mesa County, Colorado and Grand
      County, Utah&#148;, dated March 15, 2011;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Updated Technical Report
      on Sage Plain Project (Including the Calliham Mine), San Juan County, Utah
      USA&#148; dated March 18, 2015; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the technical report entitled &#147;Technical Report on Energy
      Fuels Inc.&#146;s La Sal District Project,&#148; dated March 25,
  2014,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>contained in the Annual Report on Form
10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
(the &#147;Company&#148;) filed with the United States Securities and Exchange Commission
(the &#147;SEC&#148;); </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%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Douglas C. Peters</TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas C. Peters, Certified Professional Geologist
  </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.13
<SEQUENCE>17
<FILENAME>exhibit23-13.htm
<DESCRIPTION>EXHIBIT 23.13
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.13 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF BRS INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Sheep Mountain
      Uranium Project, Fremont County, Wyoming, USA, Updated Preliminary
      Feasibility Study, National Instrument 43-101 Technical Report&#148; dated
      April 13, 2012, (b) the technical report entitled &#147;Nichols Ranch Uranium
      Project, 43-101 Technical Report, Preliminary Economic Assessment&#148; dated
      February 28, 2015, (c) the &#147;Arkose Uranium Project, Mineral Resource and
      Exploration Target, 43-101 Technical Report&#148; dated February 28, 2015, and
      (d) the &#147;Alta Mesa Uranium Project, Alta Mesa and Meste&#241;a Grande Mineral
      Resources and Exploration Target, Technical Report National Instrument
      43-101&#148;, dated July 19, 2016, contained in the Annual Report on Form 10-K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>BRS INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">/s/ Douglas L. Beahm</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglas L. Beahm </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.14
<SEQUENCE>18
<FILENAME>exhibit23-14.htm
<DESCRIPTION>EXHIBIT 23.14
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.14 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLAS L. BEAHM </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Sheep Mountain
      Uranium Project, Fremont County, Wyoming, USA, Updated Preliminary
      Feasibility Study, National Instrument 43-101 Technical Report&#148; dated
      April 13, 2012, (b) the technical report entitled &#147;Nichols Ranch Uranium
      Project, 43-101 Technical Report, Preliminary Economic Assessment&#148; dated
      February 28, 2015, (c) the &#147;Arkose Uranium Project, Mineral Resource and
      Exploration Target, 43-101 Technical Report&#148; dated February 28, 2015, and
      (d) the &#147;Alta Mesa Uranium Project, Alta Mesa and Meste&#241;a Grande Mineral
      Resources and Exploration Target, Technical Report National Instrument
      43-101&#148;, dated July 19, 2016, contained in the Annual Report on Form 10-K
      for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc.
      (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      filed with the SEC, and any amendments thereto (the &#147;S-3&#148;); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Douglas L. Beahm</TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglas L. Beahm, P.E., P.G. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.15
<SEQUENCE>19
<FILENAME>exhibit23-15.htm
<DESCRIPTION>EXHIBIT 23.15
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.15 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF WILLIAM PAUL GORANSON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Nichols Ranch Uranium Project, 43-101
      Technical Report, Preliminary Economic Assessment&#148; dated February 28,
      2015, contained in the Annual Report on Form 10-K for the period ended
      December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed
      with the United States Securities and Exchange Commission (the
    &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ William Paul Goranson</TD></TR>
  <TR vAlign=top>
    <TD align=left>William Paul Goranson, P.E </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.16
<SEQUENCE>20
<FILENAME>exhibit23-16.htm
<DESCRIPTION>EXHIBIT 23.16
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.16 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DOUGLASS H. GRAVES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Technical
      Report, North Rolling Pin Property, Campbell County, Wyoming, U.S.A.&#148;
      dated June 4, 2010, and (b) the technical report entitled &#147;Technical
      Report, West North Butte Satellite Properties, Campbell County, Wyoming,
      U.S.A.&#148; dated December 9, 2008, contained in the Annual Report on Form
      10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels
      Inc. (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Douglass H. Graves</TD></TR>
  <TR vAlign=top>
    <TD align=left>Douglass H. Graves, P.E. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.17
<SEQUENCE>21
<FILENAME>exhibit23-17.htm
<DESCRIPTION>EXHIBIT 23.17
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.17 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF JOHN H. WHITE </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding certain
      scientific or technical information concerning mineral projects (the
      &#147;Technical Disclosure&#148;) contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ John H. White</TD></TR>
  <TR vAlign=top>
    <TD align=left>John H. White, P.E., </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Technical Services of Energy Fuels Inc.
  </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.18
<SEQUENCE>22
<FILENAME>exhibit23-18.htm
<DESCRIPTION>EXHIBIT 23.18
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.18 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF DON R. WOODY </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report, West North Butte Satellite
      Properties, Campbell County, Wyoming, U.S.A.&#148; dated December 9, 2008,
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Don R. Woody</TD></TR>
  <TR vAlign=top>
    <TD align=left>Don R. Woody </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.19
<SEQUENCE>23
<FILENAME>exhibit23-19.htm
<DESCRIPTION>EXHIBIT 23.19
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.19 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF TREC, INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding (a) the technical report entitled &#147;Technical
      Report, North Rolling Pin Property, Campbell County, Wyoming, U.S.A.&#148;
      dated June 4, 2010, and (b) the technical report entitled &#147;Technical
      Report, West North Butte Satellite Properties, Campbell County, Wyoming,
      U.S.A.&#148; dated December 9, 2008, contained in the Annual Report on Form
      10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels
      Inc. (the &#147;Company&#148;) filed with the United States Securities and Exchange
      Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>TREC, INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">&nbsp;/s/ Douglass H. Graves </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Douglass H. Graves </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.20
<SEQUENCE>24
<FILENAME>exhibit23-20.htm
<DESCRIPTION>EXHIBIT 23.20
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.20 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF WOODY ENTERPRISES </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report, West North Butte Satellite
      Properties, Campbell County, Wyoming, U.S.A.&#148; dated December 9, 2008,
      contained in the Annual Report on Form 10-K for the period ended December
      31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the
      United States Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>WOODY ENTERPRISES</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Don R. Woody </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Don R. Woody </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.21
<SEQUENCE>25
<FILENAME>exhibit23-21.htm
<DESCRIPTION>EXHIBIT 23.21
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.21 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CONSENT OF ALLAN MORAN </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Allan Moran </TD></TR>
  <TR vAlign=top>
    <TD align=left>Allan Moran </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.22
<SEQUENCE>26
<FILENAME>exhibit23-22.htm
<DESCRIPTION>EXHIBIT 23.22
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.22 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B>CONSENT OF FRANK A. DAVIESS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Frank A. Daviess </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frank A. Daviess </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.23
<SEQUENCE>27
<FILENAME>exhibit23-23.htm
<DESCRIPTION>EXHIBIT 23.23
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.23 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B>CONSENT OF SRK CONSULTING (U.S.) INC. </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      technical report entitled &#147;NI 43-101 Technical Report on Resources Wate
      Uranium Breccia Pipe - Northern Arizona, USA&#148; dated March 10, 2015 (the
      &#147;Technical Disclosure&#148;), contained in the Annual Report on Form 10-K for
      the period ended December 31, 2017 (the &#147;10-K&#148;) of Energy Fuels Inc. (the
      &#147;Company&#148;) filed with the United States Securities and Exchange Commission
      (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of our name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left>SRK CONSULTING (U.S.) INC. </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid">/s/ Corolla Hoag </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Corolla Hoag </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: Practice Leader </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.24
<SEQUENCE>28
<FILENAME>exhibit23-24.htm
<DESCRIPTION>EXHIBIT 23.24
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.24 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF CHRISTOPHER MORETON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure (the &#147;Technical
      Disclosure&#148;) regarding the &#147;Technical Report on the EZ1 and EZ2 Breccia
      Pipes, Arizona Strip District, U.S.A.&#148; dated June 27, 2012, contained in
      the Annual Report on Form 10-K for the period ended December 31, 2017 (the
      &#147;10-K&#148;) of Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>/s/ Christopher Moreton</TD></TR>
  <TR vAlign=top>
    <TD align=left>Christopher Moreton, P.E. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.25
<SEQUENCE>29
<FILENAME>exhibit23-25.htm
<DESCRIPTION>EXHIBIT 23.25
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.25 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF VALERIE WILSON </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Canyon Mine, Coconino County, Arizona, USA&#148; dated
      October 6, 2017 (the &#147;Technical Disclosure&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Valerie Wilson</TD></TR>
  <TR vAlign=top>
    <TD align=left>Valerie Wilson, M.Sc., P.Geo. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.26
<SEQUENCE>30
<FILENAME>exhibit23-26.htm
<DESCRIPTION>EXHIBIT 23.26
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.26 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=left>
<IMG
src="exhibit23-10x1x1.jpg"
border=0 width="212" height="121"></P>
<P align=center><B>CONSENT OF JEFFREY L. WOODS </B></P>
<P align=justify>The undersigned hereby consents to: </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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the written disclosure regarding the
      &#147;Technical Report on the Canyon Mine, Coconino County, Arizona, USA&#148; dated
      October 6, 2017 (the &#147;Technical Disclosure&#148;), contained in the Annual
      Report on Form 10-K for the period ended December 31, 2017 (the &#147;10-K&#148;) of
      Energy Fuels Inc. (the &#147;Company&#148;) filed with the United States Securities
      and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Disclosure in the 10-K into the Company&#146;s Form S-3 Registration Statement
      being filed with the SEC, and any amendments thereto (the &#147;S-3&#148;);
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-K and the
  S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Jeffrey L. Woods</TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey L. Woods, SME, QP MMSA </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </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>RPA Inc. </B>55 University Ave. Suite 501 | Toronto, ON,
      Canada M5J 2H7 | <B>T </B>+1 (416) 947 0907 </TD>
    <TD align=right width="50%"><B><FONT color=#ff0000>www.rpacan.com
      </FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.27
<SEQUENCE>31
<FILENAME>exhibit23-27.htm
<DESCRIPTION>EXHIBIT 23.27
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.27 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<P align=center><B>CONSENT OF MARK S. CHALMERS</B> </P>
<P align=justify>The undersigned hereby consents to:</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%">(i) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure regarding the
      properties of the Energy Fuels Inc. (the &#147;Company&#148;), including sampling,
      analytical and test data underlying such disclosure (the &#147;Technical
      Information&#148;), contained in the Quarterly Reports on Form 10-Q for the
      quarters ended March 31, 2018, June 30, 2018 and September 30, 2018
      (collectively, the &#147;10-Q&#148;) of the Company filed with the United States
      Securities and Exchange Commission (the &#147;SEC&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the filing of the technical disclosure (the &#147;Technical
      Disclosure&#148;) regarding the La Sal Complex and the White Mesa Mill,
      including sampling, analytical and test data underlying such disclosure,
      contained in the current report on Form 8-K dated October 31, 2018 (the
      &#147;8-K&#148;) of the Company filed with the SEC;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the incorporation by reference of such Technical
      Information in the 10-Q and the Technical Disclosure in the 8-K into the
      Company&#146;s Form S-3 Registration Statement being filed with the SEC, and
      any amendments thereto (the &#147;S-3&#148;); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the use of my name in the 10-Q, the 8-K and the
    S-3.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >/s/ Mark S. Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: Mark S. Chalmers </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: President and Chief Executive Officer, Energy Fuels
      Inc. </TD></TR></TABLE></DIV>
<P align=justify>Date: November 5, 2018 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.29
<SEQUENCE>32
<FILENAME>exhibit23-29.htm
<DESCRIPTION>EXHIBIT 23.29
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.29 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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 vAlign=top>
    <TD align=left rowSpan=6>
    <IMG src="exhibit23-29x1x1.jpg" border=0 width="111" height="54"></TD>
    <TD align=left width="33%"><B>KPMG LLP</B> </TD>
    <TD align=left width="33%">Telephone (416) 777-8500 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>Chartered Accountants</B> </TD>
    <TD align=left width="33%">Fax (416) 777-8818 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Bay Adelaide Centre </TD>
    <TD align=left width="33%">www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Suite 4600 </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">333 Bay Street </TD>
    <TD align=left width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Toronto ON M5H 2S5 </TD>
    <TD align=left width="33%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></P>
<P align=justify>The Board of Directors <br>
Energy Fuels Inc.</P>
<P align=justify>We consent to the incorporation by reference in the
registration statement on Form S-3 of Energy Fuels Inc. of our report dated
March 8, 2017, with respect to the consolidated balance sheet of Energy Fuels
Inc. as of December 31, 2016, and the related consolidated statements of
operations and comprehensive loss, changes in equity and cash flows for each of
the years in the two-year period ended December 31, 2016, which report appears
in the December 31, 2017 Annual Report on Form 10-K of Energy Fuels Inc. and the
reference to our firm under the heading &#147;Experts&#148; in the registration statement
on Form S-3.</P><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>&nbsp;<IMG src="exhibit23-29x1x2.jpg" border=0 width="177" height="67"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Chartered Professional Accountants, Licensed Public
      Accountants </TD></TR>
  <TR vAlign=top>
    <TD align=left>November 2, 2018 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Toronto, Canada </TD></TR></TABLE>
<p align="justify" style="margin-left: 40%; margin-right: 30%">
<font face="Arial" size="1">KPMG LLP is a Canadian limited liability partnership
and a
member firm of the KPMG network of independent member
firms affiliated with KPMG International Cooperative (&#147;KPMG
International&#148;), a Swiss entity. KPMG Canada provides services
to KPMG LLP.</font></p>
<HR align=center width="100%" color=black noShade SIZE=5>

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
<FILENAME>eflogo.jpg
<DESCRIPTION>GRAPHIC
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